Nono, it is not all just a scam. It is just {insert list of pretty much all relevant actors} that are scammers, the idea itself is totally legit! /s
Futher reading: drewdevault.com/…/Cryptocurrency-is-a-disaster.ht…
Comment on What Would a Fair and Community-Focused Monetization Model on the Fediverse Look Like?
demesisx@infosec.pub 1 week agoThanks. 😂 Honestly, I hate scammers. I really do. But they’re SO easy to spot.
I feel that the hivemind threw the baby out with the bathwater when it comes to crypto. Thanks to Do Kwan, Sam Bankman Fried, etc, a whole viable set of technologies aimed at wrestling power from the world bank has been vilified by the hivemind.
poVoq@slrpnk.net 6 days ago
demesisx@infosec.pub 6 days ago
Scammers:
- don’t tend to share any of their their source code
- usually have an initial token allocation where insiders are given early access to more than 15% of tokens. (this one is a CRUCIAL)…Obviously, the best ITA is one where the tokens are 100% available to everyone at once.
- heavily market their cryptocurrency before it even has a use-case (most projects fall into this category)
- their governance is centralized to some charismatic Elon-bro that talks about price all the time
- don’t let you to use any wallet you want (self-sovereignty is CRUCIAL)
- don’t give you access to your keys at all times (again, self-sovereignty)
- are not just some governance token or ERC-20 or some quickly minted Solana token ($LIBRA $TRUMP $MELANIA were all obvious scams)
- never have a viable peer-reviewed white paper
- their code is NEVER formally verified by neutral parties
- use technologies that are not auditable
- use technologies that are not decentralized
I’ve spotted many scammers a mile away just starting with this list off the top of my head.
For instance, I am the moderator of infosec.pub/c/midnight and actually locked my own communities until I see the source code.
I like the tech from what they tell me. But, I can’t, in good conscience recommend it yet because it ticks some of the above scammer boxes.
poVoq@slrpnk.net 6 days ago
Yet you fail to see the forest for the trees…
A system that makes it so trivial to scam people, is a system made for (and likely by) scammers, even if it has other good ideas as well.
demesisx@infosec.pub 6 days ago
I suspect you should listen to your own counterpoint:
Don’t walk down the street because someone might rob you.
Don’t use your computer because someone could hack you.
Don’t go swimming because it is possible to drown.
Throwing out the baby with the bathwater.
An uncensorable ledger not controlled by any one party is (at the very least) a valuable technology with unique abilities despite scammers using it for gambling.
The digital equivalent of uniqueness is (at the very least) a valuable technology with unique abilities despite assholes using it for Bored Apes.
Just because you can’t see the use case, doesn’t mean me need to stop innovating.
Alphane_Moon@lemmy.world 6 days ago
I don’t know if you know this, but in many places obsession over central banks is simply not a thing. Maybe you need some real problems in your life? It would hell you gain perspective.
And btw, the World Bank isn’t actually a world a bank in the literal sense of the world.
demeaning_casually@infosec.pub 6 days ago
I don’t have time to educate you but:
Alphane_Moon@lemmy.world 6 days ago
Did you really think I haven’t heard of this copytext? It’s pretty standard spam, no?
This is not a real thing, it’s more about acting out and tantrums. You don’t care or understand about the issues you describe.
With the right oligarch propaganda, you can be trained to claim that spicy mayonnaise is limiting freedumz and shiiiit!!!
demeaning_casually@infosec.pub 6 days ago
I wrote that.
Done engaging with you. Thanks for the talk.