The anti-crypto thread

Page 122 - Seeking answers? Join the AnandTech community: where nearly half-a-million members share solutions and discuss the latest tech.

Red Squirrel

No Lifer
May 24, 2003
67,853
12,337
126
www.anyf.ca
I still don't get what the purpose of crypto is? Only partially decent answer I got was it is easier to send money to someone who lives within an oppressive regime.
What does crypto do that cannot already be done with standard banking or cash or credit?

Idea is that it's decentralized and not under control of any government or corporation. Issue is it's kind of complicated to use for a non tech person, and the fees and overhead make it hardly worth it for small transactions. It's turned more into an investment instrument than an actual currency it seems.
 
Jul 27, 2020
17,730
11,508
106
Idea is that it's decentralized
But is it? Most of it is held by a few, including Chinese corporations that mined it in Arctic data centers (read that somewhere).


Prior to May 2021, when China cracked down on Bitcoin mining and trading, Bitcoin miners were hugely concentrated, with around 60% – 70% located in China.
 
Reactions: biostud

Red Squirrel

No Lifer
May 24, 2003
67,853
12,337
126
www.anyf.ca
Yeah that is part of the problem too, China does in fact control most of it, and in theory could probably even do a 51% attack on the entire system. I don't know enough about the technicalities of how it works to say whether or not that's possible though.

It's hard to make something truly decentralized as there still needs to be some form of authority built into the system and at some point someone with enough computing power can probably take it over and it has to be designed to prevent that.
 
Feb 4, 2009
34,696
15,932
136
Yeah that is part of the problem too, China does in fact control most of it, and in theory could probably even do a 51% attack on the entire system. I don't know enough about the technicalities of how it works to say whether or not that's possible though.

It's hard to make something truly decentralized as there still needs to be some form of authority built into the system and at some point someone with enough computing power can probably take it over and it has to be designed to prevent that.
So it isn’t decentralized and it is under the control of a government.
 

Red Squirrel

No Lifer
May 24, 2003
67,853
12,337
126
www.anyf.ca
So it isn’t decentralized and it is under the control of a government.

Like I said, the IDEA behind it is that it's not centralized and that was the intent of it originally. But unfortunately it still is. Especially since transactions are public so even if it worked perfect technically, the government can still see transactions and if they can still see it they can still have some control in that sense such as requiring people pay taxes on transactions etc. Or just outright making it illegal like China did.

So in the end the idea of it being fully out of the government's reach has not really fully come to fruition.

If a new crypto ever surfaces they need to address these things better but it would be hard to get a new one to take off when there are already 100's of em. The only way for crypto to become mainstream enough would be if you could pay bills with it. At the end of the day no matter what kind of business you run you have bills to pay, so if you do accept crypto you still end up having to convert it to cash. I don't think any decentralized crypto will ever replace the dollar for that reason alone.
 

DisarmedDespot

Senior member
Jun 2, 2016
589
588
136
I still don't get what the purpose of crypto is? Only partially decent answer I got was it is easier to send money to someone who lives within an oppressive regime.
What does crypto do that cannot already be done with standard banking or cash or credit?
All crypto does is allow trustless immutable decentralized transactions, and that's it. It trades a lot of computational efficiency for that, and it's just not useful outside of crime.

The reason you're not getting a straight answer is because the desperate, the greedy and the conmen keep coming up with new lies to tell themselves. For example, originally it was very, very boomer. In Bitcoin's whitepaper, 'Satoshi' said that if you cut out middlemen, the pesky regulations and silly consumer protections, it would be so much more efficient than credit cards. Problem: 'Satoshi' was not a genius. 'Satoshi' was a giant stupid manbaby who knew cryptography and nothing else. Bitcoin guzzles 1% of global power consumption so it can choke and die at seven transactions a second maximum (less in practice). So much for replacing credit cards. So the desperate, the greedy and the conmen needed to come up with other reasons to claim it's still the new thing, hence DeFi, NFTs, Web3, Pay-To-Earn games, Enterprise Blockchain and the whole slew of other bad ideas that never worked out.

I mean, we're just shy of fifteen years with crypto, and we're still trying to argue what it's useful for.
 
