Nano is a scam. They mined all the coins up front, and then told the most gullible rubes in the universe that everyone else had to fill out CAPTCHAs too.
Comment on Crypto bros have discovered idle games, and the results are incredibly boring
Laser@feddit.org 5 days agocrypto is cancer.
I respectfully disagree. There are legitimate use cases do make sense. Of course, these don’t make tech bros rich quick so you don’t often hear about them.
One of them that I like the idea of is NanoGPT. It’s a frontend to various AI services where you pay per request instead of making accounts for each and pay with Nano. I haven’t used it yet, but the currency makes a lot of sense there, as it is feeless and requests can cost less than a cent.
Another one is Monero for goods and services that might be illicit under one’s jurisdiction. I don’t want to go into the discussion whether this is right or wrong; all I want to say is that laws can be nonsensical and dangerous.
explodicle@sh.itjust.works 5 days ago
Laser@feddit.org 5 days ago
Nano wasn’t mined, it was all created at inception, and as you correctly said distributed via CAPTCHA; this was to disincentivize or stop people running bots to claim it automatically. After the distribution period ended, the Nano foundation burned undistributed coins minus an amount that they kept to ensure further development. This fund ran out in 2023 if I’m not mistaken. It’s now being developed by volunteers.
Do you know a better idea how such an initial airdrop would be done?
explodicle@sh.itjust.works 5 days ago
www.investopedia.com/terms/p/premining.asp
You are one of those suckers if you believe every distributed coin was solved by a CAPTCHA. The centralized(!) foundation pinky promises that they didn’t sock puppet ten times as many suckers at launch, and then keep a controlling share of stake permanently.
A better way to do the initial “airdrop” is to not do centralized issuance at all, because anyone would be a complete fool to trust any crypto foundation.
Laser@feddit.org 5 days ago
What would be a controlling share with Nano? The largest representatives according to voting weight were the exchanges last time I checked, which would imply most of the currency is in “circulation” as in no longer held by the foundation. And even then, voting weight doesn’t grant you an immediate advantage in Nano, as there’s no staking.
So I mean, while I can’t prove that the foundation held now coins than they claimed, I’m unaware that there was ever a sign of them actually doing so.
A better way to do the initial “airdrop” is to not do centralized issuance at all, because anyone would be a complete fool to trust any crypto foundation.
It has to come from somewhere, right? How would you fairly distribute coins that aren’t mined?
Anyhow, I’m not here to shill the coin, the ones I bought I bought off an exchange long after the original issuance and all I wanted to show was an example for a good technical solution. Not perfect mind you, just something of which I thought is a positive example where it’s just used as a means of payment.
squid_slime@lemm.ee 5 days ago
NanoGPT? What’s special about it? Is mining the nano coin used to create the AIs responses or is it just a crypto skin on top. If the latter we can self host AI.
But beyond that many dislike crypto for gas cost and same for AI so strapping them together is way less palatable.
Laser@feddit.org 5 days ago
It’s just used as a means of payment for very small amounts, even less than a single cent if you calculate in dollars.
Sure you can; I certainly can’t, lacking the equipment, and the investment would be much higher than any return on it.
Nano, as I said, has no fees, and there’s no miners, it’s quite ecologically friendly. It does have other challenges (for example only being pseudonymous and fully traceable, plus fighting spam is an ongoing battle, no standard way of association a payment with an invoice). But I always liked its premise and it does make sense for such cases for me.
squid_slime@lemm.ee 5 days ago
So if I made a confident AI and hosted it on a website you could visit, you buy my tokens $5 for 5 tokens, responses priced at .01 tokens. Essentially its very cheap.
Would you be as likely to use this service?
Laser@feddit.org 5 days ago
I mean if it’s competitive, why not?
The thing is it’s unlikely you’d find a payment provider making this viable. For example, PayPal charges 49 US cents as a minimum fee, or 39 Eurocents. Even just credit card companies charge 5 cents fixed, so cheap payment processors will charge you about 10 cents per transaction plus variable rates and possibly a monthly fee.