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Hot!Cryptocurrency needs to die - for the good of all.

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aka_STEVE_b
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2021/04/28 07:59:33 (permalink)
This guy wrote a great article on how much of an overall scam / Ponzi scheme this whole Cryptocurrency craze is....
 
https://drewdevault.com/2021/04/26/Cryptocurrency-is-a-disaster.html
 
Just a small piece of it...
 
.
There are hundreds, perhaps thousands, of cryptocurrency scams and ponzi schemes trussed up to look like some kind of legitimate offering. Even if the project you’re working on is totally cool and solves all of these problems, there are 100 other projects pretending to be like yours which are ultimately concerned with transferring money from their users to their founders. Which one are investors more likely to invest in? Hint: it’s the one that’s more profitable. Those promises of “we’re different!” are always hollow anyway. Remember the DAO? They wanted to avoid social arbitration entirely for financial contracts, but when the chips are down and their money was walking out the door, they forked the blockchain.

That’s what cryptocurrency is all about: not novel technology, not empowerment, but making money. It has failed as an actual currency outside of some isolated examples of failed national economies. No, cryptocurrency is not a currency at all: it’s an investment vehicle. A tool for making the rich richer. And that’s putting it nicely; in reality it has a lot more in common with a Ponzi scheme than a genuine investment. What “value” does solving fake math problems actually provide to anyone?

 
And those few failed economies whose people are desperately using cryptocurrency to keep the wheel of their fates spinning? Those make for a good headline, but how about the rural communities whose tax dollars subsidized the power plants which the miners have flocked to? People who are suffering blackouts as their power is siphoned into computing SHA-256 as fast as possible while dumping an entire country worth of CO₂ into the atmosphere?2 No, cryptocurrency does not help failed states. It exploits them.

Even those in the (allegedly) working economies of the first world have been impacted by cryptocurrency. The price of consumer GPUs have gone sharply up in the past few months. And, again, what are these GPUs being used for? Running SHA-256 in a loop, as fast as possible. Rumor has it that hard drives are up nex

 
Maybe your cryptocurrency is different. But look: you’re in really poor company. When you’re the only honest person in the room, maybe you should be in a different room. It is impossible to trust you.
---------------------------
 
POST # 48  contains a new article also  -->  https://forums.evga.com/FindPost/3311432
post edited by aka_STEVE_b - 2021/05/27 10:22:23

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#1

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    85Bears
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/28 08:22:45 (permalink)
    I think there is growing political momentum to suppress cryptocurrency. I have opposed it since the beginning due to how it can facilitate money laundering or the buying/selling of illegal goods and services.
    But now there is growing recognition of its environmental impact. And it is against the US national interest to allow cryptocurrency to supplant the dollar in the global financial system. This is a farfetched prospect, but even the smallest risk of this happening would provoke decisive regulatory action.
    #2
    TexAg12
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/28 08:31:09 (permalink)
    I wish I would go away as well, but as for reality it does not seem like it is going away anytime soon. There is defiantly a place use for crypto, but I believe it relatively small (if you listen to people who are deep into crypto will disagree and go on some crazy almost flat earther like tangent on how it is true freedom with decentralization). The truth is the government/ banks only want to get rid of it now because they can't make money off of it that's why there is a big push for regulation of it. Once its regulated by governments like they want then the Banks will swoop in make it huge and screw everyone over like always. Honestly I could also be completely wrong at this point only time will tell. 