Jul 27, 2020
17,730
11,508
106
Awww, poor Binky ....


Hope he never sees the light of day. Thought he was smart enough to swindle investors out of their money. Let's see him swindle his way out of this. I'm glad that at least, some high profile executive criminals get their just deserts, like Shkreli and Elizabeth Holmes and Sunny Balwani. But we really could do a lot better. They should make jails for these people where the only way to get out is to solve some hard problem plaguing humanity. That's the only way to put their evil intellect to good use.
 
Feb 4, 2009
34,696
15,932
136
Hey, I really respect everyone's opinion here,but I believe it's important to mention that cryptocurrencies have gained recognition and regulatory measures are being taken, like the Cyprus Forex License. It's a step towards a more secure and compliant crypto landscape. Let's keep an open mind and embrace innovation!
Hahaha nope.
I’ll ask you and maybe you’ll be the guy to answer it.
Exactly what does a crypto currency do right now that cannot be done with cash or credit. What benefit is there for me in using crypto?
 

JEDI

Lifer
Sep 25, 2001
30,160
3,302
126
Hey, I really respect everyone's opinion here,but I believe it's important to mention that cryptocurrencies have gained recognition and regulatory measures are being taken, like the Cyprus Forex License. It's a step towards a more secure and compliant crypto landscape. Let's keep an open mind and embrace innovation!
legitimacy is when elon musk (finally) implements X-Coin
 

Train

Lifer
Jun 22, 2000
13,863
68
91
www.bing.com
Hahaha nope.
I’ll ask you and maybe you’ll be the guy to answer it.
Exactly what does a crypto currency do right now that cannot be done with cash or credit. What benefit is there for me in using crypto?
Bitcoin has been around for ~14 some odd years now. No one would ask this in good faith at this point.

If you are too dumb to understand it, probably best to stay away.

If you feel threatened by it, tough shit.
 
Reactions: Zorba
sale-70-410-exam    | Exam-200-125-pdf    | we-sale-70-410-exam    | hot-sale-70-410-exam    | Latest-exam-700-603-Dumps    | Dumps-98-363-exams-date    | Certs-200-125-date    | Dumps-300-075-exams-date    | hot-sale-book-C8010-726-book    | Hot-Sale-200-310-Exam    | Exam-Description-200-310-dumps?    | hot-sale-book-200-125-book    | Latest-Updated-300-209-Exam    | Dumps-210-260-exams-date    | Download-200-125-Exam-PDF    | Exam-Description-300-101-dumps    | Certs-300-101-date    | Hot-Sale-300-075-Exam    | Latest-exam-200-125-Dumps    | Exam-Description-200-125-dumps    | Latest-Updated-300-075-Exam    | hot-sale-book-210-260-book    | Dumps-200-901-exams-date    | Certs-200-901-date    | Latest-exam-1Z0-062-Dumps    | Hot-Sale-1Z0-062-Exam    | Certs-CSSLP-date    | 100%-Pass-70-383-Exams    | Latest-JN0-360-real-exam-questions    | 100%-Pass-4A0-100-Real-Exam-Questions    | Dumps-300-135-exams-date    | Passed-200-105-Tech-Exams    | Latest-Updated-200-310-Exam    | Download-300-070-Exam-PDF    | Hot-Sale-JN0-360-Exam    | 100%-Pass-JN0-360-Exams    | 100%-Pass-JN0-360-Real-Exam-Questions    | Dumps-JN0-360-exams-date    | Exam-Description-1Z0-876-dumps    | Latest-exam-1Z0-876-Dumps    | Dumps-HPE0-Y53-exams-date    | 2017-Latest-HPE0-Y53-Exam    | 100%-Pass-HPE0-Y53-Real-Exam-Questions    | Pass-4A0-100-Exam    | Latest-4A0-100-Questions    | Dumps-98-365-exams-date    | 2017-Latest-98-365-Exam    | 100%-Pass-VCS-254-Exams    | 2017-Latest-VCS-273-Exam    | Dumps-200-355-exams-date    | 2017-Latest-300-320-Exam    | Pass-300-101-Exam    | 100%-Pass-300-115-Exams    |
http://www.portvapes.co.uk/    | http://www.portvapes.co.uk/    |