Crypto, how it started: we're going to create a disintermediated, decentralized financial system, free of government intervention! How it's going: we demand government intervention to enrich the people who control the newly-created intermediaries! - ThreadSky

omrimarian.bsky.social • 65 days ago

Crypto, how it started: we're going to create a disintermediated, decentralized financial system, free of government intervention!
How it's going: we demand government intervention to enrich the people who control the newly-created intermediaries!

Comments

lagard.bsky.social•65 days ago

Like all disruption, it’s a scam for one guy to take control of an established industry with a gimmicky tech.

iusedtobeaturtle.bsky.social•65 days ago

it was hilarious watching all these youtubers call the honey scam the "biggest scam ever" when a lot of them invest in crypto ...

ramshackleyogurt.bsky.social•65 days ago

Honey was stealing from them, pumping cryptos lets them steal from their viewers

stargdn.bsky.social•65 days ago

📌

monika-uk.bsky.social•65 days ago

The real danger of crypto is that it requires vast amounts of energy to create and store. Already it uses half of energy that the traditional currency does, but number of crypto transactions is tiny, less than 0.1% of traditional currency.

Crypto will destabilise the climate much faster.

karthusjr.bsky.social•65 days ago

So we can cut emissions 50% by switching to crypto?!

monika-uk.bsky.social•65 days ago

Did you not get it? The 99.9% of all transactions use x amount of power. The 0.1% transactions use x/2 of power. If we switch to crypto, all transactions we need would use roughly 500x of power. Instead of current x +x/2.

If we ban crypto, we slash energy use for transactions by 33%.

karthusjr.bsky.social•65 days ago

Except crypto energy usage does not scale linearly with transactions

monika-uk.bsky.social•65 days ago

Nor does traditional currency.