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What are your thoughts on green/private cryptos? (lemmy.ml)

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

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Im interested in cryptos, because it could serve as a foundation for an internet funded by people and communities. A crypto that protects people's privacy and has a low energy cost.

But is this enough to make it ethical? Are there other aspects to take into concideration? Or is ethical cryptos possible?

In particular Im looking into Mobilecoin which Signal has integrated into their app.

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[+] [email protected] 0 points 3 years ago* (last edited 1 year ago) (1 children)

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

Yes, if we just eliminate all the flaws of crypto, crypto is the perfect currency. Just like if we eliminate all the flaws of capitalism, it’s the perfect system.

This community is about green and not capitalism, consumerism, monopolies etc pp. I did explained the major issue and there is no one who actually tried to workaround this, because the system is considerable new and the original proposal was never meant to be abused the way people doing it.

Your own words right...

Can I see your proposal, protocol, research etc to improve it. NOPE, so lets move on.

Even in the future when all bitcoins have been mined, the idea is that miners continue to calculate hashes for the blocks, and that they are compensated for that via transaction fees.

There are some ideas I have like e.g. putting a threshold on it. nVidia had the idea to limit mining trough firmware, with less success but I do not want people abusing every hardware to quickly making a buck on behalf of the environment.

... presumably government involvement would also wish to control the supply of (virtual) currency much like it does today to attempt to control inflation. The mechanism that they’d use for that would look much like mining (just that only they’d be allowed to do it).

Without govt there is abuse, we saw this and without control, inspection the abuse will continue, we have the current dilemma because people scam, and they hide behind the system. I rather trust my bank than you with my money, nothing personal, would say the same about everyone.