Just got very lightly flamed by another user for making fun of crypto and was told that Lemmy and crypto have “the exact same advantages and disadvantages”. Now I disagree heavily there, since even if it shares some principles I’d argue that the scale of the problems change when you’re talking about a global finance system versus a social media platform filled with beans. But it did get me curious- how many of you are crypto supporters?
I’ve generally been seeing the opposite sentiment on Lemmy and I’m here for it. Crypto bros can stay on the other site.
Crypto is and always has been a joke. It also doesn’t work that much like the fediverse, which is basically a webring where the sites like to copy each other. TBH I’m looking forward to the
webring hostLemmy instance drama and people beingkicked from the webringdefederated.I filtered out every crypto and investing sub on Reddit other than r/bogleheads
I’m a fan. Go ahead and downvote me.
Hell no.
They’re almost entirely scams. I don’t support tricking people out of their money.
They also ruined crypto as an abbreviation for cryptography, and spam every cryptography-related discussion forum. Even the NIST post-quantum standardization list has been getting their spam.
What about Monero? It seems to be the only one that gives a shit about anonymity and privacy.
Monero’s ring signatures are an actually interesting bit of cryptography. And it does provide a real benefit (private transactions) that other payment systems don’t. Of course that means it breaks all the anti-money-laundering laws to exchange money to/from Monero, but it’s less of a joke than the rest. Still PoW though, so inherently destructive and not something I’ll support.
It’s destroying the environment with the way it works, so it’s still an extremely shitty thing to promote.
Just a legal pump and dump and a great example of why we let the SEC regulate markets.
God, I hope not. Crypto is an interesting technology that’s been used to promote what’s essentially a scam. Just ask yourself this: Are the people into crypto using it to buy things? Or are they going to sell it for dollars at a high value and then walk away?
Most are the latter. Very few people even bother setting up software wallets. They just keep their crypto on markets and try to sell high.
That means that for most people, it’s not a currency at all, it’s an investment. But a normal investment is backed by something of value, while crypto is just backed by pure speculation - that is, it’s backed by all the other people who are trying to sell high, too. The name for a system where you get people to buy valueless assets and drive up their price so you can sell yours and leave others holding the bag is: “Ponzi scheme.”
The name for a system where you get people to buy valueless assets and drive up their price so you can sell yours and leave others holding the bag is: “Ponzi scheme.”
No, that’s a Greater Fool scheme. A Ponzi is more centralized and the people who get paid out are not supposed to be aware that the money is coming from new investors. Ponzi schemes hide that aspect of it. In a Greater Fool you are betting on someone being dumber than yourself enough to buy your worthless investment at a higher price.
A lot of crypto is Greater Fool, but there have been crypto Ponzi schemes.
As a side note, there is a cultural tendency to call all scams Ponzis when they are not. It is a specific type of scam.
Huh. I was thinking of the whole scheme being centralized around a few core people who push crypto, but I think you’re right. “Greater fool” is a better label for it. Thanks!
It’s a bit of both. The increase in value for those who got in early is propped up by the hype of new bagholders.
Nope. Crypto is clearly a scam
I’m not a crypto supporter. I do find the tech a bit interesting. I guess, tech-wise, Lemmy would be more comparable federated crypto like Stellar or Ripple (dunno if these are still federated, or if more popular federated crypto exists; been a very long time since I kept up with it). Without some sort of “trust” decentralized systems are too expensive (resource-wise) to be worth it, IMO.
Off-topic, but I’m kinda surprised p2p networks haven’t really advanced since Gnutella. I believe they had the concepts of trust/reputation and self-organizing networks with “super-peers” way back then.
I use Monero to pay for online services such as VPN, hosting, domains, VPS, E2EE cloud hosting, solely because I don’t want to be on someone’s list of customers and I don’t want constant spam. Same reason I pay cash in stores and don’t have loyalty cards. Might be very slightly more pricey that way but the reward for me is no marketing teams to deal with.
The hivemind of Lemmy has been the opposite so far in my experience. I’m probably what most here would call a “crypto bro,” though I wouldn’t call myself that.
It’s weird to me that the occupy wallstreet folks are all like “banks do it better.” It’s also weird to me that it’s gotten so polarizing. You don’t have to be a libertarian to see its benefits, and you don’t have to be a communist to want scammers locked up.
I do own & use cryptocurrencies a bit but would never had thought to link Lemmy to anything crypto related. Don’t even follow any crypto communities around here… being part of the Reddit exodus, over on Reddit there’s so much spam and shills surrounding the topic that I avoid those communities there too.
My guess is you just happened to run into a random crypto bro.
i mean if you use stuff like monero to pay anonymously yeah sure go ahead but majority of crypto are just shitty scams.
or you could just pay with cash, the original anonymous payment method
I think cryptocurrency is a cool concept and can definitely have some legitimate uses. I just don’t think we’ve figured that part out yet. I’m firmly in the camp of “I do not support it but also am not against it”.
Dont think so, they might just be very loud. A couple of other reddit alternatives, on the other hand, …
Cryptocurrencies are a bit like communism: interesting in theory, but implementations have been a disaster.
(And with this, I’ve just been able to piss off 2 groups in one post)