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    #3
    Xavier Zepherious
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/28 09:33:47 (permalink)

    New Legislation Proposes to Merge Crypto and Banking

     
    https://www.lexology.com/library/detail.aspx?g=a677e32a-ecd3-4cfd-8336-3a536f8bbf91
     
    Canadian universities propose designs for a central bank digital currency
    February 11, 2021
     
    https://www.bankofcanada.ca/2021/02/canadian-universities-propose-designs-central-bank-digital-currency/
     
    Banking on Bitcoin: Crypto Banks Are Coming for Fintech
    https://decrypt.co/54870/banking-on-bitcoin-crypto-banks-are-coming-for-fintech
     
    EU commision is looking at merging crypto and banks
     
    https://forums.evga.com/CRYPTO-founder-steals-2-BILLION-disappears-m3265657.aspx
     
    As in the story in the above thread the fraud took place on the exchange - had this been in a regulated bank there would be no scoffing off with 2B quite so easily
    More regulation in the exchanges are needed or to go to an all inclusive banking/commodities model
     
    banks are already doing stock and commodities for investment banking
     
    The First Cryptocurrency Bank
    On Wednesday, September 16, 2020, the cryptocurrency exchange Kraken Financial became the first crypto company to obtain a bank charter. The Wyoming Division of Banking approved Kraken’s application for a special-purpose depository institution (SPDI) charter, which is a new type of bank charter that Wyoming specifically designed for crypto businesses. This makes Kraken the first de novo bank chartered in the state since 2006.
     
    https://www.blockchainleg...t-cryptocurrency-bank/



     
    ps: a blog is not a news story - it's just an opine from 1 individual - if we keep doing that the news thread will be filled by useless opinions from everyone
     
    story belongs elsewhere like OFF topic
     
     
     
    post edited by Xavier Zepherious - 2021/04/28 09:41:15


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    Grey_Beard
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/28 09:40:51 (permalink)
    This is not about decentralizaction, freedom or an other cry of those who like this stuff from the beginning.  The dollar is the World standard because of confidence.  Confidence in the fact the US government will pay and that the US economy will continue to march on.  I like the fact he called it a Ponzi scheme, as it is.  I also like, how he discussed the white elephant in the room of the impact on our carbon footprint, the abuse of rural struggling areas of the world and in the demand issue for computer equipment that will, guess what, wreck the environment when they run out their usefulness and are “disposed” of.  Can’t wait for the folks to hope on here and tell me how this is the future.  If it is, the future is a bleak place.  There is no Billionaire who would take his wealth in Butcoin over dollars.  There is no company who will pay their employees and vendors with Butcoin.  Maybe it was a good idea, but the reality is not what the “idea” was.  If financial freedom means destroying the Earth, taking advantage of the less educated places in the world and criminal behavior, then it is not that different than the mindset that got us to this point in the first place.  Greed kills.
     
    Oh by the way, never said anything about it being news.  It’s opinion.  Most news stories, believe it or not, include the writers opinion.  I know shocking.
    post edited by Grey_Beard - 2021/04/28 09:44:32
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    Xavier Zepherious
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/28 09:42:39 (permalink)
    Tesla??? what's he got 1.5 - 2B BTC
     
    Grey_Beard
      If financial freedom means Earth, taking advantage of the less educated places in the world and criminal behavior, then it is not that different than the mindset that got us to this point in the first place.  Greed kills.


     
    we have been there for decades already
     
     
    the future "IS" a bleak place - the way gov are spending to oblibion only means doom to future generations
    talk about ponzi schemes - spend like drunken sailors and let the economy collapse and shaft people
     
    post edited by Xavier Zepherious - 2021/04/28 09:55:40


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    Grey_Beard
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/28 09:45:34 (permalink)
    Xavier Zepherious
    Tesla??? what's he got 1.5 - 2B BTC
     


    And their stock went down because they Ponzi’d their financials with a $100 million gain to make their numbers this quarter.  Nice.  Why not just sell illicit drugs to make the numbers each quarter?
    post edited by Grey_Beard - 2021/04/28 09:47:43
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    Xavier Zepherious
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/28 09:49:37 (permalink)
    companies will do whatever suits them to make money as long as it's LEGAL at the time
    there are no MORALS to a company it's about bottom line and bringing ROI to investors


