I get why people say cryptocurrencys are a scam, but the whole proof of stake shit makes lot more sense if someone were trying to protect all of society from say mass inflation in places like Venezuela or something.
The revolutionary w.e he was talking about had to be proof of stake, making it use 99.9% less power than things like Bitcoin.
The alternative choice was always the same, control by the U.S. or China. Really not many other options.
If people cared about the environment they wouldn’t use Bitcoin, if they cared about people, they wouldnt use the U.S. dollar and such. Every country in the world supports the U.S in doing so…
We need better alternatives, etherium may not be it… but surely there has to be a better way to keep people from suddenly plunging into poverty when they don’t have control of their government.
Crypto is a scam because after Bitcoin got popular so many people just started “making” it. As of today there are over 16,500 active crypto currencies. That’s fucking dumb idc who you are. The very original idea was to just have a global currency that didn’t have an exchange rate. That makes more sense then whatever the hell it’s turned into now. Crypto is like Pokemon cards.
Energy is still traded with petrol dollars, doesn’t matter what crypto you try to sell. By decentralising energy production (which most oligarchs dont like) you can get away from it, there is no other way.
Didn’t the UAE say like yesterday they were going to start trading petrol in Yuan if they run out of dollars. People will accept whatever they feel is safe and available. Crypto isn’t safe, so it won’t be used
To me the PoS always sounds like the current system we have - the richer you are, the more power you have
It’s better than proof of work, even though both of them reward people who already have resources.
I’ve been interested in the G1 currency system. (Pronounced June) Participants are all issued the Universal Dividend each day. Sort of bootstrapping universal basic income. Current issue is it’s pretty much limited to France because you need five users you’ve met in real life to certify you.
Interesting project. Very very hard to get into. I wish they had more examples of distributions if you have a lot accumulated VS new members VS old members VS someone who had a lot but spent it all. They say it all converges but it’s not well documented.
I’ve read into it a little bit - basically every day every participant gets the Universal Dividend. It’s the same for everyone. Supposing you had every person on earth participating, they all get the same thing every day.
The next part I feel like we should skip explaining to the casual observer, because it’s not so simple:
Everyone gets 1 Universal Dividend per day. The Universal Dividend consists of x number of G1/June coins. That x amount is defined mathematically based on the number of participants. So fewer coins are issued today with let’s say 10k users, and more coins are issued in the future with 100k users.
The system is inherently inflationary. If all users, people who have been doing it for 20 years and those doing it 2 days, didn’t make any further transactions, after 40 years their wallet balances would effectively be the same.
Of course if the system is a success, people will be making transactions. But the idea is to encourage commercial exchange, rather than people hoarding because they think it will be worth more in the future.
The value isn’t in the coin, the value is being able to transact with other people without resorting to barter. If you have to work for someone else or borrow in order to perform transactions, then you will be beholden to those who have already accumulated a lot of wealth.
This system doesn’t solve the fact that somebody owns a factory, and somebody owns an apartment building, and someone owns the farm land and so on. But it would help the issue where the federal reserve can generate billions of dollars at a keystroke which are made available to big banks to lend to the public with interest, and which simultaneously devalues the dollars in your wallet.
This system is inflationary, like federal money creation is inflationary, but at least those inflated coins are being put in normal people’s wallets instead of a handful of big banks. It helps defend against the accumulation of billionaires.
We need better alternatives
Why? Modern fiat currencies do exactly what a currency needs to do.
It doesn’t matter if it is fiat or not necessarily. But if I told you your money was going to be worth half tomorrow, then half again the next every day for the next 16 weeks… You would think shit… Maybe there is a better way to do this. That has happened to millions of people across several countries. They didn’t wake up one day and choose it, but poof gone. Your entire life turned to nothing because we are using currency that isn’t based on anything but a government that can collapse. Universal currencys not run by local governments could help prevent such.
The thing is, large countries that don’t have these problems currently, are the ones with power to change that… and would never vote to change it, because it could help poorer countries create stability and grow over time, which makes them not so much less than the big countries who want to be able to take advantage of those countries when they wish for their advantage.
First of all, hyperinflation hasn’t been an issue in any modern economy for decades. We understand more about monetary policy than we did in the 1930s.
Secondly, economic crises did happen prior to Bretton Woods. In fact, they tended to be more common, and more severe.
