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why does everyone think this is the greatest cryptocurrency rebuttle of all time? folding ideas barely understands the fundamental mechanics of how cryptocurrency works (he just vaguely grasps at straws like 90% of arguments on both sides), his argument just boils down to "cryptocurrency attracts scammy people", there I just saved you like an hour.
Even this guy linking to folding ideas has no idea what he's talking about. The "wastefulness" of proof-of-work remains pretty much constant (depending on the emission scheme and price of the crypto). All the wasteful do-nothing ("web3" "dapp" etc. buzzword) jobs just the result of a bunch of venture capital money being poured in (which would otherwise be spent on some other stupid gimmick like AI), and the shitcoins are just the result of a bunch of hillbiily money being poured in (that would otherwise be spent on scratch-offs). Most of the inefficiency in bitcoin and etherium is due to bad design decisions and politics, and very rarely fundamental technological limitations.
The software industry is a massive grift because the majority of the work goes into figuring out how to get people to pay for your software instead of just copying it. Free software and linux shit works reliably and is extensible, but you might have to go out of your comfort zone to use it. Boom now you don't have to read that stupid butt blog post.
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It's sad cryptocurrency has turned into a meme. I think the aphorism “money flows where it's treated best” is true so we may see a cryptocurrency future. However it's really blackpilling how much people will lie about shit just because of preconceived notions of what cryptocurrency is/does because they're on Blue Team.
Follower of Christ
Tech lover, IT Admin, heckin pupper lover and occasionally troll. I hold back feelings or opinions, right or wrong because I dislike conflict.
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Sorry ma'am, looks like his delusions have gotten worse. We'll have to admit him.
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Cryptocurrency is r-slurred. It's either decentralized (lol not really though) which makes it pointless, or it's centralized which means there is no reason to have a block chain. Many "features" of crypto are mutually exclusive like privacy and the blockchain.
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because no single entity owns bitcoin or litecoin or something, you don't have middlemen like credit card companies or paypal delisting people or jacking up fees whenever they feel like it. You can just use any exchange.
Cryptocurrency's massive inefficiency and massive trasaction fees are only surpassed by the racketeering of the finance industry.
Also in crypto, the burden of security is on the user instead of the institution. Bad for your grandma but great if you know how to use a computer because you can't get hacked because some russian guy sim swapped you, sent you a phishing email and knew your mother's maiden name.
there's like zcash and xmr and shit. privacy works but it is limited. look into zero knowlege proofs.
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Jfc I can't stand cryptards. You fricks are the absolute dumbest pieces of shit on earth.
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you don't see the cost of paypal and CC because it's a buisness expense. it jacks up the prices for everyone
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Nah, you don't see the costs because their business model doesn't involve running 10,000 graphic cards to transfer 25 cents.
Inb4 proof of stake which is completely centralized and debunks all of your other points.
I'm not dumb enough to fall for the r-slurred arguments you fell for.
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10,000 graphics cards vs 100,000 cushy air conditoned useless jobs in the finance industry all over the world. what is more wasteful?
cryptocurrencies don't require some threshold of computing power. They require computing power that is evenly distributed between adversarial parties so no one takes over.
Everyone has a GPU. If you wanted you could mine crypto on it passively while you're not using it (which lowers profitability of miners and frees up more GPUs). The decision to use GPUs in mining is supposed to help you out by making it so anyone can mine with their own hardware.
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You're actually a fricking r-slur. Who falls for this transparently dumb schtick? I've heard it like 10 times so it's clearly some canned argument you picked up somewhere, you'd think it would be more refined.
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There is literally nothing to run at banks in terms of payment processing, they are just rent seekers. It's just a monopoly that extracts tons of money for doing a minimal service that no one can avoid due to network effects, like email hosting or domain registration, or the ios app store, or those shitty $100 TI84 calculators that everyone needs to buy in high school because its the only one they allow in exams.
it costs me $15 to do a bank transfer and takes several days
The financial industry has fallen, billions must burn
stop kvetching over wasted electricity r-slurred butt neighbor like who cares I want to have digital cash.
I want to be able to send money on the internet without having to give every website my credit card number and a billing address or my card getting declined or some other bullshit.
the worst part about this is that when you say this online, tons of boomers will jump to say that banks can refund you in the case of fraud if you have insurance and saying that crypto is dangerous because there are no chargebacks
money should just be secure and work properly by default without all this boomer bullshit, if that causes 0.1% more global warming then idc
sorry ur poor
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Doesn't Bitcoin get more wasteful as its demand increases because a higher transaction fee means more people will spend more compute for the same TPS?
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No, it is more complicated (and worse) than that, because the real problem is that this increase in fees (assuming bitcoin continues to gain in usage and users will continue to bear higher fees) will not be able to compensate for the decrease in block reward.
So bitcoin really has the opposite problem in the long term. It isn't paying enough to secure itself.
In fact, bitcoin's hashrate currently doesn't respond much to increased fees because block reward outweighs fees by orders of magnetude.
There are two groups of bitcoiners: those that use it (for transactions) and those that own it (just holding it). In the long term, the tax on those owning bitcoin (block reward) goes to zero. So the value of bitcoin will be entirely secured by those actually using it as money, which is currently a minority.
I clould go on, but you can see how this is pretty fricked in the long term
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I just remember that in the 2021-22 crypto craze, Bitcoin transaction fees spiked super high because everyone was trying to buy it (and therefore transact with it) but there is only so much bandwidth. If people started trying to use it to transact, wouldn't that sort of thing become the usual state of affairs and drive increased mining activity?
Of course, you are right that if nobody transacts with it then its status will become extremely precarious.
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transaction fees are super unusually high in bitcoin (and not most other cryptocurrencies) because the block size limit is still the old tiny 1MB cap set by satoshi, which he intended to raise. This is the throttle on the bandwidth. In theory it's limited by the amount of data you can synchronize, process, and store across the whole network but in practice this artificial limit is way below that.
There was an attempt to increase it to something more reasonable back in the 2016/2017 boom but it turned into a massive spat between developers and they branched off and created bitcoin cash (the upgrade wasn't reverse compatible) which dwindled. Also a bunch of other stuff happened like segwit thats not worth going into.
Not only is this the case, but in the future the transaction fees will HAVE TO be massive because they will be the only thing paying the miners as the block reward goes to zero (which is the dominant source of income for miners for the near future. The price of btc will have to approximately DOUBLE every time the block reward is HALVED just in order for the miners to make the same income over time. In other words, the price of bitcoin has to increase nearly exponentially in order for the network to not collapse.)
in etherium and related cryptos, the "gas" fees are high because their scripting language is general purpose and super inefficient. it is sort of a bad idea in the first place imho.
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PlsRope
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