cross-posted from: https://beehaw.org/post/889318
I’m going to keep this short but I just fell down the rabbithole of crypto again and maybe it isn’t as bad as I thought. Many of their ideas are very similar to the fediverse’s. The idea of decentralized finance using a stablecoin sounds awesome to me. (though i’d much prefer to live in a world where money isn’t needed) Maybe the technology is actually good but the techbros and scammers ruin it with their false promises and complicated words. Hopefully, in a few years after the rest of those scammers have moved on to scamming with AI this tech could be truly used for meaningful purposes.
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crypto got a bad name for a few reasons, but scams are a big one. the thing is, there’s scams in everything. the scams and the NFTs grifts and the flavor-of-the-month coins don’t reflect on the fundamental technology or the value of the bigger coins.
I think there are still very valid criticisms of cryptocurrency even at its best. I think we’re not ready for it, technologicallly, because we aren’t responsible enough with our energy production to base money directly off of it, but it makes sense to me that money could/should ultimately be an account of energy production. (or it shouldn’t exist, idk)
in my opinion it’s almost as much of a scam to just blanket say all crypto is trash because of scams, as it is to, well, have crypto scams. blockchain can’t/shouldn’t be everything people hype it up to be, but that doesn’t mean it’s just garbage technology.
Proof of work is energy intense but there are plenty of low energy solutions across the crypto world.
Proof of stake, pure proof of stake, proof of authority, proof of history, proof of burn, etc.
Cryptobros aren’t the only problem with cryptocurrency or blockchain. I’m still waiting for someone to tell me a useful and viable use case for blockchain that isn’t needlessly wasteful vs a more naive form of decentralization or better served by a centralized function.
I know some folks are using blockchain for supply chain tracking, and that seems pretty cool and like a good use for it. But I’m not deep into that world so I’m not informed enough to know if that is the best solution vs something like a more naive PKI system if they need to verify things.
