Why cryptocurrency is so bad
28

“Cryptocurrency is one of the worst inventions of the 21st century. […] It has failed to be a useful currency, invented a new class of internet abuse, further enriched the rich, wasted staggering amounts of electricity, hastened climate change, ruined hundreds of otherwise promising projects, provided a climate for hundreds of scams to flourish, created shortages and price hikes for consumer hardware, and injected perverse incentives into technology everywhere. Fuck cryptocurrency.”

What are the disadvantages of cryptocurrencies?

1: Scalability.
2: Cybersecurity issues.
3: Price volatility and lack of inherent value.
4: Regulations.
@onlooker
1012d

Source for those wondering. I do agree on some points, but with respect, I believe the article is an overreaction. I will concede that energy consumption and by extension global warming are serious issues and if everyone just stopped using power-hungry cryptos - which unfortunately aren’t just Bitcoin and Etherum, but most of them - I’d be very happy indeed.

As for the hardware price hikes: no disagreement there. Fuck every single person who bought GeForce and Radeon cards in bulk just to have them at max capacity 24/7 and then expect the market to buy them back with extreme wear and tear. I believe most people who tried to build a decent PC in the past few years will agree.

That said, I don’t think we should start boycotting cryptos just yet. From my point of view, I much prefer having control of my money as opposed to having banks take care of my very livelihood. Banks fail and internet banking is, in my opinion, still shit. Hands up if you’ve ever accidentally deleted your digital certificate for online banking and had to go through the process to re-apply for one. Or how many of you have to type in more than one password to log in? Speaking of…

If you live in Europe, you might have heard of the PSD2 directive. I won’t go into details, but what it boils down to is that in most cases, you now need a phone app, usually your bank’s, to purchase ANYTHING online and I hate that. Don’t have an android or apple phone? Boned. Don’t have google services on your phone? Boned. Don’t have a phone, period? What are you even doing online, you pleb? It’s because of this directive alone that I’ve started using cryptos more than I did before. (Thanks, EU)

Cryptocurrency does serve a purpose. Our existing payment systems are starting to get cumbersome and outdated. Cryptos might not be the perfect solution, but until one comes along, I think it’s the best we’ve got right now. (This got a little long, sorry)

poVoq
712d

I had to change my bank earlier this year because the old one insisted on a stupid app. However the EU directive does not by itself require such apps, it is rather that the banks find them convenient and thus now under the cover of this new legeslation try to switch everyone over.

@onlooker
111d

My mistake, then. I’ve contacted every bank in my country and for online purchases they either want you to install an app or to sign up on a third party website I’ve never heard of. Because of this I had assumed this is now practiced everywhere in Europe.

@ajz
3
edit-2
11d

My bank in Holland does not demand a smart phone app, though they try to advertise it on their site when they can because “it is so handy and already so many people use it”. Instead I can use their off-line number generator gadget, an option I’ve seen used years ago by several other banks in Holland. If implementation of 2FA will be enforced I hope they will make SMS an option.

poVoq
311d

The new legislation AFAIK says that banks require some sort of 2FA for such transactions. This is IMHO a sensible requirement for security. The problem is really that most banks have a horribly outdated IT infrastructure and thus try to outsource this to external app developers or services.

At least here some banks still offer 2fa via SMS. Not the most secure, but works on nearly any device.

@j0ta
creator
-112d

Use cash

@GotExx
1114d

This is the case with crypto currencies such as Bitcoin or Ethereum which are mostly used for trading rather than actually being used for trading. There is a French project for a non-energy consuming crypto-currency that puts the human at the centre of the currency. Don’t hesitate to have a look at the official website. https://libre-currency.org/

@blank_sl8
513d

It is called Ğ1 (pronounced \ʒuːn)

what a great way to get started

@onlooker
512d

Amateurs. Calling it G̷͚̒1̵͜͝ is clearly the better choice.

@shadythgod
413d

which are mostly used for trading rather than actually being used for trading.

??

@GotExx
16d

Fucking translator ^^ What I meant was that this currency is more for trading (selling items and services) rather than for investment and enrichment.

At a guess, I think that means that they’re used as commodities to be traded, rather than used as a means of exchange of goods/services (trading)

poVoq
2
edit-2
11d

From a quick glance it seems like they use a blockchain with a “trusted” number of validators. This is really nothing other than an over-engineered MySQL database and as a user you are totally at the mercy of those trusted validators.

I am personally not against such a system in general, but I would rather not like to have to trust some random strangers on the internet.

But a similar system run by your local in-person coop or at least by some democratically elected officials would probably be fine.

@Torquatus
312d

I checked it out, seems really interesting. I’m not much into cryptos, but having watched the seminars about Duniter, Libre Currency etc., I like the idea.

Can anyone interested in this point out: what of this project doesn’t sit right with you, or what can be changed, in your opinion?

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