cross-posted from: lemmy.ml/post/46379297
Source: r/buttcoin
Were they robbed?
I bet they were.
Say what you will about cash, but some hacker isn’t taking it from across the planet via some technical exploit way over my head. With Etherium, the only thing protecting your money from the entire internet is you, and your understanding of complicated intricacies.
They might get my credit card, yeah. But that’s either my own dumb fault, or the bank’s problem.
…It’s great for scammers, though. It’s like a wet dream for them.
LifeInMultipleChoice@lemmy.world 2 weeks ago
I get why people say cryptocurrencys are a scam, but the whole proof of stake shit makes lot more sense if someone were trying to protect all of society from say mass inflation in places like Venezuela or something.
The revolutionary w.e he was talking about had to be proof of stake, making it use 99.9% less power than things like Bitcoin.
The alternative choice was always the same, control by the U.S. or China. Really not many other options.
If people cared about the environment they wouldn’t use Bitcoin, if they cared about people, they wouldnt use the U.S. dollar and such. Every country in the world supports the U.S in doing so…
We need better alternatives, etherium may not be it… but surely there has to be a better way to keep people from suddenly plunging into poverty when they don’t have control of their government.
SolidShake@lemmy.world 2 weeks ago
Crypto is a scam because after Bitcoin got popular so many people just started “making” it. As of today there are over 16,500 active crypto currencies. That’s fucking dumb idc who you are. The very original idea was to just have a global currency that didn’t have an exchange rate. That makes more sense then whatever the hell it’s turned into now. Crypto is like Pokemon cards.
null@piefed.nullspace.lol 2 weeks ago
Lol that’s not even close to true.
Eggymatrix@sh.itjust.works 2 weeks ago
The main point cryptobros are missing is that the economy is controlled by force, something you can experiece if you are sailing in the persian gulf these days.
Even at the scale of a family, my taxes are collected once a year and if I don’t pay the nation comes collecting their due by force, via the law enforcement.
All these cryptomoneys have the notable bug of not being controllable by the nations controllong their economy, so come a sufficient magnitude of value transfer they will be rendered illegal very fast. You ain’t getting paid with it, you ain’t buying food or or mortgages with it.
You can buy drugs and killers with it though, which is nice if you are into that kind of thing.
boboliosisjones@feddit.nu 2 weeks ago
You can very easily tie your crypto to a debit card that works in any place that would take a VISA card and also with ATMs, so it is usable just like any other currency in that regard. Do not I am saying usable and not used, though.
And under the hood it is of course converted to a regular ol’ currency and then paid using that.
baines@lemmy.cafe 2 weeks ago
all fiat is a scam, printer go brrrrrrrrrrrr
crypto just used to be more volatile with no sure offload but if we have a run on the banks again or we lose the FDIC not like the USD is better now
we live in the griftiest timeline
toofpic@lemmy.world 2 weeks ago
Multiple crypto exchanges allow you to issue a card and pay for usual stuff. I don’t use one now because I don’t have savings in crypto, but I did buy groceries with BTC. They were actually traded to euros first at the moment of payment, but it didn’t require any additional steps from me.
DmMacniel@feddit.org 2 weeks ago
Energy is still traded with petrol dollars, doesn’t matter what crypto you try to sell. By decentralising energy production (which most oligarchs dont like) you can get away from it, there is no other way.
LifeInMultipleChoice@lemmy.world 2 weeks ago
Didn’t the UAE say like yesterday they were going to start trading petrol in Yuan if they run out of dollars. People will accept whatever they feel is safe and available. Crypto isn’t safe, so it won’t be used
Hapankaali@lemmy.world 2 weeks ago
Why? Modern fiat currencies do exactly what a currency needs to do.
LifeInMultipleChoice@lemmy.world 2 weeks ago
It doesn’t matter if it is fiat or not necessarily. But if I told you your money was going to be worth half tomorrow, then half again the next every day for the next 16 weeks… You would think shit… Maybe there is a better way to do this. That has happened to millions of people across several countries. They didn’t wake up one day and choose it, but poof gone. Your entire life turned to nothing because we are using currency that isn’t based on anything but a government that can collapse. Universal currencys not run by local governments could help prevent such.
The thing is, large countries that don’t have these problems currently, are the ones with power to change that… and would never vote to change it, because it could help poorer countries create stability and grow over time, which makes them not so much less than the big countries who want to be able to take advantage of those countries when they wish for their advantage.
some_kind_of_guy@lemmy.world 2 weeks ago
It’s pretty good except for the money printing and federal control aspect. A global currency which belongs to the people seems desperately needed.
BygoneNeutrino@lemmy.world 2 weeks ago
It’s controlled by a government. A government that has trillions of dollars worth of real assets isn’t nearly as safe or secure as digital currency back by the block chain. It has been scientifically proven that human imagination is infinite. Bitcoin going to the moon isn’t an assumption, it’s a fact.
lime@feddit.nu 2 weeks ago
i mean the big crux with proof of stake is that the majority of the currency was already held by a group with aligned interests. so it’s really no different than normal currencies, it’s just a bit earlier in the timeline.
