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this post was submitted on 01 May 2024
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From the title, I thought people were actually selling their eyeballs for money.
same, and only reason I even looked at the article. why cant crypto just die already? it's just a huge scam
How do you feel about government backed currencies?
The same as everyone else on the planet not desperate to sign up for a pump and dump scheme like crypto.
Same as my parents and your parents and their parents and everyone’s grandparents and the whole sum total of hundreds of years of human experience in what has been pretty much a prosperous economy.
But something tells me the whole internet couldn’t stop you from telling us all why we have it all wrong and should instead waste the energy output of Argentina on fake math problems to artificially create a coin…
I agree with you that crypto is a hotbed for scams, schemes, and thieves. But let's be fair, our parents, our grandparents, all the people over the course of human history, they weren't prosperous because they knew what they were doing. Human history is a timeline of massive fuckups and exploitation. Just because "we've always done it" and "it's worked so far" does not mean it's a good idea.
Youre completely right! Yet crypto really doesn't seem like the right answer here either. Using more energy than several nations for an unstable currency is just not something thats gonna take off. Even if we had unlimited energy, crypto will continue to require more and more making it entirely infeasible.
Totally agree with you. Didn’t mean for an appeal to tradition, or a “we’ve always done it” type of reasoning.
While history sure as shit isn’t pretty, there is some measure of stability and institutional knowledge that we have developed and shouldn’t be written off.
Kinda like that quote from the economist that goes something like “we’re not on the gold standard because it’s some new wild idea, we’re not on the gold standard because of everything we know across history about the gold standard.”
Look, the problem with crypto is that while government backed currencies are somewhat abused by governments and financial firms, those two at least keep each other in check some of the time. Since crypto is completely unregulated, Wall Street can make it go up and down as it pleases. It's basically all Wall Street scrip.