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    #8
    Bluuhaku
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/28 10:27:30 (permalink)
    Actively praying for the end of crypto. I hear a large variety of reasons why its the godsent currency or whatnot, but they're all seeking to fix an issue that doesn't even exist.
    #9
    Brad_Hawthorne
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/28 10:37:01 (permalink)
    Grey_Beard
    This is not about decentralizaction, freedom or an other cry of those who like this stuff from the beginning.  The dollar is the World standard because of confidence.  Confidence in the fact the US government will pay and that the US economy will continue to march on.  I like the fact he called it a Ponzi scheme, as it is.  I also like, how he discussed the white elephant in the room of the impact on our carbon footprint, the abuse of rural struggling areas of the world and in the demand issue for computer equipment that will, guess what, wreck the environment when they run out their usefulness and are “disposed” of.  Can’t wait for the folks to hope on here and tell me how this is the future.  If it is, the future is a bleak place.  There is no Billionaire who would take his wealth in Butcoin over dollars.  There is no company who will pay their employees and vendors with Butcoin.  Maybe it was a good idea, but the reality is not what the “idea” was.  If financial freedom means destroying the Earth, taking advantage of the less educated places in the world and criminal behavior, then it is not that different than the mindset that got us to this point in the first place.  Greed kills.
     
    Oh by the way, never said anything about it being news.  It’s opinion.  Most news stories, believe it or not, include the writers opinion.  I know shocking.

    Just a few observations. The encroachment of crypto is a symptom of the failing health of the USD both ideologically and a lack of trust in those who guide it through policy. I don't see crypto as a healthy outcome, as its volatility is manipulated by those that not only understand it's inner mechanics, but further are able to put their own designs on it. This creates what on the outside looks like a level playing field, but internally is a pump and dump scheme for short term money grabs. The legitimacy crypto has gained tells me that those steering the ship on USD have no clue what they're doing.
     
    Environment, carbon credits and other arguments are designed to shift monetary influence and have nothing to do with what they're talking about. They're methods of shifting perception monetarily to enrich one set of billionaire companies at the expense of others. It's a shell game for your consumables budget. That is no small chunk of money. What disgusts me most about it is people buy into the misdirection as though it's virtuous. The character flaw I dislike most about people are gullibility and misplaced trust in others that take things at face value at the expense of reason. Some people are playing monetary chess, while others think the game is checkers. Regardless of what financial game people are playing, I have a fundamental distrust of the people writing the rules for those games. Their self interest is at the detriment of everyone around them.
    post edited by Brad_Hawthorne - 2021/04/28 11:02:03
    #10
    Miguell
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/28 10:54:53 (permalink)
    crypto sadly will not end. not anytime soon and not while crypto is already a method of valid payment for some companies.
    in fact it will thrive because more then half of the world is very poor and the possibility for those people to be able  "make money" out of nothing.. is tempting
     
    obviously only a hand few of people will gain from this.. and from bubble to bubble burst ..  the rest will be scammed!
     
    i am against this .. well i think we all are >> because of crypto a lot of people want to mine.. and therefore scalpers for GPU's are on the arise... and OH BOY companies sure want to sell a lot...
     
    lets face it..
     
    if we could make physical money in our homes 24h/7 then all printers all over the world from every brand and all the ink would be already over and scarce
     
    post edited by Miguell - 2021/04/28 10:56:59

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    #11
    SterisTheGreen
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/28 23:08:44 (permalink)
    Even if it did die, the silicon shortage wouldn't get any better. Shortages and scalpers would still be happening

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    #12
    Miguell
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/29 00:29:24 (permalink)
    SterisTheGreen
    Even if it did die, the silicon shortage wouldn't get any better. Shortages and scalpers would still be happening


    yes...  now there is scalpers for almost everything.. . even consoles among other stuff...  etc...  >> its a plague >> a way of life it seems

