angry_albatross
Joined 12 years ago
Joined 12 years ago
And as others have pointed out, phases don't work like that.
Mostly because unlike those other examples, cryptocurrency is actively doing harm to society by accelerating climate change, enabling various forms of crime, and doing financial damage to many people who have been convinced to put their savings into various ponzi schemes. So I view it as a sort of moral obligation to be a dissenting voice in these conversations.
I don't intent to be actively nonproductive with things I say though, and you might be right that it would be better to not engage with my original comment. The parent comment I replied to was not very productive either though. Mostly just "this is good". So my intention was just to represent the opposition and say something like "I disagree, and think this is part of something that is harmful."
More generally, I would say that Etherium itself is mostly nonsense. I will admit I don't understand very well what the purpose of the "blobs" are that are being discussed in the article, but from my perspective the entire idea of blockchain technology is not useful. I have yet to be convinced that there is any real problem being solved by it, but there are a lot of problems that are created, which then need to be resolved with ever more esoteric and unproven solutions, like what is described in this article.
For Bitcoin though, it sounds like you are defending Bitcoin as an investment, which I don't agree with. Unlike Bitcoin, the US Dollar is not considered an investment. It's just a currency, a medium of exchange. It loses some value over time, and we're ok with that. Bitcoin is pretty difficult to use as a currency, so people usually promote it as an investment instead.
Here is what I have to say about it as an investment: where is the money actually coming from for the returns? In order for the price to keep going up, people have to keep adding more money to the pool. This is pretty clearly a negative sum game, where the players on average must lose more than they win. Some people may win, but they are mathematically in the minority. Most people who appear to be winning are only winning on paper right now. If everyone who was currently holding tried to withdraw their money and cash out, who would be the ones buying them out? It's not clear. There is no utility to the thing that they own. It's essentially just a number in a spreadsheet.
"I filled 10 32-GB Kingston flash drives with pseudo-random data."
"The years where I'll first touch a new drive (assuming no errors) are: 1, 2, 3, 4, 6, 8, 11, 15, 20, 27"
And from the blog: "Q: You know you powered the drive by reading it, right? A: Yes, that’s why I wrote 10 drives to begin with. We want to see how something works if left unpowered for 1 year, 2 years, etc."