Comment by arbll
4 days ago
One anecdote => All Ethereum’s cryptographers are a fraud => All crypto is a fraud
You're deducing a lot from this one quote lol
4 days ago
One anecdote => All Ethereum’s cryptographers are a fraud => All crypto is a fraud
You're deducing a lot from this one quote lol
"all crypto is fraud" stands alone just fine. It's very clear that the blockchain is 100% BS to anyone who is not incentivized to see it as valid.
> "all crypto is fraud" stands alone just fine.
It might, but in this case it is preceded by "This is why", which makes the sentence as a whole simply wrong.
And "this is why" is preceded by "they don't know their own critical specializations history" Which is the complete statement.
hard disagree here. I think crypto currencies are built on hype and bluster and scams, but blockchain as a technology is actually super interesting. There are plenty of cool use cases for an open immutable ledger that aren't scammy.
right, because there's no other way to prevent modification. no other way. also it's not possible for a single operator to have 51% of the compute in a blockchain.
both of those are obviously false and both have already happened.
blockchain is stupid. it is insanely inefficient, it burns power solely so you can say that you've burned power. it is stupid beyond belief.
14 replies →
All money is fraud, but we still use it.
> It's very clear that the blockchain is 100% BS…
Hmm. The blockchain is actually a very clever solution to a very old coordination problem. In that sense it is not BS at all.
But I agree that it is an open question whether it can directly support a useful economy the way a currency can. It doesn’t seem to have the throughput for that, to start with. But maybe it could be useful for interbank settlements, if for some reason traditional methods weren’t working.
This has been known for a long time that in order for crypto backed securities to work, Bitcoin’s blockchain would need to be the clearing house for assets tied to it. We’re in derivatives of derivatives of indexed derivatives land.
Banks have already started exploring using it as the clearing house and recent US policy has cleared the path for more.
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blockchains and bitcoin are good for two things only: money laundering, and collecting ransomware payments.
blockchains as an immutable ledger should be the dumbest thing anyone has ever heard of. but somehow people saw dollar signs and put aside all their reservations and are using it to try to get rich quick.
as if a set of banks are going to secretly conspire to remove your money from you specifically, without a paper trail, or something. it's a nonsense premise to begin with.