• 12 Posts
  • 162 Comments
Joined 1 year ago
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Cake day: June 12th, 2023

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  • There are plenty of stable coins that are stable, such as USDC.

    For now. All the stable coins that failed were stable until they weren’t. What incentive is there to actually providing that kinda service, if you won’t make money with it?

    Ethereum exists to allow for programmatic transactions (ie: you pay a program to do something, and it’ll get done)

    NFTs. SAY THEIR NAME

    And remember what a resounding success Wolf Game was? As a hobbyst programmer I can tell you there isn’t an idea dumber that putting code into something immutable, that you have to destroy, create anew, rename the new thing you made to the old one, while paying for each step of the process, just so that you can fix a bug is a terrible idea.

    It’s pretty natural that what ended up being contained in those smart contracts was links to jpegs - it’s much harder to mess that up than an actual interactive program.

    I have too many people hammering me with comments to respond to all your points. I spend like an hour writing responses to you goobers, unless I see something really stupid I’m not responding any further.

    So a quick round: 3&6 social engineering is far more common than simply hacking your account. So no, it’s the opposite. Also, 6- completely false, why do you think they avoid using bank accounts?

    5- I gave you an example where someone would know your identity - if you’re using it in a non-anonymous context, like getting paid. It could also be the case when buying something, with your name/delivery address. Unless you go off chain, there is no point of setting up new accounts, as transactions can be traced and connected to the intermediate accounts.

    4- Financial policy is decided by elected representatives. Corruption is an issue, but in crypto it’s built-in.


  • Theatge amount of energy you mention is really only relevant to proof of work. You’ve mentioned proof of stake etc - so you should know that. The energy requirements for “proof” techniques such as PoS is negligible

    It can’t compete with payment processors. Proof of stake is also basically just oligarchy, while proof of storage is a waste of hardware. All of them center their validation process on big money investors, who either have a lot of hardware or a lot of money to stake.

    Although, I don’t know of anyone that gets their salary into their crypto wallet.

    So it would be useless for things normal money is useful for? Where’s the revolution in banking that I heard about? Banking the unbanked?

    Regarding on chain transaction transparency, there are some chains that are like this (bitcoin), and there are some chains that are not (monero).

    Here you provided users privacy at the cost of making criminals completely untraceable. Bravo.

    How about a bank account, where people who know you won’t know your transaction history but police can catch people participating in organized crime?

    I don’t think crpyto will solve all of.humans problems, but I might just help with some

    Which ones? I have not heard of one use case, only excuses from you guys.


  • My point is there isn’t any other usage to it. People won’t use Monero for buying their groceries or online shopping, but its nature lends itself to being used to commit crimes. Cash at the very least has serial numbers - you could possibly track that.

    The reasons why it isn’t suitable to be used as a currency are exactly what I listed, and you failed to interrogate: volatility, lack of consumer protections, anonymity for wrongdoers, extremely high transaction fees and energy usage, consensus protocols favoring big money and the inability to perform even a basic rollback without splitting the entire economy of your chain in twain.

    With e-commerce, you could have someone send you some coins and then not deliver the product. What are they gonna do, get a non-existent chargeback?





  • Ah yes, Monero, from the WannaCry incident, the premier currency for criminals. Also I’ve made a detailed list of points and most of them (except 1, which is about stablecoins and 5, which only half-applies) apply to Monero. It’s still proof of work, so it wastes energy, it still destroys consumer protections, is perfect for scams and makes it even harder for authorities to pursue criminals. And it is still a bigger fool scam, despite being useful for criminals.

    “a trading card site and two unlicensed online banks went broke so you’re stupid for buying Cisco stock” right after the dot com crash.

    Ftx was one of the largest exchanges for the whole of the crypto market. This is like Goldman Sachs, Wells Fargo and Deutsche Bank all going bankrupt and their execs sentenced to prison at the same time.

    (There are no major licensed crypto banks btw)

    Addendum: Cisco is a company that offers products and services. Crypto is used by criminals and speculators.