Comment on From millions of dollars to under a grand: The dramatic fall of the NFT
fierysparrow89@lemmy.world 3 weeks ago
As with everything crypto this was a huge scam. Besides the obvious profiting from gullable idiots, the other use case is to illegally funnel money.
shortwavesurfer@lemmy.zip 3 weeks ago
Not absolutely everything in crypto is a scam, though 99% of it is, and I will definitely agree with you there. But there is 1% that is actually trying to do something useful, and you’ve got to be able to find that 1% and not throw it out with the bath water.
traxex@lemmy.dbzer0.com 3 weeks ago
I’d wager even the 1% is the stereotypical “solution in search of a problem”. Seems to be a reoccurring theme as of late in the tech industry.
Abyssian@lemmy.world 2 weeks ago
Having a currency not backed by a government or different currency is actually something the world could benefit from. Iranian currency was backed by USD, the US caused a shortage of USD there, and their currency value dropped to under 3% of it’s former value. 90 Million people.
That said, I think most of us have only ever used crypto to buy drugs off the internet.
HK65@sopuli.xyz 2 weeks ago
Yeah, but a currency practically needs a military and an economy to back it.
Who is going to stop me from fucking with the bitcoin supply if I own the US economy?
captainlezbian@lemmy.world 2 weeks ago
To preface: I’m not a gold nut and I believe that it’s generally wiser for stable developed nations to use fiat currency to enable them to operate in a generally Keynesian approach with controlled inflation.
That said while I agree it’s unwise for nations unable to do that themselves to back their currency with a stable fiat currency from a different country, I don’t think crypto is the solution. Coinage is. And I’m talking old school coinage where the government isn’t backing it with metals, they’re making it out of them. Probably something like silver.
A backed currency is because a government can’t be trusted not to overinflate. If you want to bypass trust, the answer isn’t another currency in which all value is theoretical, it’s currency in which the value is in your hand and verifiable, with the government acting as the one setting units, assuring proper valuation, punishing devaluation, and publishing means for institutions and people to confirm valuation, such as physical properties, alloy percentages, and the easiest tests.
A_Random_Idiot@lemmy.world 3 weeks ago
the 1% is the one the people who say “well, sure, 99% is a scam, but theres a legit 1% thats totally real!”
phutatorius@lemmy.zip 2 weeks ago
Thre might be a recognizable item of food in a turd, but I’m still not going to eat it.
explodicle@sh.itjust.works 3 weeks ago
The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.
shortwavesurfer@lemmy.zip 3 weeks ago
In case anybody sees this and doesn’t know the context, this is the note that was published in the Genesis block of the Bitcoin blockchain, Satoshi wanted to engrave forever the fact that at this time the chancellor was on the brink of second bailout for banks. It was a call-out against the fiat system, and it’s one of the best call-outs in history. and will be there forever more.
If you happen to have an original copy of this newspaper, it is a genuine artifact, and you can make absolute tons of money on it. No bullshit.
Based on this headline and the fact that Satoshi mentioned digital cash in the white paper as much as he did, you can clearly tell that he was frustrated with the fiat system and all the excesses that came with it and wanted to create a whole different system that was out of the hands of governments and corporations. He came close to succeeding but didn’t quite finish the job because he couldn’t figure out a way to add privacy into his ledger, which makes the entire thing completely transparent to law enforcement and government crooks.
However, on April 13th, 2014, the final puzzle piece was added with the launch of Monero, which has a fully private blockchain that does not have sender, receiver, or amounts being shown.
If you ever happen to read this comment, Satoshi, thank you for your great work. We will be forever in debt to you.
Sunflier@lemmy.world 3 weeks ago
Ethereum has the potential to carry real world assets on its chain. Why does an share of stock have to go through a clearing house when it could be an L2 on ethereum? A company having a total of 1 million shares is no different from a L2 coin having a total number of 1 million coins. They can even be fractional too.
explodicle@sh.itjust.works 3 weeks ago
Literally every cryptocurrency supports this. But if the real world assets can be seized with a court order, then what’s the point of a blockchain and not just a legally compliant database?
phutatorius@lemmy.zip 2 weeks ago
There is no provable way to show that any claim of ownership on Ethereum is legitimate, unless that person has some real-world proof of ownership, in which case the Ethereum link adds no value.
fierysparrow89@lemmy.world 3 weeks ago
The silver lining is that after the obligatory exploitation by grifters, every new technology of this caliber finally gets a more positive use in our lifes. Maybe somewhat naive, but I think we (ie. our societies) have payed ~50% of the tuition fee as far as crypto is concerned. So hopefully we’ll be able to absorb the tech in our collective lives soon.
Ps: Different topic, but using the same metaphor for AI, I’m afraid we’re just at the begin of its initial fallout.
shortwavesurfer@lemmy.zip 3 weeks ago
I think the rise of Monero over Bitcoin is a very positive sign. Since it has privacy, the government absolutely cannot stand the fact that it exists, and therefore, institutions don’t want to touch it. This means the “number go up”, “to the moon”, and “compliance”, shmucks are all driven away in horror and you are left with the real core who want to see a better money in a digital world. If that sounds interesting, you might want to listen to “darknet Market Maximalism” a manifesto by xenu. You can listen to the audio version of it on YouTube.
phutatorius@lemmy.zip 2 weeks ago
Yeah, sure, that’s why we’re all riding Segways.
The reality is that quite a lot of new technologies have no significant real-life use case and vanish without a trace.
fierysparrow89@lemmy.world 2 weeks ago
I tried to make clear that I’m talking about tech with potentially significant impact, case in point: blockchain. Are you suggesting that a quirqy twowheeler is somehow on the same level?
Unless trolling is all you’re about, I can recommend refraining from such offhand dismissive remarks. Sarcasm has its use, but rarely in an anonymous online discussion. It does not contribute to a meaningful exchange of ideas.
NewNewAugustEast@lemmy.zip 2 weeks ago
There are great uses for crypto, just like there were great uses for Ithica_hours. A place holder for goods and services without physical constraint is a useful idea.
But it wont work. Because people want to leverage that to make fiat. They don’t care about usefulness, actually earning it, or trading for it.
They want to get some, hold it, and sell it back for their fiat. Because of that exchanges came into being so they could capture some of the wealth in the process. And from then on it was never going to be useful. Just a way to hope the next sucker would buy what you had.
shortwavesurfer@lemmy.zip 2 weeks ago
Since the government hates Monero so much, that’s actually not as big of a problem with Monero because people want to earn it and trade it for goods and services in the real world. Also, people who use Monero are incredibly against centralized exchanges and would like to see it banned from every single centralized exchange on Earth so that decentralized exchanges would be the only place you could obtain it or through permissionless atomic swaps and peer to peer. The Monero community also mocks number go up people and calls them state plants.
mattyroses@lemmy.today 2 weeks ago
yeah, the cryptoleftists community has found some decent actual use
explodicle@sh.itjust.works 2 weeks ago
Link please! I’m very skeptical but hope to be wrong.
mattyroses@lemmy.today 2 weeks ago
bread.coop