Your Karma points will soon be tokens ♥https://t.co/FXdEbeynphThink- community-based decisions. - forking subreddits in disagreements. And all of this without even losing your community points?It's like moving from fb to Twitter without having to rebuild your followers.— Rahul 🔊🦇 (@iamRahul20x) November 3, 2021
Hardly. The cost of creating a Shiba Inu coin is infinitesimal by design. That's how you can produce trillions of them in a matter of days, while Bitcoin won't crest five million units for another thirty years.
Crypto only needs to be fossil fuel consumption heavy if you're running into the soft ceiling on mining. And modern crypto is moving away from mining as a mechanism for engagement, because the whole point of the coin is for one dude to control the outstanding stock.
The energy/computation requirements in Bitcoin and most of its early clones were chosen as a means of having a modestly inflationary monetary policy determined by the laws of nature as opposed to being under the control of a political institution like a central bank. It ensures the money supply will grow, but there is nobody with the power to turn the money printer on or off. It was either a deep state op, or the prodigal example of Libertarian tech-bro "I can fix socio-political problems with an app" hubris.
The result has been a return to the gold standard days, where instead of a central bank controlling money supply, a cartel of massive private banks sit on mountains of bullion and can manipulate the market however they desire. And these banks are surrounded by the same exact kind of predatory creditors and exchanges and speculators along with no avenue for legal recourse.
Any workable cryptocurrency is going to return to the central banking model. There will be a political institution vested with the power to resolve disputes and mint currency. The money supply will be controlled as a matter of policy rather than a contest to see who can waste the most energy and fry the most silicon solving useless problems of increasing complexity. The Silicon Valley feifs would very much like to assume the role of being that political institution. By the time they do, the Libertarians will probably completely have forgotten why they were interested in Bitcoin in the first place. Elon Musk will roll out his own blockchain, appointing himself as central banker and they will buy that shit like piggies. States will eventually adopt this model as well, but at least that would make sense considering they are at least nominally democratic institutions which need to answer to their constituents.
However, I think the issue being raised wrt Crypto is about the ecological cost of maintaining the original system. We're not really touching on the bonanza of bullshit that's appeared in the last few years, because the new coins don't require a zillion graphics cards running 24/7 on high burn in order to mint.
The original pitch for a cryptocurrency never factored in people building massive warehouses full of hardware to brute-force new money. Whether it was a CIA Op or a Libertarian wet-dream fantasy (or both? no shortage of red-pilled capitalist ideologues in Langley), the original idea for Crypto being a permanently deflationary currency just hasn't borne out.
Whatever Reddit business geniuses think they're doing with the site as they move forward, it has nothing to do with the original conceit of these things as financial instruments.
However, I think the issue being raised wrt Crypto is about the ecological cost of maintaining the original system.
Oh yeah. That shit absolutely needs to be liquidated. If it is not liquidated, we are basically accepting the transition from a financial system dominated by 18th century slavers to a financial system dominated by 1990s IRC sex pests. An economy dominated by the chronic masturbating gamer failsons of the elite. Whatever wealth they claim to hold in their electronic Chuck E Cheez tokens is illegitimate and immaterial. (These clowns whine about fiat currency and their solution is a short string of numbers which decrypts a digital "wallet." It's all fucking fake whether you can touch it and it has a slaveowner's face printed on it or not.)
Whatever Reddit business geniuses think they’re doing with the site as they move forward, it has nothing to do with the original conceit of these things as financial instruments.
I agree, but if the Reddit dweebs have any brains, individual votes would be the unit of value, and everything from awards to advertisements would be valued in that currency. You can design the algorithm to work like that, and you can enforce against abuse just enough to make it take off regardless of how socially dysfunctional it is. No matter what, it will be an abomination though.
Hardly. The cost of creating a Shiba Inu coin is infinitesimal by design. That's how you can produce trillions of them in a matter of days, while Bitcoin won't crest five million units for another thirty years.
Crypto only needs to be fossil fuel consumption heavy if you're running into the soft ceiling on mining. And modern crypto is moving away from mining as a mechanism for engagement, because the whole point of the coin is for one dude to control the outstanding stock.
The energy/computation requirements in Bitcoin and most of its early clones were chosen as a means of having a modestly inflationary monetary policy determined by the laws of nature as opposed to being under the control of a political institution like a central bank. It ensures the money supply will grow, but there is nobody with the power to turn the money printer on or off. It was either a deep state op, or the prodigal example of Libertarian tech-bro "I can fix socio-political problems with an app" hubris.
The result has been a return to the gold standard days, where instead of a central bank controlling money supply, a cartel of massive private banks sit on mountains of bullion and can manipulate the market however they desire. And these banks are surrounded by the same exact kind of predatory creditors and exchanges and speculators along with no avenue for legal recourse.
Any workable cryptocurrency is going to return to the central banking model. There will be a political institution vested with the power to resolve disputes and mint currency. The money supply will be controlled as a matter of policy rather than a contest to see who can waste the most energy and fry the most silicon solving useless problems of increasing complexity. The Silicon Valley feifs would very much like to assume the role of being that political institution. By the time they do, the Libertarians will probably completely have forgotten why they were interested in Bitcoin in the first place. Elon Musk will roll out his own blockchain, appointing himself as central banker and they will buy that shit like piggies. States will eventually adopt this model as well, but at least that would make sense considering they are at least nominally democratic institutions which need to answer to their constituents.
I agree.
However, I think the issue being raised wrt Crypto is about the ecological cost of maintaining the original system. We're not really touching on the bonanza of bullshit that's appeared in the last few years, because the new coins don't require a zillion graphics cards running 24/7 on high burn in order to mint.
The original pitch for a cryptocurrency never factored in people building massive warehouses full of hardware to brute-force new money. Whether it was a CIA Op or a Libertarian wet-dream fantasy (or both? no shortage of red-pilled capitalist ideologues in Langley), the original idea for Crypto being a permanently deflationary currency just hasn't borne out.
Whatever Reddit business geniuses think they're doing with the site as they move forward, it has nothing to do with the original conceit of these things as financial instruments.
Oh yeah. That shit absolutely needs to be liquidated. If it is not liquidated, we are basically accepting the transition from a financial system dominated by 18th century slavers to a financial system dominated by 1990s IRC sex pests. An economy dominated by the chronic masturbating gamer failsons of the elite. Whatever wealth they claim to hold in their electronic Chuck E Cheez tokens is illegitimate and immaterial. (These clowns whine about fiat currency and their solution is a short string of numbers which decrypts a digital "wallet." It's all fucking fake whether you can touch it and it has a slaveowner's face printed on it or not.)
I agree, but if the Reddit dweebs have any brains, individual votes would be the unit of value, and everything from awards to advertisements would be valued in that currency. You can design the algorithm to work like that, and you can enforce against abuse just enough to make it take off regardless of how socially dysfunctional it is. No matter what, it will be an abomination though.