Bitcoin is Stupid and Does Not Deserve an Emoji
thedabbler.patatas.ca

35 crypto companies got together to make a change dot org petition called “Bitcoin Deserves an Emoji”.

F that

  • m-p{3}@lemmy.caEnglish
    374·
    4 months ago

    I loved the concept at first, the idea of a decentralized currency all handled by encryption, and transactions permamently stored in a public ledger for all to see.

    Then the cryptobros and the scammers caught wind of it and it’s all downhill from there.

    • TootSweet@lemmy.worldEnglish
      153·
      4 months ago

      If you want the name of a payment techology that isn’t snake oil, isn’t blockchain-based, isn’t a cult, doesn’t claim to be a currency, doesn’t work on proof-of-work or proof-of-stake, but actually does provide certain privacy guarantees for your basic purchasing needs, is cryptographically secure, and can be used with only FOSS, I recommend looking into GNU Taler.

      The only downside is that it’s not really supported anywhere at all yet. But I do hope it becomes a real thing some day.

      • unautrenom@jlai.luEnglish
        5·
        4 months ago

        The only downside is that it’s not really supported anywhere at all yet. But I do hope it becomes a real thing some day.

        AFAIK there’s a lot of talk about making GNU Taler the basis for the ‘digital Euro’ which is curently being debated at the EU Parliement.

      • deafboy@lemmy.worldEnglish
        14·
        4 months ago

        GNU Taller is pretty fragile, though. One bank issues unbacked tokens and the credibility of the whole system goes down the drain. It’s the current financial system, just rebranded. Also, it promotes taxation which automatically makes it a cult & scam.

        • TootSweet@lemmy.worldEnglish
          2·
          4 months ago

          One bank issues unbacked tokens

          1. The Taler protocol has bank auditors built-in.
          2. Your hypothetical would just as much apply to existing debit cards.
          3. Unbacked tokens. You mean like Tether? (Let alone Terra.)

          Also, it promotes taxation which automatically makes it a cult & scam?

          The fuck? How does Taler “promote taxation?”

          Fuckin’ Libertarians.

          • deafboy@lemmy.worldEnglish
            12·
            4 months ago

            Unbacked tokens. You mean like Tether?

            Exactly like Tether. USDT was never backed 1:1 by USD. They don’t even try to deny it anymore. They admit it’s backed by “various assets, including BTC”, which smells like a market manipulation.

            How does Taler promote taxation?

            “Customers can stay anonymous, but merchants can not hide their income through payments with GNU Taler. This helps to avoid tax evasion and money laundering.”

      • index@sh.itjust.worksEnglish
        25·
        4 months ago

        isn’t blockchain-based, doesn’t work on proof-of-work or proof-of-stake

        These things weren’t introduced as a gimmick they are used to solve specific problems.

      • radamant@lemmy.worldEnglish
        614·
        4 months ago

        Please describe how I can send the money to my mom in Russia (disconnected from SWIFT) with GNU Taler today. I’ll wait.

        • TootSweet@lemmy.worldEnglish
          15·
          4 months ago

          I don’t know how I could possibly have been more explicit about it not yet being ready for any real-world use cases than I was.

          • radamant@lemmy.worldEnglish
            410·
            4 months ago

            It will never be ready. It doesn’t even make sense. To transact with real fiat like the US dollar, you’ll have to go through an official on-ramp and an off-ramp of the respective government. And to do an international transaction you’ll have to use one of the widely accepted systems like SWIFT. GNU Taler doesn’t appear to address anything like that. Anyhow, my comment was made with the premise of this whole thread in mind, i.e. “Bitcoin is stupid” or “snake oil”. Yet there’s no alternatives to what crypto provides. So is it that stupid after all?

            • explodicle@sh.itjust.worksEnglish
              21·
              4 months ago

              How wasteful!

              Anyhow, today I’m going to resume using a currency backed by oil and nukes, which encourages consumption on purpose. I will then either exploit workers by investing in a for-profit business, or get poorer.

              But someday, in the future, economics will work the way I expect them to. That’s when I’ll switch to something better!

              • iopq@lemmy.worldEnglish
                2·
                4 months ago

                Russia has had oil and nukes and it didn’t stop the ruble from collapsing in the 90s

                Maybe reexamine your assumptions

    • shortwavesurfer@lemmy.zipEnglish
      158·
      4 months ago

      Scammers use the technology because it actually works and does what it says it does. And criminals and scammers and such are generally the first ones to adopt a new technology. Such as bank robbers adopting the automobile in order to get away faster.

    • blind3rdeye@lemm.eeEnglish
      61·
      4 months ago

      I liked the idea for awhile as well. But for me, learning about the “proof of work” underpinning is what changed my mind. That - and the fact that cryptocurrency does not actually have any of the strengths that it claims to have. It’s definitely and interesting idea… but in practice it’s all just scams and incentivised waste.

      • deafboy@lemmy.worldEnglish
        11·
        4 months ago

        That’s interesting. I’ve initially written it off as a scam. Until I’ve learned about the proof-of-work.

    • Melvin_Ferd@lemmy.worldEnglish
      41·
      4 months ago

      Did they or did a bunch of media get pushed that told us all what these crypto bros were doing like shitting on beaches and taking our jobs.

      Seriously though I’m picking up on a trend that a lot media has a greater influence on opinion then I’ve ever seen before