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Crypto hate on Era

Mukrab

Mukrab

Member
Apr 19, 2020
7,486
Why do so many people on era comment that crypto should burn, die, be illegal whenever crypto comes up? Remember when we made fun of congress for asking google about an iphone, or in general when congress is dealing with technology issues? Ok boomer right? Well thats how many here sound to me when crypto comes up.

And maybe im wrong, but help me understand at least. The only argument i've heard so far is mining. And i agree 100%. But not all cryptos are mined, newer cryptos arent, (a lot of them at least), and even older ones like Ethereum are moving away from it. Is there any other reason why people want crypto to be illegal? Please help me understand.
 

Ali

Member
Dec 27, 2017
73
This is a gaming forum and people want their graphics cards. The environmental issue is a legit concern tho.
 
nsilvias

nsilvias

Member
Oct 25, 2017
23,713
This is a gaming forum and pc gamers keep getting fucked by miners. And It's a waste of electricity on the scale of entire countries
 

Polk

Avenger
Oct 26, 2017
4,213
Crypto serve little to no benefits and consume absurd amount of power.
 
Lebon30

Lebon30

Member
Oct 27, 2017
2,282
Canada
Ali said:
This is a gaming forum and people want their graphics cards. The environmental issue is a legit concern tho.
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This. A single minority of GPU purchasers are ruining it for everybody else. Scalpers don't help either.
+ the environmental issue where miners take more energy than Switzerland. (if it's not that, anyway, it's a european country)

Digital currencies in themselves are OK, but it's the "creation of the currency" that's the issue.
 
julia crawford

julia crawford

Took the red AND the blue pills
Member
Oct 27, 2017
35,135
There was a thread that was up on the front page almost all week about exactly this...
 
Lightning Count

Lightning Count

Member
Jan 27, 2019
16,072
Fuck off
It should be banned.

It's totally unregulated which means it's mainly used for illegal purposes and also the environmental impact is massive. Bitcoin mining draws more energy than entire countries.
 
i_am_ben

i_am_ben

Member
Oct 27, 2017
2,012
It's always just seemed kinda lame to me.

Some of the technology is cool, but I don't see the point of crypto currencies.
 
Saint of Killers

Saint of Killers

Member
Oct 27, 2017
2,532
Whenever I've seen people bad mouthing it, it's been to do with miners buying up gaming GPU stock, leaving PC gamers without.
 
Xando

Xando

Member
Oct 28, 2017
27,286
1. it provides no actual benefit to society at this moment in time
2. Some of them are actively harming our planet on a unprecedented scale
 
Akai

Akai

Member
Oct 25, 2017
6,045
The most common complaints that I'm seeing are:
  • mining (like you said)
  • the highly volatile market
  • Elon Musk's involvement
  • it apprently drawing more power than entire countries
  • it being known as payments for illegal things
I have no clue whatsoever, though.
 
Joni

Joni

Member
Oct 27, 2017
19,508
Mukrab said:
Why do so many people on era comment that crypto should burn, die, be illegal whenever crypto comes up? Remember when we made fun of congress for asking google about an iphone, or in general when congress is dealing with technology issues? Ok boomer right? Well thats how many here sound to me when crypto comes up.
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Can you explain the advantage of crypto? What is the benefit?
 
gofreak

gofreak

Member
Oct 26, 2017
7,734
Xando said:
1. it provides no actual benefit to society at this moment in time
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Is that true though? I've read stories of women in countries where it's not easy for them to bank independently, starting businesses and taking payments in crypto currency and using it to buy stuff at online stores. Perhaps in many parts of the world, the banking culture and infrastructure is such that it seems redundant, but it's not true everywhere.
 
Navidson REC

Navidson REC

Member
Oct 31, 2017
3,422
Mukrab said:
Why do so many people on era comment that crypto should burn, die, be illegal whenever crypto comes up? Remember when we made fun of congress for asking google about an iphone, or in general when congress is dealing with technology issues? Ok boomer right? Well thats how many here sound to me when crypto comes up.

And maybe im wrong, but help me understand at least. The only argument i've heard so far is mining. And i agree 100%. But not all cryptos are mined, newer cryptos arent, (a lot of them at least), and even older ones like Ethereum are moving away from it. Is there any other reason why people want crypto to be illegal? Please help me understand.
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So what's your response to the huge environmental impact? If a minority of crypto currencies don't rely on this weird mining stuff, then that's still not a solution as long as the overall impact is so ridiculously high.
 
