Surely this is better than the crypto/NFT tech fad. At least there is some output from the generative AI that could be beneficial to the whole of humankind rather than lining a few people’s pockets?
Unfortunately crypto is still somehow a thing. There is a couple year old bitcoin mining facility in my small town that brags about consuming 400MW of power to operate and they are solely owned by a Chinese company.
It takes living with a broken system to understand the fix for it. There are millions of people who have been saved by Bitcoin and the freedom that it brings, they are just mainly in the 2nd and 3rd worlds, so to many people they basically don’t exist.
But paper currency is backed by a nation state, so I’m betting it’ll be around a bit longer then a purely digital speculative asset without the backing of a nation, and driven entirely by speculation.
I’m not even anti-crypto. It was novel idea when it was actually used entirely as a currency, but that hasn’t been true for quite some time.
Crypto currencies are still backed by and dependent on those same currencies. And their value is incredibly unstable, making them largely useless except as a speculative investment for stock market daytraders. BitCoin may as well be Doge Coin or Bored Ape NFTs as far as the common person is concerned.
I hope your coins haven’t seen a 90%+ drop in value in the past 4 years like the vast majority have.
Cryptos obviously have serious issues, but so do fiat currencies. In fact all implementations of money have one problem or another. It’s almost like it’s a difficult thing to get right and that maybe it was a bad idea in the first place.
But it’s really strange how anti-crypto ideologues don’t understand that the system of states printing money is literally destroying the planet. They can’t see the value of a free, fair, decentralized, automatable, accounting systems?
Somehow delusional chatbots wasting energy and resources are more worthwhile?
You are right, crypto has nothing to do with currency printing. And yes, the environmental side too is a problem (unless it is produced inline with recycled energy) But governments issuing currency is a relatively recent phenomenon. Historically, people traded de facto currencies and IOUs amongst themselves.
Bitcoin was conceived out of the 2008 financial crisis, as a direct response to big banks being bailed out. It’s literally written in Bitcoin’s Genesis block. The point of Bitcoin has always been to free people from the tyranny of big government AND big capital.
Crypto isn’t that popular in developed countries with functioning monetary systems… untill of course those big institutions fail. I am still quite surprised, this side of Bitcoin is rarely discussed on Lemmy, given how anticapitalist it is.
I get it libertarian, bad. And to some degree, there are a lot of problems there. But the extreme opposite ain’t that rosy either.
Are you really using all of human history as a timeframe to say that currency is a relatively recent phenomenon?
Again, I’m not anti-cryptocurrency, but it’s not really a currency anymore than any other commodity in a commodity exchange, or a barter market.
And I don’t care if it’s livestock, or Bitcoin, I’m not accepting either as payment if I sell my home, or car. Not because of principles, but because I don’t know how to convert livestock into cash, and I can’t risk the Bitcoin payment halving in value before I can convert it to cash.
And who was talking extremes? I’m just pointing out the absurdity of the claims that crypto is the replacement for, or salvation from, our current economic system, or the delusion that currency backed by a nation is somehow just as ephemeral as Bitcoin, or ERC20 rug pulls.
You said Bitcoin was designed to free us from the tyranny of big capital, but it’s been entirely co-opted by the same boogeyman. So regardless of the intentionality behind the project, it’s now just another speculative asset.
Except, unlike gold or futures contracts, there’s no tangible real world asset, but there is a hell of a real cost.
I think it’s because of what crypto turned into and the inherent flaws in the system. Crypto currencies are still backed by and dependent on traditional currency, and their value is too unstable for the average person. The largest proponents of crypto have been corporations - big capital, as you put it - and there’s a reason for that (though they’re more on the speculative market of NFTs looking to make a profit off of Ponzi schemes).
In the end, crypto hasn’t solved any problems that weren’t already solved by less energy intensive means.
I’m fine doing away with physical dollars printed on paper and coins but crypto seems to solve none of the problems that we have with a fiat currency but instead continues to consume unnecessary amounts of energy while being driven by rich investors that would love nothing more than to spend and earn money in an untraceable way.
Surely this is better than the crypto/NFT tech fad. At least there is some output from the generative AI that could be beneficial to the whole of humankind rather than lining a few people’s pockets?
Unfortunately crypto is still somehow a thing. There is a couple year old bitcoin mining facility in my small town that brags about consuming 400MW of power to operate and they are solely owned by a Chinese company.
