this post was submitted on 05 Jan 2022
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cryptocurrency
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Try sending money to someone in a different country. Its extremely expensive and slow using traditional banks. With crypto you pay a few cents and its almost instant (depending on the coin).
Ah! So it's an ecocidal ponzi-scheme that replaces a financial elite by another one, is full of scams, gives false hopes of decentralizaion and anonymity, raises de price of electronic components worldwide... buuuut... it makes some of them save a few bucks every now and then. I guess it makes it OK then.... :)
I agree that cryptocurrency (and particularly Bitcoin) has lots of problems today. But it has a lot of potential, like replacing credit cards controlled by two major corporations. Unfortunately, it seems that everyone who works in the space is only focused on making short-term profit, and creating more problems through that.
It had this potential for 10+y. Sometimes it is just time to call something "a loss" and move on... and try to fix what's fixable...?
If we are talking about Bitcoin specifically then I agree completely, I moved on from it years ago because its just badly managed. Its sad that no other crypto project has managed to replace it yet in terms of visibility and usage.
Proof of Work is the real culprit there, a lot of the 3rd generation (or whatever we're on) cryptos use Proof of Stake, which doesn't waste energy and destroy the environment by solving pointless math problems to validate transactions.