Follow

So now the trend is to crap on crypto?
People complaining crypto has xyz issues, completely oblivious those issues are the same on any currency and most markets.
:blobcatfacepalm:

Using words as cryptocurrency to describe a bitcoin issue is the same as saying the word computer to describe a windows issue.

@epical Considering it's effect on chip shortage, power consumption and uselessness as actual currency I think there are more than enough reasons to shit on cryptocurrency.

@epical Let's not pretend stuff like Etherium is better.

@person @epical central banks have announced the intention to run their own. expect propaganda funded to get rid of their competitors.

@icedquinn I mean it's not like their competitors are good or anything, I wouldn't mind it very much :blobcatshrug:

@epical
Trend? Crptos have been frowned upon by the majority ever since they showed up

@wuwei Yeah but what have not been frowned upon by someone is my question.

@epical It's not a trend if it's only two people complaining.

Bitcoin has teething issues, but it's advantages make up for it. You can trade it anywhere in the world without any government or company stopping you. Nobody can tell if you hold it, because all you need is your 12 word seed phrase. It won't replace fiat any time soon (unless you're in Venezuela) but it's not going away either.

Not everyone needs BTC's features, but it's far from useless.

@bkhan While I can see that the "big 3" are wasteful I also understand that money based on gold also comes with environment cost and money based on nothing but numbers on a screen and printed papers are as ponzi scheme as its possible to be. But any of this is going away so I would rather support cleaner forms of energy production for it and keep the benefits than say its all bad and must be stopped, because that's silly, is only serving what govs/bakers want and its listening to propaganda.

@epical
Ask any financial or accountant grad, btw I studied accounting and stat academically they'll tell you what is the value of currency from many aspect.

What I think. I think just as currencies are based on gold in many countries around the world (except the dollar BTW), cryptocurrency value is based on electricity, which is based on gold.
@bkhan

@epical @bkhan
Wherein electricity is expensive, the crypto currency becomes as expensive, wherein gold is expensive, it becomes harder and more expensive to maintain electricity, including overhead costs etc.

So its not really a good concept for crypto currency to have its value equivalent to electricity, and am surprised that nobody talked about what crypto currency is actually based on.

@epical @bkhan
I have thought about crypto currency for a long time, there are good things about it for example for privacy, and that could actually be the currency that unites the world one day, but the expense side of it just not stomachable.

But I'm already fed up with environmental pollution for the past 18 years. So I don't think adding another issue to the environment is going to please anyone

@epical @bkhan
Though the claim crypto currency being fully private and anonymous is not actually true.

Sign in to participate in the conversation
Fosstodon

Fosstodon is an English speaking Mastodon instance that is open to anyone who is interested in technology; particularly free & open source software.