Finally, it is not obvious at all that “universal currencys (sic) not run by local governments” could do better, especially given our experience with cryptocurrencies, all of which are extremely volatile and not suitable as a currency for that and various other reasons.
It’s pretty good except for the money printing and federal control aspect. A global currency which belongs to the people seems desperately needed.
Yes, for various reasons it would be beneficial to have a global government responsible for global issues. However, until such time as we have one, local currencies are going to be the best bet.
It’s controlled by a government. A government that has trillions of dollars worth of real assets isn’t nearly as safe or secure as digital currency backed by the block chain. It has been scientifically proven that human imagination is infinite. Bitcoin going to the moon isn’t an assumption, it’s a fact.
Crypto in isolation isn’t a scam (ignoring shitcoins and memecoins).
The issue is crypto is the perfect technology to hold/launder/gamble billions to trillions in undocumented and untaxed wealth by the Epstein class.
Its also perfect technology to scam millions of desperate dipshit working class numpties with severe gamblong addictions and far-right beliefs.
Crypto does work because digital scarcity is not good enough to create meaningful value so the fall back value is the energy input into the token. And the idea something is valuable just because of the electricity used is not very compelling and will never be adopted. Bitcoins price right now is highly based on miners keeping a floor based on not wanting a loss on their current energy input. Crypto basically abstracts the concept of money so far that losing actual reasons why it works. Touch grass
The energy used has near nothing to do with value of the coin in the post. Bitcoin and Etherium are completely different in this manner.
That said, Etherium shouldn’t be taken up globally as a universal currency as it came from dirty roots like most currencys do. We need a pure untainted currency created that goes global
I just commented somewhere else in this thread, have you heard of G1/June? Crypto that’s kind of like a UBI: https://g1currency.org/?PagePrincipale
Still has some major issues from what I’ve seen, but I’m very interested in the concept.
Were they robbed?
I bet they were.
Say what you will about cash, but some hacker isn’t taking paper bills from across the planet via some technical exploit way over my head. With Etherium, the only thing protecting your money from the entire internet is you, and your understanding of complicated intricacies… And when lost, no one is coming to help you.
They might get my credit card, yeah. But that’s either my own dumb fault, or a very rich bank’s problem.
…It’s great for scammers, though. Crypto’s like a wet dream for them. And I find it remarkable the crypto community sees that as a feature, not a bug, and somehow thinks the whole world must see it that way.
The OP makes it seems like they lost money by making poor trades, which so far in the history of Ethereum you could do in a very short period, but not if you held onto it for any length of time.
You’re right, they could have lost it by scams or hacks. The power to instantly transact with anyone in the world is a feature, but also a risk.
If crypto takes off for actual day to day transactions I imagine there will be an intermediate layer of banks or other institutions that take on some of the risk but also take their cut.
Anarchist types are concerned about government backed crypto coins since you lose the fungibility/anonymity of physical dollars but don’t get any of the freedom and separation from centralization that crypto supposedly represents.
Anarchist types are concerned about government backed crypto coins since you lose the fungibility/anonymity of physical dollars but don’t get any of the freedom and separation from centralization that crypto supposedly represents.
Plus all the potential for oligarch corruption, like current crypto has. Yeah, it’s like the worst of everything, by design.
Also, I was thinking of various wallet drainers, not just simple transactions or classic scams: https://www.kaspersky.com/blog/what-is-a-crypto-wallet-drainer/50490/
Etherium isn’t just a currency, but a contract system. You basically have to be a digital lawyer+developer to understand it, and not accidentally click on the wrong thing to drain your account, and that is a LOT to ask of the average person.
We’re on Lemmy, which must put us in the first percentile of tech nerds, yet I don’t have the bandwidth to learn enough of that to feel secure with my savings in an Etherium wallet. How could the average person?
No but global events caused by digital manipulation can make that paper revert back to paper
But Etherium isn’t protected from that, either.
I like the idea of decentralized digital currency insulated from governments, I just feel the Etherium-style blockchain approach is just impractical, and not that, on so many levels.
I don’t think Etherium ever really had a major drop like in losing almost all of its value? It’s been pretty stable IMO and slowly gaining value.
iPhOWNED
I’d be on his side if he were a green bubble /s