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    #13
    PopeFranky
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/29 02:35:29 (permalink)
    Yea but I think that mining is a big problem contributing to the shortage for others. I'm sure the bubble will burst soon though.
    #14
    Xavier Zepherious
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/29 04:28:03 (permalink)
    not gonna happen
     
    it's here to stay so get used to the new norm


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    #15
    Kuro1n
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/29 04:46:24 (permalink)
    I think crypto as a technology is actually really interesting, especially if you look at ETH. I hope they manage to switch over to POS soon though as the way forward, not that I think crypto miners actually buy up that many percentage of the actual supply of GPUs but rather because it is a waste of power.
    #16
    kyoushirou
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/29 05:36:00 (permalink)
    Crypto isn't going away but if more coins follow ETH it may not be profitable for miners much longer.
    #17
    Xavier Zepherious
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/29 05:53:14 (permalink)
    ETH is forked
    there will be POW and POS for awhile
     


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    Kuro1n
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/29 05:56:27 (permalink)
    Xavier Zepherious
    ETH is forked
    there will be POW and POS for awhile
     

    So basically they will see if POS can work out and if not switch back to POW or what? Not sure I understand how a change like that can take place tbh.
    #19
    Xavier Zepherious
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/29 06:01:17 (permalink)
    they will be separate for awhile then be merged in hybrid system down the road

    Ethereum GeneSys Foundation Has Completed A 'Hard Fork' Of Ethereum to Reclaim Staked ETH 2.0 Coins, And Incentivize The PoW Mining Community On The Blockchain Network

    This fork, which took place in Toronto, is an effort to save the global Ethereum mining community from the Blockchain network's proposed 'Quick Merge'. The Ethereum GeneSys Foundation has successfully initiated a 'hard fork', which aims to reclaim staked Ethereum 2.0 coins and allocate it to incentivize the Ethereum mining community to mine Ethereum GeneSys.  This will give the Ethereum GeneSys Foundation control of the Ethereum open source protocol. The Proof-of-Stake on EthereumGeneSys Hybrid will be implemented on the Quick Merge proposed by Vitalik Buterin of Ethereum Foundation.
     
    The long term goal is to have Hybrid approach, with both PoW and POS in their respective mainline branches, for all to participate".  
     
    https://www.prnewswire.com/news-releases/ethereum-genesys-foundation-has-completed-a-hard-fork-of-ethereum-to-reclaim-staked-eth-2-0-coins-and-incentivize-the-pow-mining-community-on-the-blockchain-network-301272383.html
     
     
     
    post edited by Xavier Zepherious - 2021/04/29 06:04:22


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    #20
    Zurtle
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/29 06:04:51 (permalink)
    Bluuhaku
    Actively praying for the end of crypto. I hear a large variety of reasons why its the godsent currency or whatnot, but they're all seeking to fix an issue that doesn't even exist.


      The truth is they solve nothing except making the founders and early adopters of the coin rich off the money of fools who fall for their sales pitch.  The sales pitch of course being all the fake problems their crypto will solve.
    #21
    Kuro1n
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/29 06:06:22 (permalink)
    Xavier Zepherious
    they will be separate for awhile then be merged in hybrid system down the road

    Ethereum GeneSys Foundation Has Completed A 'Hard Fork' Of Ethereum to Reclaim Staked ETH 2.0 Coins, And Incentivize The PoW Mining Community On The Blockchain Network

    This fork, which took place in Toronto, is an effort to save the global Ethereum mining community from the Blockchain network's proposed 'Quick Merge'. The Ethereum GeneSys Foundation has successfully initiated a 'hard fork', which aims to reclaim staked Ethereum 2.0 coins and allocate it to incentivize the Ethereum mining community to mine Ethereum GeneSys.  This will give the Ethereum GeneSys Foundation control of the Ethereum open source protocol. The Proof-of-Stake on EthereumGeneSys Hybrid will be implemented on the Quick Merge proposed by Vitalik Buterin of Ethereum Foundation.
     