It takes living with a broken system to understand the fix for it. There are millions of people who have been saved by Bitcoin and the freedom that it brings, they are just mainly in the 2nd and 3rd worlds, so to many people they basically don’t exist.
I recently noticed a number of bitcoin ATMs that have cropped up where I live - mostly at gas stations and the like. I am a little concerned by it.
Do you really think that paper money covered in colonizers and other slavermasters is going to last forever?
lol
Forever? No, of course not.
But paper currency is backed by a nation state, so I’m betting it’ll be around a bit longer then a purely digital speculative asset without the backing of a nation, and driven entirely by speculation.
I’m not even anti-crypto. It was novel idea when it was actually used entirely as a currency, but that hasn’t been true for quite some time.
Found the diamond hands.
Crypto currencies are still backed by and dependent on those same currencies. And their value is incredibly unstable, making them largely useless except as a speculative investment for stock market daytraders. BitCoin may as well be Doge Coin or Bored Ape NFTs as far as the common person is concerned.
I hope your coins haven’t seen a 90%+ drop in value in the past 4 years like the vast majority have.
Cryptos obviously have serious issues, but so do fiat currencies. In fact all implementations of money have one problem or another. It’s almost like it’s a difficult thing to get right and that maybe it was a bad idea in the first place.
I hope this is sarcasm.
I’m crypto neutral.
But it’s really strange how anti-crypto ideologues don’t understand that the system of states printing money is literally destroying the planet. They can’t see the value of a free, fair, decentralized, automatable, accounting systems?
Somehow delusional chatbots wasting energy and resources are more worthwhile?
Printing currency isn’t destroying the planet…the current economic system is doing that, which is the same economic system that birthed crypto.
Governments issuing currency goes back to a time long before our current consumption at all cost economic system was a thing.
You are right, crypto has nothing to do with currency printing. And yes, the environmental side too is a problem (unless it is produced inline with recycled energy) But governments issuing currency is a relatively recent phenomenon. Historically, people traded de facto currencies and IOUs amongst themselves.
Bitcoin was conceived out of the 2008 financial crisis, as a direct response to big banks being bailed out. It’s literally written in Bitcoin’s Genesis block. The point of Bitcoin has always been to free people from the tyranny of big government AND big capital.
Crypto isn’t that popular in developed countries with functioning monetary systems… untill of course those big institutions fail. I am still quite surprised, this side of Bitcoin is rarely discussed on Lemmy, given how anticapitalist it is.
I get it libertarian, bad. And to some degree, there are a lot of problems there. But the extreme opposite ain’t that rosy either.
Are you really using all of human history as a timeframe to say that currency is a relatively recent phenomenon?
Again, I’m not anti-cryptocurrency, but it’s not really a currency anymore than any other commodity in a commodity exchange, or a barter market.
And I don’t care if it’s livestock, or Bitcoin, I’m not accepting either as payment if I sell my home, or car. Not because of principles, but because I don’t know how to convert livestock into cash, and I can’t risk the Bitcoin payment halving in value before I can convert it to cash.
And who was talking extremes? I’m just pointing out the absurdity of the claims that crypto is the replacement for, or salvation from, our current economic system, or the delusion that currency backed by a nation is somehow just as ephemeral as Bitcoin, or ERC20 rug pulls.
You said Bitcoin was designed to free us from the tyranny of big capital, but it’s been entirely co-opted by the same boogeyman. So regardless of the intentionality behind the project, it’s now just another speculative asset.
Except, unlike gold or futures contracts, there’s no tangible real world asset, but there is a hell of a real cost.
I think it’s because of what crypto turned into and the inherent flaws in the system. Crypto currencies are still backed by and dependent on traditional currency, and their value is too unstable for the average person. The largest proponents of crypto have been corporations - big capital, as you put it - and there’s a reason for that (though they’re more on the speculative market of NFTs looking to make a profit off of Ponzi schemes).
In the end, crypto hasn’t solved any problems that weren’t already solved by less energy intensive means.
I’m fine doing away with physical dollars printed on paper and coins but crypto seems to solve none of the problems that we have with a fiat currency but instead continues to consume unnecessary amounts of energy while being driven by rich investors that would love nothing more than to spend and earn money in an untraceable way.