Idk, after having been in the crypto space in the past, I’m still pretty tempted to call it almost universally a scam.
Regardless of the environmental impacts (which has been solved by some blockchains, like you said), I just think it exposes users to a completely unacceptable amount of risk for very little gain.
You’re required to be in complete charge of your own data security, and if your private key is stolen, you lose your life savings with no recourse. If you make a minor slip up and give permission to the wrong website, you’ll lose everything in your hot wallet. If there’s an error in a smart contract you use (which has happened many times), then all the money you’ve given to it could be taken from under your nose. You can’t even, like, refund transactions – there’s no consumer protections at all.
But like, to what end? What’s the actual benefit of using crypto? Sure, you can make anonymous transactions with XMR, that’s a tangible use case. But what’s the actual benefit to using something like Ethereum?
I dont actively follow crypto but I still know that this is and has been an outdated argument for quite some time. The relevant tokens have switched to proof of work. There are plenty of better things to criticize crypto for.
So many are no longer proof of work based annddr have reduced energy consumption incredibly like Ethereum.
Literally, it’s just Bitcoin and a few other altcoins that are ‘bad’ for the environment. As mining becomes less and less economically feasible for these coins, there will be greater demand for these coins to process more transactions more efficiently.
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I enjoy the boomer redditor hot takes against crypto here in fediverse.
I’ll continue to pay for things in “scam” crypto, with merchants that continue to accept this “scam” crypto.
Anyone who blanket calls crypto a scam is delusional.
sometimes i wonder if these people are trolling or for real, thanks brother
Idk, after having been in the crypto space in the past, I’m still pretty tempted to call it almost universally a scam.
Regardless of the environmental impacts (which has been solved by some blockchains, like you said), I just think it exposes users to a completely unacceptable amount of risk for very little gain.
You’re required to be in complete charge of your own data security, and if your private key is stolen, you lose your life savings with no recourse. If you make a minor slip up and give permission to the wrong website, you’ll lose everything in your hot wallet. If there’s an error in a smart contract you use (which has happened many times), then all the money you’ve given to it could be taken from under your nose. You can’t even, like, refund transactions – there’s no consumer protections at all.
But like, to what end? What’s the actual benefit of using crypto? Sure, you can make anonymous transactions with XMR, that’s a tangible use case. But what’s the actual benefit to using something like Ethereum?
I’m pro XMR, but how is Fediverse anything to do with Crypto.
still bad for environment
You know what’s also bad for the environment? Typing on lemmy, you’re using electricity
I dont actively follow crypto but I still know that this is and has been an outdated argument for quite some time. The relevant tokens have switched to proof of work. There are plenty of better things to criticize crypto for.
So many are no longer proof of work based annddr have reduced energy consumption incredibly like Ethereum.
Literally, it’s just Bitcoin and a few other altcoins that are ‘bad’ for the environment. As mining becomes less and less economically feasible for these coins, there will be greater demand for these coins to process more transactions more efficiently.