Random Announcements
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What differentiates fiat currency from crypto isn't IMO that we work for it, because you could in theory be compensated in anything that you perceive to be valuable. What really differentiates fiat currency from crypto is that a national treasury is supposedly backing it. Another aspect is that where algorithms, math, and computation dictate the supply of cryptocurrency, central national banks do so for fiat currencies. So there is a certain democratization of monetary supply and where it winds up with crypto, though as states like China jumped on and built mining farms that was impacted.
Gold is one of the most useful metals there is. It conducts well without tarnishing, it's ductile, it alloys with other metals… There's some in whatever you're reading this on (phone, tablet, or computer) and it even has dental and medical uses. You might not want to make a weapon out of pure gold, and historically it was valued more for its beauty and workability than its modern industrial applications, but it's far from a useless metal then or especially now. And it's rarer than platinum in the crust (being a heavier metal and harder for supernovae to produce). If you want to talk about something stupid we killed and tortured for, sugar should be top of the list. Sugar plantations literally worked slaves to death so people could have a little sweet in their tea.
BTC is useful, sure, but useful for a lot of nefarious purposes. So the utility cuts two ways. I am sure we would be horrified to hear about some of the things that have been funded by BTC: human trafficking, terrorism, murder for hire, ransomware, kidnappings, etc. My guess is that the use of crypto for bad things and the environmental implications mentioned above make it a net negative--so far--for humanity.
Far cooler as it pertains to blockchain tech IMO is guaranteed execution and smart contracts.
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I’m thoroughly enjoying this exchange fellas and learning from it too. Hope I had something more to contribute beyond my appreciation and respect…please keep it going.
Thanks for the links suggested @tvenuto , I’ll read up ! -
Not the same type of wanking.
I just wanna point out that I think is the best line ever written on this forum… (Totally stealing it too...)
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@Filthy:
There's people that think the we aren't the first human civilization there's been on earth because they keep finding artifacts that carbon date back to pre-human civilization times. Complex gadgets and stuff that shouldn't exist. Unless it's some kind of hoax.
Go check out the Silurian Hypothesis…
https://www.theatlantic.com/science/archive/2018/04/are-we-earths-only-civilization/557180/
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BTC is useful, sure, but useful for a lot of nefarious purposes. So the utility cuts two ways. I am sure we would be horrified to hear about some of the things that have been funded by BTC: human trafficking, terrorism, murder for hire, ransomware, kidnappings, etc. My guess is that the use of crypto for bad things and the environmental implications mentioned above make it a net negative–so far--for humanity.
Far cooler as it pertains to blockchain tech IMO is guaranteed execution and smart contracts.
I'm going to address this part because it's a particularly pernicious bit of misinformation. The legacy financial system is absolutely LOUSY with suspicious activity. I use the term "suspicious" because if a bank sees a suspicious transaction, all they have to do to wash their hands of it is flag it as suspicious, they do not need to stop it or look into it further. The FINCEN files showed just the magnitude of this flow of dirty money. Wikipedia sums it thusly: "The reports describe over 200,000 suspicious financial transactions valued at over US$2 trillion that occurred from 1999 to 2017 across multiple global financial institutions." So, if BTC was ONLY used for illicit purposes, it would be less than half the magnitude as what was (probably) criminally passed through the TRACKED legacy system of financial institutions in that time. That does not even include cash-based crimes, which are themselves numerous! The RAND corporation did a study on Zcash (a privacy-focused coin) and did not find widespread evidence of illicit activity. Mrs. Yellen can say what she wants, but the data just doesn't support BTC or any other cryto being anything close to the problem that the good ol' USD is for criminal activity.
So, to sum up: if you own U.S. dollars, you are using the criminal's preferred currency. If you own bank stock, you yourself personally profited from criminal activity. Criminals use what they can. BTC is easier to move than cash, which is easier to move than gold, which is easier to move than grain. Things that are useful for humans are useful for criminals, I'm having trouble thinking of an exception to that statement.
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I'm going to be spending the next few days unplugged in case you're wondering where I'm at… I'll be getting some much needed r and r. I'll be back before the Pittsburgh hangout on the 25th and definitely for the FW21 reveal. XX
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Enjoy your well deserved R&R @Filthy !
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Indeed, we'll hold it down in your absence, good sir. Enjoy!
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Thanks gentlemen @motojobobo @tvenuto
I couldn't stay away too long.
Iron Heart forum addict. -
I just entered a raffle for a chance to PURCHASE a new graphics card. We were talking about cryptocurrency the other day and this is the main reason why I don't like it, is because it has made new video cards virtually impossible to buy. I wish they would regulate it and also make scalping illegal. Within reason, like maybe selling a new product for more than a 25 percent margin illegal. Old stuff, antiques, collectibles or whatever can remain as is.
