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I dont actively follow crypto but I still know that this is and has been an outdated argument for quite some time.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.
So you want oppressed people to use the Chinese Yuan or Russian Rubel and Argentinian Pesos as their Currency (super unstable in value due to inflation, highly surveiled) rather than giving them choice to use something like Monero to transact in privacy?
Crypto is often used as a vehicle for scams due to its unregulated and uncontrolled nature, and it’s lottery-like ups and downs. But crypto in principle is not a scam. And Monero is definitely not. It has a fairly stable value and has an actual practical purpose.
If you do not live in a dictatorship you have no right to comment on the usefulness of a privacy preserving tool. Maybe you do not see its value, but others in different situations than yours might need it.
Yeah sure it should be used for its utility on a needs-basis, I don’t really disagree with you or care if people use it for whatever reason they want to.
Point was that as a global general-use currency it doesn’t provide much added utility for the average person or provide a real solution for any of the underlying structural issues that people say it does.
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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.
Crypto is still a huge scam and waste of energy without any actual use-case, regardless of any privacy-issues!
So you want oppressed people to use the Chinese Yuan or Russian Rubel and Argentinian Pesos as their Currency (super unstable in value due to inflation, highly surveiled) rather than giving them choice to use something like Monero to transact in privacy?
Crypto is often used as a vehicle for scams due to its unregulated and uncontrolled nature, and it’s lottery-like ups and downs. But crypto in principle is not a scam. And Monero is definitely not. It has a fairly stable value and has an actual practical purpose.
The value has fluctuated from 120 to 190 over the past year, over the period of just 3 months. It’s stable only in comparison to other cryptos.
It’s more stable than the Argentinian peso.
The horror!
If we’re talking about value as a monetary system: yeah crypto is, bitcoin isn’t
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If you do not live in a dictatorship you have no right to comment on the usefulness of a privacy preserving tool. Maybe you do not see its value, but others in different situations than yours might need it.
Yeah sure it should be used for its utility on a needs-basis, I don’t really disagree with you or care if people use it for whatever reason they want to.
Point was that as a global general-use currency it doesn’t provide much added utility for the average person or provide a real solution for any of the underlying structural issues that people say it does.