I understand the justified criticism of the many dishonest and politically questionable things associated with cryptocurrencies and NFTs. But I don’t remember seeing such a complete dismissal of any tech in this industry before, and I can’t help but feel that’s unjustified
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It's not the tech, it's how is applied and how it impacts us all whether we're involved or not.
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As with any tech, we can risk some failed experiments to find a good one. But we can't have 100s of highly destructive ones in the vague hopes that eventually something will arise from the ashes.
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Yes, I understand how PoW chains might be judged this way. As of now, whatever perceived value they provide is not in a sane relation to their cost
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The ecological impact is my worst concern, but there's more. The Ponzi schemes will eventually crash. The stablecoins that are supposedly backed 1:1 by dollars are in fact not. Lots of people will lose all their money.
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The real world economy might crash with it according to some authors. And crypto buyers are already averse to the existing system. So they're more like to turn to fascism, and get radicalised.
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Replying to @mathiasverraes
My understanding of economics is insufficient to adequately compare the risks of, say, Bitcoin to some smaller country’s currency or the stock market

Jan 6, 2022 · 7:57 AM UTC

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Replying to @stilkov
I'm no expert either, but: if the housing market crashes, you still have a house. If Apple crashes, there's still buildings and factories and very valuable intellectual property. If BTC crashes, there's nothing.
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