• 137 Posts
Joined 1Y ago
Cake day: Nov 26, 2020


Lots of interesting links there. But the pieces of your arguments are so diverse, there is no single coherent answer. In the technological field so diverse, you can always find bad things, if you are looking for them.

I’ll just answer the first and the last point.

In other words, it’s designed to provide pay-off to those who jump-in early, as long as they convince more people to jump in, and assuming they get out early enough.

Here you really are describing a Ponzi scheme. By this logic, every currency (with the possible exceptions of gold and bitcoin) are ponzi schemes. Central banks print banknotes (or X tokens) which are worthless. They only have value because people start to believe they have value. And the central banks use this confidence trick to make money. They more tokens/banknotes they print, the more money they make.

Financial Times might actually have a reasonably good understanding what a Ponzi scheme is

This does not describe a Ponzi scheme. It describes a fiat currency. “Ponzi was paying earlier investors using the investments of later investors”. He created an investment fund, not a currency. There is no way you could confuse those two things. And a pyramid scheme is also an unrelated thing. But you’re just as capable of looking this up as I am.

That’s a good way of looking at it.

I guess part of the idea way taking the power away from the greedy people, which fixes one small part of the problem.

Part of it was fixing the implementation details, which solves another part of the problem. But yes a purely technical solution is not enough on its own. Bitcoin is not a magic bullet to solve greed. My answer below talks a bit about that.

like what happened with Ethereum

It happened to bitcoin too.

Well, fuck you

In this sense cryptocurrency is just like cash. It can be a blessing or a curse depending on your situation.

It’s possible to build a banking system, with chargebacks and insurance and all the rest, on top of any currency. It doesn’t exist AFAIK for bitcoin yet. But there’s nothing stopping governments or businesses from introducing it.

You could also argue that bitcoin doesn’t need any of that because it’s inherently more secure than the banking system. But that’s maybe another day’s argument.

it is influenced by the amount of investment put into it

All currencies have this problem. Bigger ones suffer less from it, so you might not notice it. In fact it’s even worse than you say.

  1. Whales actively manipulate the price for profit. It’s not a ponzi scheme. You’re confusing two different things. If you want a buzzword it’s a pump and dump.
  2. This doesn’t affect only currencies but any commodity. Look at oil or food or land or gold. All have exactly the same problem you cite for bitcoin. In fact gold is a very good analogy for bitcoin. You can understand it better by thinking of it as “digital gold”.

We don’t need to get into the environmental aspects

Thanks. That’s a tired auld one.

your biggest stake holders now are the incredibly wealthy

I’ve thought about this a bit. Right now, I don’t think the currency itself can or should solve this. The only working solution is redistributing wealth through the tax system. It works very well when done properly. So profits from bitcoin should be taxed like any currency trade. Income in bitcoin should be normally. Inheritance tax, and all the rest, should all be agnostic to which currency you use. This is the only proven way.

If there’s a crypto out there that isn’t available for fiat investment

That’s a very good idea. How would it work? Have you seen been anything written about this already?

None at all?!

  • Has intrinsic value due to scarcity, like a gold-standard currency (as opposed to today’s fiat currencies). So it can’t be devalued or manipulated by a central bank.
  • You don’t need to hold physical coins, or ask a 3rd party (like a bank) to store your money for you
  • Can be send instantly anywhere in the world, without going through expensive money-transfer agents
  • Money cannot be created out of nothing. If you want to loan somebody money, it has to really exist.

There are multiple important benefits. They may not all be important for you right now, but saying it doesn’t solve any problems at all is just ridiculous.

The people who say it’s a ponzi scheme are people who don’t know what ponzi schemes are.

It’s mostly fair.

A currency is just a currency. An NFT is something unrelated. A currency being crypto doesn’t stop it from being mostly used for evil. Cryptocurrencies are an important advance for mankind, but they does not solve all of the world’s problems.

Bitcoin specifically even has a few of its own new problems, which newer currencies have solved.

Who says otherwise? Same people who say the UK won WW2?

The USSR put the first satellite and the first man in space. The USA was so embarrassed about losing the space race they made a huge effort to go to the moon, to save face. You could say they won the “moon race” if you like. But I don’t think anybody else was racing.

He should know.

I wonder how the republic would have been different had he not been executed.

Do you need some special pass to get into parks in Canada?

The website is down

Access denied Error code 1020

You do not have access to discovermoosejaw.com.

The site owner may have set restrictions that prevent you from accessing the site. Contact the site owner for access or try loading the page again.

Any currency can be attacked by investors, making it crash. Crypto currencies are more vulnerable because they are smaller (for the moment).

I don’t know anything about terra/luna. It sounds like an interesting idea. Maybe there was some structural flaw that made it more vulnerable to attack.

NFTs are a different thing.

I didn’t believe it. The active users are really dominated by single narrow and very uncommon ideology.

As the userbase grows, it has to become more diverse anyway.

Do all QR code phone apps do that, or just the one? Maybe it’s a setting in the app that you can turn off. You’d think the app would be clever enough to recognise whether the message is a URL or not, and treat it appropriately.

QR codes can often be ticket numbers or lists of information. It’s literally just text, but in a machine-readable form, instead of human-readable.

Cannot log out of Lemmy

When I try to log out (using the top right menu) the page just refreshes. Sometimes it works if I log out then refresh, or restart the browser, or log out several times in a row; but not always. I am using Tor on Windows. …

I guess it’s going to a boardgame café and trying out all the games, or like going to a fancy food-tasting, or a record store where you can listen to everything … but for people who like clothes.

And then you add a social element, where people shop in small groups.

If it doesn’t exist, then you can invent it.

QR codes are perfect for encoding text, even though most people just use them to send URLs. It should be a very good tool for flyers.

If you want rich text, colours and fonts and sizes, I’m sure that’s easy too. But you might need to invent a type of markup to compress the style information better. Or it might already exist.

They are considering whether aren’t enough unwanted babies, to meet the demand for adoption?!

The headline is about something different. "Wives of Mariupol soldiers dispersed by police at Kyiv protest " …

But somehow the world’s headlines are ignoring this globally important event and inspecting every detail of the war in Ukraine instead…

A long list of retail reforms

There are several changes that need to be made to retail law, to stop predatory practices. …

Principle of explosion

Consider two contradictory statements—“All lemons are yellow” and “Not all lemons are yellow”—and suppose that both are true. If that is the case, anything can be proven, e.g., the assertion that “unicorns exist”, by using the following argument: …

People who condemn Russia for invading Ukraine are hypocrites

…unless they also condemn the USA for invading Afghanistan, Iraq, etc. …

The best strategic move for Ukraine is to surrender

The best strategic move for Ukraine is to surrender. …

Some thoughts on abortion

The abortion debate is probably one of the most contentious of all. It affects people on a very personal level, so most people have very strong opinions on it. …

In a democracy, most wars would not happen

The electorate would have the opportunity to vote on the military action, and refuse it. Or worse, if the democratic process takes several days, the government would have to turn the tanks around halfway through the invasion. …