    The long term goal is to have Hybrid approach, with both PoW and POS in their respective mainline branches, for all to participate".  
     
    https://www.prnewswire.com/news-releases/ethereum-genesys-foundation-has-completed-a-hard-fork-of-ethereum-to-reclaim-staked-eth-2-0-coins-and-incentivize-the-pow-mining-community-on-the-blockchain-network-301272383.html
     

    Interesting, I didn't know it was possible I thought a fork always split things apart since transactions will happen after a split happens right. Kinda like BTC and BTC Cash.
    #22
    Xavier Zepherious
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/29 06:20:23 (permalink)
    not everyone can afford to stake 32 ETH  for a node
    32ETH at over $2k Each is over $64K - which eliminates small GPU farms and only leaves the big players
     
    ETHERIUM was designed in the first place for small miners - the average joe to mine on their GPU and decentralize the coin away from Big Players  like in BTC with huge mining farms in warehouses
     
    and staking will only get more expensive as the price of ETH goes up


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    #23
    Kuro1n
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/29 06:22:20 (permalink)
    Xavier Zepherious
    not everyone can afford to stake 32 ETH  for a node
    32ETH at over $2k Each is over $64K - which eliminates small GPU farms and only leaves the big players
     
    ETHERIUM was designed in the first place for small miners - the average joe to mine on their GPU and decentralize the coin away from Big Players  like in BTC with huge mining farms in warehouses
     
    and staking will only get more expensive as the price of ETH goes up

    I feel like my knowledge have some holes in regards to ETH and cryptos in general, I can see their use and what they are trying to do but how they technically work on a deeper level eludes me. I thought the big thing about ETH was smart contracts?
    #24
    Grey_Beard
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/29 06:41:14 (permalink)
    Xavier Zepherious
    they will be separate for awhile then be merged in hybrid system down the road

    Ethereum GeneSys Foundation Has Completed A 'Hard Fork' Of Ethereum to Reclaim Staked ETH 2.0 Coins, And Incentivize The PoW Mining Community On The Blockchain Network

    This fork, which took place in Toronto, is an effort to save the global Ethereum mining community from the Blockchain network's proposed 'Quick Merge'. The Ethereum GeneSys Foundation has successfully initiated a 'hard fork', which aims to reclaim staked Ethereum 2.0 coins and allocate it to incentivize the Ethereum mining community to mine Ethereum GeneSys.  This will give the Ethereum GeneSys Foundation control of the Ethereum open source protocol. The Proof-of-Stake on EthereumGeneSys Hybrid will be implemented on the Quick Merge proposed by Vitalik Buterin of Ethereum Foundation.
     
    The long term goal is to have Hybrid approach, with both PoW and POS in their respective mainline branches, for all to participate".  
     
    https://www.prnewswire.com/news-releases/ethereum-genesys-foundation-has-completed-a-hard-fork-of-ethereum-to-reclaim-staked-eth-2-0-coins-and-incentivize-the-pow-mining-community-on-the-blockchain-network-301272383.html
     
     
     



    What “value“ do these activities add?  How do they increase any county’s GDP?  Who benefits from the activities?  These activities definitely deplete resources in many ways, but what do those resources give us?  Are they helping making medical advances?  Helping us solve complex problem in space?  Remember Blockchain is not this, but it uses it.  Does this solve complex physics problems?  So, when you mine these “coins,” what contribution are you making to society over all and what economic problems are you solving?  If these questions do not have answers, then this is a Ponzi scheme that only benefits the guy who starts it and pulls in those who think this is the “new normal.”
    #25
    Grey_Beard
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/29 06:44:10 (permalink)
    Xavier Zepherious
    not everyone can afford to stake 32 ETH  for a node
    32ETH at over $2k Each is over $64K - which eliminates small GPU farms and only leaves the big players
     
    ETHERIUM was designed in the first place for small miners - the average joe to mine on their GPU and decentralize the coin away from Big Players  like in BTC with huge mining farms in warehouses
     
    and staking will only get more expensive as the price of ETH goes up




    So the buy in higher for the scheme.  Sound like a poker table with a higher entry fee.  Interesting.  Might want to try Nxivm.  I hear there are many opportunities there.
    #26
    Xavier Zepherious
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/29 06:59:45 (permalink)
    Grey_Beard
     

