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Crypto and HR 3684 - urgent attention needed from all!

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Shmee said:
Bunch of rabid morons here that couldn't recognize a decent idea if it reached up and bit them in the ass 😛
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My ass bites back.

laughing-donkeys7.jpg
 
Greenman said:
Because it creates wealth out of nothing. It's like the lottery, you invest a few bucks and hope for the big score. It's also great for speculators with cash to burn because the price fluctuates so wildly.
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Yup. And, since it has no purpose other than crime and lottery style speculation you can never admit that it's useless because if you do you'll be left holding the bag.
 
Shmee said:
Bunch of rabid morons here that couldn't recognize a decent idea if it reached up and bit them in the ass 😛
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Sure we can. We can also recognize a shitty idea when it reaches up and bites us in the ass - and crypto is one of them.
 
fskimospy said:
Right, but then claimed it had some other use for keeping access to the network or whatever.

In reality of course it has no legitimate use.
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Because aside from crime this and crime that, you don't understand the value of a nearly bullet proof decentralized consensus mechanism keeping a plug-and-play database secure. And even if you did, you still don't understand why something like the dollar cannot directly fund the literal growth and expansion of one.

That's fine. Hardly anyone saw or knew how to capitalize on the value of the internet in its early commercial days too. By the way before anyone says crypto is taking too long: don't forget the internet actually started being developed in the 1960s, and didn't go mainstream until the 1990s. And yes technology and progress was slower then, but centralized solutions are also much easier to develop.
 
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njdevilsfan87 said:
Because aside from crime this and crime that, you don't understand the value of a nearly bullet proof decentralized consensus mechanism keeping a plug-and-play database secure. And even if you did, you still don't understand why something like the dollar cannot directly fund the literal growth and expansion of one.

That's fine. Hardly anyone saw or knew how to capitalize on the value of the internet in its early commercial days too. By the way before anyone says crypto is taking too long: don't forget the internet actually started being developed in the 1960s, and didn't go mainstream until the 1990s. And yes technology and progress was slower then, but centralized solutions are also much easier to develop.
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Again, the issue here is not that we don't understand it but that we do.

Keep playing with your Itchy and Scratchy money if it makes you happy - I hope you're not the one who ends up holding the bag when the scam collapses.
 
njdevilsfan87 said:
Because aside from crime this and crime that, you don't understand the value of a nearly bullet proof decentralized consensus mechanism keeping a plug-and-play database secure. And even if you did, you still don't understand why something like the dollar cannot directly fund the literal growth and expansion of one.

That's fine. Hardly anyone saw or knew how to capitalize on the value of the internet in its early commercial days too. By the way before anyone says crypto is taking too long: don't forget the internet actually started being developed in the 1960s, and didn't go mainstream until the 1990s. And yes technology and progress was slower then, but centralized solutions are also much easier to develop.
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With trembling hands, I made a tiny breach in the upper left hand corner... widening the hole a little, I inserted the candle and peered in... at first I could see nothing, the hot air escaping from the chamber causing the candle to flicker. Presently, details of the room emerged slowly from the mist, strange animals, statues and gold – everywhere the glint of gold. For the moment – an eternity it must have seemed to the others standing by – I was struck dumb with amazement, and when Lord Carnarvon, unable to stand in suspense any longer, inquired anxiously "Can you see anything?", it was all I could do to get out the words "Yes, wonderful things."
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- Howard Carter discussing Bitcoin on the Joe Rogan podcast
 
I'm the first to admit that I don't know a fucking thing about cryptocurrency. I don't know what its value is based upon, how it's "earned," or why it isn't regulated and taxed like "regular" money.

If you were mining gold or silver...or lead, you'd have to pay taxes on it...why not your electron bux?
 
If crypto currency evangelists wanted people to take them seriously they should look to fuel their greed via converting waste. Might need a name change though, I suggest crapto.
 
It's funny to me how everyone all of a sudden becomes an environmentalist when talking about crypto, but will then go on to needlessly waste a ton of hot water in their shower tomorrow morning and then go commute to their WFH-capable job in their petro powered car.

Power is a non-issue in new cryptos. Gen 3.0 blockchains driving the NFT bubble use very little electricity and offer functionality that far exceeds Bitcoin and even Ethereum.

Maybe something needs to be done about Bitcoin - but as of now it using less than 1% of the world's electricity (much of it renewable too) - it isn't what's responsible for climate collapse.
 
njdevilsfan87 said:
It's funny to me how everyone all of a sudden becomes an environmentalist when talking about crypto, but will then go on to needlessly waste a ton of hot water in their shower tomorrow morning and then go commute to their WFH-capable job in their petro powered car.
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People actually need to shower and get to work.

Mining coins is pointless busywork, that now consumes power of a medium sized country (Poland) and produces similar pointless carbon emissions.
digiconomist.net

Bitcoin Energy Consumption Index - Digiconomist

The Bitcoin Energy Consumption Index provides the latest estimate of the total energy consumption of the Bitcoin network.
digiconomist.net digiconomist.net
 
I have observed that cryptocurrency promoters tend to make 2 logical errors in their arguments.
First one is they act as though blockchain and cryptocurrencies are the same thing, when they are not.
Second is that they don't seem to grasp that govt monetary policies that inflate currencies exist precisely because govts want to discourage currencies as a place to store wealth. Because currencies have no intrinsic value except as a medium of exchange, and investments exclusively in currencies are economically unproductive.
And finally, while I fully support the right to financial privacy, it is evident that the fully opaque nature of cryptocurrencies prevents even reasonable efforts to combat money laundering and other financial crimes.
 
Fanatical Meat said:
The only semi good point I heard for crypto was someone said it can help those who live in oppressive regimes. Which is a good point however it can just as easily help out the oppressive regime.

www.zdnet.com

Cryptocurrency expert pleads guilty to helping North Korean government use blockchain to evade sanctions

Virgil Griffiths is facing up to 20 years in prison and will be sentenced in January.
www.zdnet.com www.zdnet.com
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The digital currency thr Chinese government is working on is flat out evil. So yeah it’s all in the implementation.
 
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