Until there is an actual use case for Crypto, it’s definitely a scam as a technology. It exists only for investors and scammers, anyone attempting to actually use it is getting reamed.
For each steam power there are thousands of similar inventions that never see the light of practical use cases. We just remember those that had significant breakthroughs.
you know, the fact that they were right sort of undermines your argument, Hero’s engine really diden’t amount to anything outside a fun curio for wealthy aristocrats, modern steam engines are not based on this invention, the modern steam engine comes from early pressure-cooking
You might have had a salient point if the ancient Greeks made it popular for “solving thirst across the known world,” but really it was a novelty. Or if crypto was marketed as a novelty. But crypto was hyped to be the next big things, spreading around the world, no monetary boundaries. The same people making those claims are spending hundreds of millions on the election to making sure it stay unregulated with no consumer protection.
I liked the public ledger of contracts idea someone had. You use the public block chain to sign and store stuff like mortgages, that way everyone sees the same copy.
The problem is that there are much-simpler ways to achieve that, if that’s all you want. You just take a digital copy of the contract, timestamp it, and have each party cryptographically sign the contract. You don’t need a distributed ledger for that.
Distribution ensure integrity of data. Let’s say we sign a contract, cryptographically sign it and all that good stuff but then oh no, where we stored your contract went up in fire and now I don’t have to honour that contract. (contrived example I know)
The technology isn’t, but it can be easily abused by malicious actors, using the exact same methods as shown in Wolf of Wall Street.
Until there is an actual use case for Crypto, it’s definitely a scam as a technology. It exists only for investors and scammers, anyone attempting to actually use it is getting reamed.
My friend really hyped up crypto as the thing that would replace all local currencies in every country. That we would just have crypto, and thats it.
Thats when I knew it was a scam. My friend is an idiot, and falls for 100% of scams. When he’s preaching something, I know it’s wrong.
The ancient Greeks invented steam power, but didn’t take it any further than a novelty. That doesn’t make steam power a “scam.”
That doesn’t mean cryptocurrencies is like steam power.
Each is a technology with unique features for its time, and where there aren’t any practical applications initially.
For each steam power there are thousands of similar inventions that never see the light of practical use cases. We just remember those that had significant breakthroughs.
Still doesn’t mean crypto is like steam, nor that it will ever have any practical application
I’m sure the ancient Greeks said similar things about their steam pinwheels.
you know, the fact that they were right sort of undermines your argument, Hero’s engine really diden’t amount to anything outside a fun curio for wealthy aristocrats, modern steam engines are not based on this invention, the modern steam engine comes from early pressure-cooking
You might have had a salient point if the ancient Greeks made it popular for “solving thirst across the known world,” but really it was a novelty. Or if crypto was marketed as a novelty. But crypto was hyped to be the next big things, spreading around the world, no monetary boundaries. The same people making those claims are spending hundreds of millions on the election to making sure it stay unregulated with no consumer protection.
But sure, crypto somehow parallels steam?
I dunno, most steam power just involves passing an environmental burden down several generations, which seems like a scam to me.
I liked the public ledger of contracts idea someone had. You use the public block chain to sign and store stuff like mortgages, that way everyone sees the same copy.
The problem is that there are much-simpler ways to achieve that, if that’s all you want. You just take a digital copy of the contract, timestamp it, and have each party cryptographically sign the contract. You don’t need a distributed ledger for that.
Distribution ensure integrity of data. Let’s say we sign a contract, cryptographically sign it and all that good stuff but then oh no, where we stored your contract went up in fire and now I don’t have to honour that contract. (contrived example I know)
All parties who are involved in the contract can store a copy of a contract, even if it’s not distributed to everyone else.
The signing ensures the integrity of the data, whether using a public block chain or not.
The signed document can be distributed as widely as you’d like - it doesn’t need to be attached to a block chain to do this.
Imagine not believing in a use for crypto in 2024. lmao.
Imagine being so fleeced by a scam that you post messages pretending others are dumb for not falling for the scam lmao
Bold claim. Zero supporting arguments. Nice.