cryptocurrency

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[ask fedi] Why do people hate crytocurrency? (lemmy.ml)

submitted 3 years ago by [email protected] to c/[email protected]

37 comments fedilink hide all child comments

Considering recent incidents on Mozilla and Ubisoft, why do people hate cryptocurrency so much?

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[–] [email protected] 2 points 3 years ago* (last edited 3 years ago) (3 children)

A few hypothesis:

Because "cryptocurrencies" (i prefer to refer to them as "cyber-ponzi")...

...are a purely speculative asset, similar to the wild unregulated globalized finance that is ruining the world and increasing inequalities?
...are controled in vast majority by a techno-elite of (mostly white) men with access to computing power and extra capital? (thus replacing one elite by another)
...are an ecological catastrophe?
...are a model based on universal mistrust? (we tust nobody so we ALL have to re-do the same cryptographic operations)
...make some un-knowledgeable people fall into ponzi-like schemes where they actually do lose some money?
...make some companies immensely rich, that profit on the hype (exchanges, Ethereum, NFT wind-sellers/"minters" etc.)
...devoid the concepts of cryptography and decentralization to put them entirely at the service of commercial/financial interests? (what is "crypto" again..?)
...turn otherwise educated and smart people into biggots sounding like they are coming straight out of a cult? (it's not new about us nerds, but in that case when linked with means of subsistance and/or of getting rich is getting particularly deeply engrained)
... drive the price of electronic components at record high, somehow at the exact opposite of narrative of "democratizing blah blah..."
... made some assholes like Musk and others even more immensely rich..?

Will keep looking for some more, I am sure we can find them :)

[–] [email protected] 3 points 3 years ago* (last edited 3 years ago)

are any of these not true for fiat currencies?

Only one I found:

drive the price of electronic components at record high

[–] [email protected] 2 points 3 years ago

... because in most cases they are not even anonymous :)

[–] [email protected] 1 points 3 years ago (1 children)

don't get me wrong, i think none of the above should be a reason to hate for hate is a sterile, damaging emotion... but rather reasons to oppose them, to fight them wherever they are, and to explain patiently to everyone why, until the last speculator and their last naïve prey are left all alone in that world, and shamed...