As the AI market continues to balloon, experts are warning that its VC-driven rise is eerily similar to that of the dot com bubble.

As the AI market continues to balloon, experts are warning that its VC-driven rise is eerily similar to that of the dot com bubble.

  • aesthelete@lemmy.worldEnglish
    1·
    11 months ago

    Bitcoin does not provide privacy. There are transactional logs from the beginning of Bitcoin until now with every transaction you’ve ever done on them.

          • aesthelete@lemmy.worldEnglish
            1·
            11 months ago

            Nah, I’m speaking in practical terms. I frankly don’t have enough illicit online purchases to navigate all of the bullshit around coins and wallets and vendors to bother with “privacy coins”.

            I also wonder why someone would subpoena your PayPal account if you weren’t doing illegal things.

            If you want to make anonymous transactions, cash is still king.

            EDIT: And it’s also not a matter of whether I think “only criminals deserve privacy” but a legitimate question of who, other than criminals, needs absolute, unsubpoenable privacy in online financial transactions? I’d say privacy for everyone is paramount when it comes to communications, but who needs to exchange money illicitly other than those breaking the law?

            Additionally, with crypto (unlike PayPal) there is no mediator to act on behalf of one of the parties when they don’t do what they’re supposed to do. Unless you are purely exchanging currencies or NFTs or something, there’s no way to dispute a transaction. That capability is far more necessary for people conducting normal online transactions than privacy, and is largely why PayPal was created in the first place.

            • Freesoftwareenjoyer@lemmy.worldEnglish
              1·
              11 months ago

              There are a few problems when it comes to privacy. First is the bank or PayPal tracking your every transaction. If the government needs a subpoena to access that data, that’s good, because they probably won’t be tracking everybody in an automated way. But I suspect that’s not the case in every country. The second problem is random stores knowing who you are. When you buy digital stuff like music or a game, why should the website know your identity? I don’t want my private information to leak to random people when the website gets hacked. The less they know about me, the better.

              I also wonder why someone would subpoena your PayPal account if you weren’t doing illegal things.

              This probably depends on a country.

              If you want to make anonymous transactions, cash is still king.

              True, but not for online payments.

              I’d say privacy for everyone is paramount when it comes to communications, but who needs to exchange money illicitly other than those breaking the law?

              Your transactions can say a lot about you. It doesn’t matter if it’s just something you buy or you want to support a political cause. In some countries it might be dangerous to reveal certain information about yourself. Everyone deserves privacy though.

              Additionally, with crypto (unlike PayPal) there is no mediator to act on behalf of one of the parties when they don’t do what they’re supposed to do.

              There is no mediator, but I think there can be. You can see it in some decentralized exchanges. I don’t know much about it, but you can read how Bisq handles it here: https://bisq.wiki/Frequently_asked_questions#Is_Bisq_safe.3F

              • aesthelete@lemmy.worldEnglish
                1·
                11 months ago

                So now we’ve pivoted again from mainstream usage to some hypothetical country where the government asks for every transaction you ever do… But also in which the citizens have unfettered Internet access, and it’s still not clear what you’d be doing on there that isn’t criminal.

                I dunno man, seems pretty fringe to me.

                I also think there’s a way to make digital cash, but I highly doubt distributed ledgers are a good way to accomplish that. Seems like any good version of digital cash would be easily usable and exchangeable offline, easily verifiable without going back through the history of the planet first, and not carry with it a complete transactional history as a functional requirement.

                Ironically enough scammers today already use things similar to the above as actual currency right now, they call them Amazon gift cards.

                The “decentralized” bug has bitten you so good that you don’t see how an alternative, actually useful form of digital currency could be created with a central signing authority (or several). IMO “decentralized” is yet another “feature” that serves no meaningful purpose.

                I’d recommend buying drugs in person and in cash.

                • Freesoftwareenjoyer@lemmy.worldEnglish
                  1·
                  11 months ago

                  So now we’ve pivoted again from mainstream usage to some hypothetical country where the government asks for every transaction you ever do… But also in which the citizens have unfettered Internet access, and it’s still not clear what you’d be doing on there that isn’t criminal.

                  We haven’t pivoted anything. I use cryptocurrency to increase my privacy online. But each country has different laws and there are countries with corrupt governments.

                  I also think there’s a way to make digital cash, but I highly doubt distributed ledgers are a good way to accomplish that. Seems like any good version of digital cash would be easily usable and exchangeable offline, easily verifiable without going back through the history of the planet first, and not carry with it a complete transactional history as a functional requirement.

                  I’m sure it would be easy to create something centralized. But if you want decentralized there might not be any other way. This video explains some of it: https://youtu.be/bBC-nXj3Ng4

                  Ironically enough scammers today already use things similar to the above as actual currency right now, they call them Amazon gift cards.

                  Yes. Unfortunately some of them make their victims buy cryptocurrency instead.

                  The “decentralized” bug has bitten you so good that you don’t see how an alternative, actually useful form of digital currency could be created with a central signing authority (or several). IMO “decentralized” is yet another “feature” that serves no meaningful purpose.

                  You could say the same about the Fediverse. In both cases it’s not true though. In cryptocurrency decentralization is there to eliminate the problem of trust. It’s a trust-less system, because it doesn’t rely on central authority. You accuse me of bias for no good reason. If there was another form of online payment that provided anonymity, I would use it. But there is no alternative right now. I would love to use GNU Taler, but it’s not used anywhere. You have made up your mind about cryptocurrency without having basic knowledge on the subject and you accuse me of bias.

                  I’d recommend buying drugs in person and in cash.

                  I don’t buy drugs, but people who buy them online use Monero. Thanks for the recommendation though.

                  • aesthelete@lemmy.worldEnglish
                    1·
                    11 months ago

                    You could say the same about the Fediverse

                    Why? It is a feature in the fediverse in a meaningful way.

                    I can go to a different Lemmy server when mine is down. The only thing it’s missing is some type of open id integration to allow me to carry my account between servers.

                    And that’s versus decentralization in “currency” which provides me? Trustless? Stores of value? How can I meaningfully make use of any of it? If the ledger forks off, it essentially creates a new coin. The standard way to obtain coin is now not through mining because mining is too resource intensive (by design) but through a centralized exchange anyway because you can’t trust random strangers on the Internet. Seems like a meaningless buzzword that’s summarily explained as being advantageous to the people that made the original coin and nobody else.

                    There’s multiple problems with the way crypto bros like yourself talk about crypto but one of the problems is that you conflate a bunch of concepts around currency, markets, currency exchange, investments, payments, and ledgers simply because crypto technology is a giant, indecipherable mess that didn’t meaningfully distinguish between any of these concepts.

                    You have made up your mind about cryptocurrency without having basic knowledge on the subject and you accuse me of bias.

                    I have “basic” and even advanced knowledge about cryptocurrency. Monero isn’t even as private as you’re pretending, and Bitcoin (and most other coins) are not private at all.

                    Just a brief search will show you the multiple exploits that can compromise monero privacy, and while there are other coins that claim to solve those problems it doesn’t get you around the fact that every transaction is stored forever and that is a design requirement for these types of crypto coins.