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.
a cogent, well articulated quick analysis of the merits of a new technology?! will be downvoted into oblivion.
I agree with many of your thoughts here with the addition that PoW energy usage by major installations shifted to > 50% renewables several years ago. even so, the energy usage of PoW networks is dwarfed by the energy usage of the backend supporting traditional finance.