    What “value“ do these activities add?  How do they increase any county’s GDP?  Who benefits from the activities?  These activities definitely deplete resources in many ways, but what do those resources give us?  Are they helping making medical advances?  Helping us solve complex problem in space?  Remember Blockchain is not this, but it uses it.  Does this solve complex physics problems?  So, when you mine these “coins,” what contribution are you making to society over all and what economic problems are you solving?  If these questions do not have answers, then this is a Ponzi scheme that only benefits the guy who starts it and pulls in those who think this is the “new normal.”




    what value does Gaming do???
    huge waste on energy - arcades with video and pinball  run all day long burning electricity for what???
     
     
    i mean i could go  on and on about useless k'rap that waste Electricity or energy for that matter
     
    TV, lights, mass transportation (i mean we don't have to travel.... ship stuff yes but travel no)
     
    we used to live quite fine without those things over 100 years ago
     
    so playing a game does what for you, watching k'rap on TV does what for you?
     
    at least mining gets you some $$$$ in your pocket - you  can use your computer, game on it and earn $$$ whats wrong with that


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    #27
    castrator86
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/29 07:05:25 (permalink)
    I see the benefits of a universal currency across all borders, but crypto is not it. The governments of the world need to come together and create a competitor to BTC/ETH in the marketplace. Something that is not mineable but is usable just as crypto currencies are.

    Once you make your option more convenient and readily available, regulated, and safe to invest in, the competitors will suffer and need to adapt. Just as we're seeing with classic banking/currency right now.



    #28
    Kuro1n
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/29 07:13:51 (permalink)
    Xavier Zepherious
    Grey_Beard
     

    What “value“ do these activities add?  How do they increase any county’s GDP?  Who benefits from the activities?  These activities definitely deplete resources in many ways, but what do those resources give us?  Are they helping making medical advances?  Helping us solve complex problem in space?  Remember Blockchain is not this, but it uses it.  Does this solve complex physics problems?  So, when you mine these “coins,” what contribution are you making to society over all and what economic problems are you solving?  If these questions do not have answers, then this is a Ponzi scheme that only benefits the guy who starts it and pulls in those who think this is the “new normal.”




    what value does Gaming do???
    huge waste on energy - arcades with video and pinball  run all day long burning electricity for what???
     
     
    i mean i could go  on and on about useless k'rap that waste Electricity or energy for that matter
     
    TV, lights, mass transportation (i mean we don't have to travel.... ship stuff yes but travel no)
     
    we used to live quite fine without those things over 100 years ago
     
    so playing a game does what for you, watching k'rap on TV does what for you?
     
    at least mining gets you some $$$$ in your pocket - you  can use your computer, game on it and earn $$$ whats wrong with that

    I would argue that gaming is entertainment and while there is other forms of entertainment games are not bad, people need entertainment in some form. I don't think cryptos is necessarily bad either but the electricity usage is pretty nuts but something everyone is aware of and people are working to fix so w/e.
    #29
    Xavier Zepherious
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    Re: Cryptocurrency needs to die - for the good of all. 2021/04/29 07:17:03 (permalink)
    no i can still see a need for minable
     
    there are plenty of scientific work that could be paid by crypto - you lease your card ,,you get paid in crypto 
    thats what should become of the process - having a defi crypto currency network that is managed by itself (free of munipulation of any country) and can can be used to paid for leasing serves - whether that be the finance system itself or other leasing programs
    like F@H (like curecoin) and other research projects
     
     
    furthermore most Mining operations in the developed world are actually green - because most people can afford to go green to feed the farm after making $$$ (expanding - solar farms -geothermal)and have a actual net green (zero carbon footprint)
     
    it the poor countries that are the problem - but then again the number of people is the problem more than the mining that is causing the Coal plants in china - it's all those people needing energy - and 99.9999% don't mine
    post edited by Xavier Zepherious - 2021/04/29 07:27:03


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    #30
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