EfreetSK@lemmy.world 2 weeks ago
To me the PoS always sounds like the richer you are, the more power you have. It sounds like the current system we have
SirHaxalot@nord.pub 2 weeks ago
Is it really that different with proof of work? In the end the control is going to end up with relatively few entities that have the resources to build large scale mining farms..
LesserAbe@lemmy.world 2 weeks ago
It’s better than proof of work, even though both of them reward people who already have resources.
I’ve been interested in the G1 currency system. (Pronounced June) Participants are all issued the Universal Dividend each day. Sort of bootstrapping universal basic income. Current issue is it’s pretty much limited to France because you need five users you’ve met in real life to certify you.
CompactFlax@discuss.tchncs.de 2 weeks ago
I fail to see the difference between “I have some special numbers” and “I have this special metal” and either way the value swings in comparison to other things. The special numbers are certainly more portable but as a revolutionary “not a fiat currency” it’s a bit of a stretch, no?
SeptugenarianSenate@leminal.space 2 weeks ago
to me it feels like the subtle difference between a representative democracy and a direct democracy. Representative tends to be more common as those in power are more willing to transition to systems in which they could reasonably hope to keep most of their power, whereas I see the crypto selling point being that the end-users would have some voting rights towards the setting of inflationary rates (different mechanisms for adjustment than fiat, I am sure [seriously not an expert on crypto or on what I think involves an understanding of “modern monetary theory”]), versus non-government financial platforms such as bank owners [federal reserve] printing the money in order to effect inflation rates.
LifeInMultipleChoice@lemmy.world 2 weeks ago
Oh yeah it’s a huge stretch. I just mean that the revolution tied to etherium was chopping out the massive environmental impacts compared to Bitcoin.
Otherwise I look at it as the U.S. government owns the dollar, and it’s value is directly tied to what they say it is. If the U.S. government decided to double the amount of dollars in the world tomorrow and use the money in the way they want, everyone who owns said money just saw it’s value half, and only if they were on the in and in of who the federal government cared about would you possibly benefit or even make even.
“I bought a bond for $100,000 with guaranteed 4.34% interest over 10 years”
Then the government prints as much as it wants or makes decisions that could devalue the currency to its own benefit. Currency value drops by 10%, they pay you out 4.34% interest… And you lost money. Why, because the U.S. dollar lost money and much of the world hedges their bets on the U.S. staying normal… Which the U.S. Doesn’t look very normal right now.
Hell if I became president I had support in Congress I would “print” 20 trillion dollars virtual of course put it in an account and build housing for everyone in the U.S. that doesn’t have it using 250k homes rotating them out every 30 years off the interest and money from that false account. It would put a shit ton of people to work, it would renovate all old homes deemed good enough to sustain people for the next 30 years and end homelessness while creating jobs or housing in areas which allows companies to expand to areas we otherwise weren’t using. Solar powe, fiber, whatever can be set up all around…
Everyone else’s money drops in value, but all housing and rent costs just disappeared. Jobs are abundant and stress would drop for a lot of America. The debts we owe are in U.S. dollars, everyone now owes less, a crazy stupid slate to shake things up.
Every other country/person that owned U.S. dollars, well they are just out of luck… they just lost a lot of value.
Point is, who knows what kind of crazy shit people could do in government. If it collapsed in 1 country, not everyone who lives there should suffer because their only money is held together by that government. A universal currency is safer in that mindset.
MsPenguinette@lemmy.world 2 weeks ago
Crypto does work because digital scarcity is not good enough to create meaningful value so the fall back value is the energy input into the token. And the idea something is valuable just because of the electricity used is not very compelling and will never be adopted. Bitcoins price right now is highly based on miners keeping a floor based on not wanting a loss on their current energy input. Crypto basically abstracts the concept of money so far that losing actual reasons why it works. Touch grass
prole@lemmy.blahaj.zone 2 weeks ago
Ethereum is proof of stake, and uses something like 99.9% less electricity than Bitcoin because of it.
Minting new coins is not tied to power use for proof of stake coins.
LifeInMultipleChoice@lemmy.world 2 weeks ago
The energy used has near nothing to do with value of the coin in the post. Bitcoin and Etherium are completely different in this manner.
That said, Etherium shouldn’t be taken up globally as a universal currency as it came from dirty roots like most currencys do. We need a pure untainted currency created that goes global
HazardousBanjo@lemmy.world 2 weeks ago
Crypto in isolation isn’t a scam (ignoring shitcoins and memecoins).
The issue is crypto is the perfect technology to both hold/launder/gamble billions to trillions in undocumented and untaxed wealth by the Epstein class.
Its also perfect technology to scam millions of desperate dipshit working class numpties with severe gamblong addictions and far-right beliefs.
takeda@lemmy.dbzer0.com 2 weeks ago
Ironically cryptocurrency enabled the level of corruption we have right now that put us on a path to depression 2.0.