It’s more of a social problem, but something the removes a small fraction of the need to look for any advantage to material well-being would send it crashing. Until then, well, financial institutions will always be somewhat conservative and don’t like things they can’t control, and they damn well know they can’t (these, anyway). It doesn’t help if you can’t choose one that doesn’t give a fuck about the long term, though.
Why are we generating fake money by running PCs all day anyway, instead of something useful, like being eaten by bears?
“Proof of work is dumb and resource intensive. Let’s create a different paradigm, which is pointlessly resource intensive in a whole new way.”
It’s almost as if crypto doesn’t work unless tied to real resource scarcity in some fashion. Who could’ve known currencies worked like that?
Pretty much zero currencies are tied to resource scarcity right now? I’m confused.
Ideologically, there was a lot of “Let’s return to the gold standard, but modern” with the early crypto coins. I don’t know how true that is of the current crop. I get the sense it’s less ideologically driven and more get-rich-quick.
They’re all stupid as fuck.
Seriously, what’s the deal with NFTs?
NFT buyer: “Oh, I now officially own the disaster girl photo! I paid $500K for it!” (Seriously, the girl sold it for $500K last week).
Me: “Oh, you mean the one that was copyright violated a billion times in memes already, and will be copyright violated a billion times more? Congrats! No one is ever going to pay to use it.”
Oh yeah, I get that the cryptos were supposed to be limited by scarcity, I’m just referring to what seemed to be a point from Perky that currencies are typically tied to resources.
They don’t even own it. They own a copy. The family retains the copyright.
Oof, that was a terrible attempt at a joke that just doesn’t work. But, well, currencies are tied to resource scarcity in the sense that too much of one can (through various debatable theories) lead to too much demand of stuff breaking the whole thing.
What I failed at saying is that these are like any other asset, and need to be somewhat limited in quantity by a connection to something real, and since they would otherwise be disconnected from labor and production, they end up being limited by hardware. At least those based on proof of stake via spending money are less wasteful, but then it’s clear that don’t add much. Although, even then, people believe in non-buggy and well specified smart contracts…
Also note its trading volume is ranked ~2500 across all cryptos. Feeling outrage for the latest and stupidest crypto projects just isn’t worth the stress.
While not worth the stress, it absolutely is a real issue for PC gamers whose hardware upgrades are delayed/inflated in pricing already with GPUs and other related components, compounded by the global chip shortage.
Yea I have been trying to get a 3080 since they where announced, no dice. Crypto is a plague that is literally turning pollution into money from where I am standing. It’s insane.
Is this why I can’t buy a 2TB nvme drive that isn’t backordered?
Probably. The SSD that I bought on sale just a month ago has shot up to $100-150 over normal retail price, and I’m assuming that’s due in large part to demand from miners.
Ban the lot of them. We have amply demonstrated why cryptocurrencies are a bad idea both practically, environmentally, and economically. Ban them all and move on.
I can sympathize with some of the points pro crypto currency but the way we do it right now really needs to be stopped. It just produces pollution and waste and turns it into a currency that has no regulations behind it whatsoever. It’s a villains wet dream. And considering the challenges we face I wish green energy could be used for more needful and productive things. Banning then won’t work though, you would probably have to start regulate them like financial institutions. They will probably die because they are not ready and able to do all the jazz that banks have to do.