1064
Please bro (sopuli.xyz)
submitted 1 year ago by to c/memes@sopuli.xyz
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[+] 27 points 1 year ago* (34 children)
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  • [–] 15 points 1 year ago (29 children)

    crypto was the previous shiny new toy until it dint work, now AI will go through the same fate.

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  • [–] 6 points 1 year ago (26 children)

    crypto was the previous shiny new toy until it dint work

    The market cap of crypto is currently at all time highs.

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  • [–] 9 points 1 year ago (15 children)

    Riiight, and how much of that is due to things being in actual "real-world" use, and how much of that is due to speculation?

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  • [–] 1 point 1 year ago (14 children)

    Oh yes. A huge amount of speculation. Just like NVDA.

    My point is that you can say a lot of negative things about crypto, but you can't say it doesn't work. It definitely works.

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  • [–] 3 points 1 year ago (3 children)

    Works, as in what exactly?

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  • [–] 1 point 1 year ago (2 children)

    Works as a publicly shared, immutable, secure database (and small calculation) engine.

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  • [–] 2 points 1 year ago (9 children)

    It doesn't work as a currency. It "works" as a speculative investment in that the bubble hasn't yet popped.

    But, what if the bubble doesn't actually pop, and the prices remain at the current levels, more or less, for another couple of decades. If that happens, will cryptocurrencies be seen to "work"?

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  • [–] 1 point 1 year ago (8 children)

    I think i made a mistake by using the market cap as evidence that it works, because this just shows people believe it is valuable. Not that it works.

    What I mean is that the technology is mature and adopted by a large number of independent users. However, it doesn't yet have mass adoption because the user experience is not yet seamlessly integrated into legacy systems.

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  • [–] 2 points 1 year ago (7 children)

    What I mean is that the technology is mature and adopted by a large number of independent users

    That doesn't mean it isn't a speculative bubble.

    it doesn't yet have mass adoption because the user experience is not yet seamlessly integrated into legacy systems

    Or it doesn't have mass adoption for the same reason that legacy systems don't accept payment in tulip bulbs.

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  • [–] 1 point 1 year ago (6 children)

    If you are hung up on value, let's just consider stablecoins.

    The price of a particular token has nothing to with how blockchain works. It works.

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  • [–] 1 point 1 year ago (5 children)

    Stablecoins? The best that you can hope for is that they keep their promise not to crash. And sometimes they do crash and people lose all their value. They're like having cash, but much, much worse.

    The price of a particular token has nothing to with how blockchain works. It works.

    Blockchain is just an incredibly inefficient distributed database. Of course the price of a token has nothing to do with an incredibly inefficient distributed database. So what?

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  • [–] 1 point 1 year ago (4 children)

    Blockchain is just an incredibly inefficient distributed database.

    Agreed. Most of the time a traditional database is far cheaper and better performing.

    The key innovation of blockchain is that write access is algorithmic, not centrally controlled. This feature is not possible with any other technology.

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  • [–] 1 point 1 year ago (3 children)

    What feature is that?

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  • [–] 4 points 1 year ago (9 children)

    I own crypto because I believe in idea of decentralised money, but I acknowledge that current solutions are just all bad in one way or another. If fiat disappeared tomorrow and everyone would be forced to use crypto daily, it would be a shitshow.

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  • [–] 1 point 1 year ago (8 children)

    From an end UI perspective, certainly.

    But if SWIFT was suddenly replaced by a blockchain technology then the world wouldn't even blink.

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  • [–] 2 points 1 year ago (7 children)

    You kidding? How many transactions per second bitcoin blockchain can do?

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  • [–] 1 point 1 year ago (6 children)

    Lightning can, in theory, do one million transactions per second. But Bitcoin networks aren't really a drop in replacement for Swift.

    Banks like J.P. Morgan prefer chains like Canton that are privacy enabled and have no upper limit on transaction.

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  • [–] 1 point 1 year ago (5 children)

    First time hearing about Canton. Is it properly decentralised?

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  • [–] 2 points 1 year ago (4 children)

    You've not heard of it because it is banking focused. It's the newer option made to compete with Quorum and Corda.

    It is decentralized, but it is not open write access. It a public permissioned network of private ledgers.

    You and I could validate that the network is cryptographicly consistent, but we don’t have decentralized permission to interact.

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  • [–] 2 points 1 year ago (3 children)

    So, not decentralised in it's original sense, if a pack of people decide which operations are allowed. Decentralised as in "not a single bank".

    See, this is what I mean when I say they all have flaws.

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  • [–] 1 point 1 year ago (2 children)

    There is no central entity, so it is decentralized in the original definition. I gave Canton as the example because it could be immediately substituted for Swift. It's permissioned access by design, because banks don't want to risk their monopoly position.

    For speed and cheapest, go for solana.

    For reliability go for Ethereum. For reliability, speed and cheapness choose an L2 on Ethereum.

    For illegal stuff use monero.

    There are trade offs between them, but I wouldn't call them flaws. Blockchain as a technology definitely "works".

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  • [–] 0 points 1 year ago (1 child)

    If you have trillemas all over it IS flawed in one way or another. End users won't get through the complexity of multi-choice where every one has downsides. How do you even drive the adoption if every store would accept only their crypto of choice?

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  • [–] 6 points 1 year ago (3 children)

    I'm so glad my 401k is going to vaporize because it's mostly tech companies.

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  • [–] 4 points 1 year ago (2 children)

    As an ignorant non-American who doesn't know how 401k works, could you not redirect where your investment/retirement goes?

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  • [–] 7 points 1 year ago* (1 child)

    Only slightly, unfortunately it's not as flexible as a normal investment account. I've done a good bit of trying to lessen the damage though. Basically, with my specific account, I can pick from around 7 or 8 different funds, many of which include huge tech companies.

    Unfortunately, even if I invest only in one, it's likely going to get affected by the bubble popping since everything is ultimately on the same market as the slop peddling companies.

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  • [–] 3 points 1 year ago*

    That sucks. I work for an American company and I have to have mandatory pension contribution. I only put in 3% of my salary to it and stated I want them invested into medium risk funds.

    I don't trust company pensions to be my sole source of retirement funds, and so I started my own investment portfolio. Even though I know US companies are more profitable, but with the way things are going, I limited my investments to select few US companies and I plan to invest more on Asian and European stocks.

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