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Joined 1 year ago
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Cake day: July 24th, 2023

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  • Are you just as concerned that cash is not traceable and that some is exchanged tax free? I don’t see how any GPU miners are profitable at this point. Outside of gaming: AI must have a larger GPU demand? Most miners are using ASICs. You’re absolutely right that mining energy should come from plants that have underutilized capacity and (obviously) renewable sources. The cat’s out of the bag on cryptocurrency and unjust laws don’t deserve to be followed. All government printed currencies eventually become worthless.



  • Crypto cannot be banned. It can only be made illegal, if countries want to remove themselves from the digital currency revolution. The derivatives market is $730T. Stocks are about $110T. Real estate is around $380T. If you’re concerned about the minuscule amount of illegal activities that occur within the 3.5T crypto market, your fears are misguided. Crypto is mostly traceable. Fiat currencies are highly preferred for drug sales and tax avoidance.






  • I should have clarified: the revolutionary part is that through the possession of data (private keys), users are able to lay claim to their units of cryptocurrency.

    Monopoly money is issued by Hasbro (private institution), can be fairly easily counterfeited, has little to no acceptance outside the context of a board game, and there’s no upper limit to how much can be printed. On top of all that: there’s no cryptographic way to prove the validity of Monopoly money and it can’t be transferred across the planet as easily as sending an email.


  • Value of anything only exists in the minds of humans. No value is inherent to anything. You’re absolutely correct that gold isn’t fiat. But gold could absolutely be used as currency. Its in circulation and used as a medium of exchange. You’re also right that crypto is a currency. But its not a fiat currency. Crypto and fiat are both mediums of exchange not backed by a commodity. The key distinction is that fiat also relies on trust from the issuing institution.



  • Crypto is a revolutionary product because it enables users to possess their own units of account. With great freedom, comes great security concerns. Keep in mind, the vast majority of scams are still conducted with fiat currency. Blaming ignorant crypto users does not overshadow the value digital assets provide to humanity. These benefits include: protection from fiat debasement, the ability to transact without intermediaries, global accessibility, privacy, and transparency. We’re using the fediverse for fucks sake, so some of these features ought to be seen positively by many of us. You’re absolutely right that greedy and gullible are drawn to crypto because “line goes up.” There will always be a learning curve for new technology and hard lessons will be taught to early adopters.