Wilf Netherton

Wilf Netherton

Banned
Jun 20, 2019
2,638
It's the mining, full stop. Sure there are non-mineable coins but at the moment the market cap of Bitcoin + Ethereum is like 10 times all non-mineable coins together. Until the non-mineable ICO type coins get more traction I don't expect people to make the distinction in casual conversation.
 
Xando

Xando

Member
Oct 28, 2017
27,286
gofreak said:
Is that true though? I've read stories of women in countries where it's not easy for them to bank independently, starting businesses and taking payments in crypto currency and using it to buy stuff at online stores. Perhaps in many parts of the world, the banking culture and infrastructure is such that it seems redundant, but it's not true everywhere.
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I don't think a handful of anecdotal stories proofs its benefit for society
 
Elfotografoalocado

Elfotografoalocado

Banned
Oct 27, 2017
5,618
Spain
Well, cryptocurrency is the definition of a bubble, it's something that has absolutely no intrinsic value and the only reason people buy into it is because they think the price will rise even further.
Not only are they much worse at being currencies than real currencies, but people who invest in cryptocurrency do not internalise the cost that they have on the environment. They are just a disaster all round. And yes, we keep hearing about the mythical prook of stake cryptocurrencies, but they are that, a myth, because the energy expenditure in mining keeps rising.
 
Linus815

Linus815

Member
Oct 29, 2017
19,711
this isnt an era thing..
most people associate crypto with mining, simple as that.

wasting electricity and buying up hardware in bulk. There, its that simple.
 

Polk

Avenger
Oct 26, 2017
4,213
gofreak said:
Is that true though? I've read stories of women in countries where it's not easy for them to bank independently, starting businesses and taking payments in crypto currency and using it to buy stuff at online stores. Perhaps in many parts of the world, the banking culture and infrastructure is such that it seems redundant, but it's not true everywhere.
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I'm not saying that it cannot happen, but to achieve what you are talking about require being in crypto ecosystem without any exchange to fiat currencies. So everyone would have to accept crypto.
 
seldead

seldead

Member
Oct 28, 2017
453
Bitcoin is a speculative bubble, a terrible deflationary currency, a poor store of value due to volatility and a ridiculous waste of electricity due to the way PoW verifies blockchain transactions.

In saying this I'm still pretty long on etherium 2.0 for fixing most of these issues.
 
gofreak

gofreak

Member
Oct 26, 2017
7,734
Xando said:
I don't think a handful of anecdotal stories proofs its benefit for society
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The people telling those stories might disagree with you - any such stories don't sit with the idea that there's no benefit. We can rag on crypto all day for all I care, but if it improves economic mobility for even a handful of previously sidelined people, that's at least one plus for society in my book (even if next to many other minuses in its most popular manifestations).

Polk said:
I'm not saying that it cannot happen, but to achieve what you are talking about require being in crypto ecosystem without any exchange to fiat currencies. So everyone would have to accept crypto.
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As I understood it, they're not using crypto for all their purchases, obviously. 'Just' helping them buy stuff at online stores that do accept it - among it stuff that's helping them with their businesses, education, home-labour etc. Stuff they previously had to go through husbands or brothers for, to use their cards, if it was possible at all. So yeah, it's not providing total economic freedom, but improved economic agency for them.
 
OP
OP
Mukrab

Mukrab

Member
Apr 19, 2020
7,486
Linus815 said:
this isnt an era thing..
most people associate crypto with mining, simple as that.

wasting electricity and buying up hardware in bulk. There, its that simple.
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And the right thing to do is to want all cryptos to be illegal? When not all of them have those problems?
TheMadTitan said:
www.statista.com

Bitcoin energy consumption 2023 | Statista

The average energy consumption for one single Bitcoin transaction in 2023 could equal several hundreds of thousands of VISA card transactions.
www.statista.com www.statista.com
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Did you read OP? I 100% agree with that. But thats bitcoin. Not all cryptos.
Hecht said:
Explain to me what problem cryptocurrency solves.
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It solves a lot of things in countries with corrupt governments and banks.
 
Tokyo_Funk

Tokyo_Funk

Banned
Dec 10, 2018
10,053
A lot of people saying it uses too much power. Yeah, you're talking about Bitcoin. There is a crypto that is 57000 times more energy efficient than BTC. BTC is out of date, slow and still relies on farms.
 
artsi

artsi

Member
Oct 26, 2017
2,683
Finland
I'm not into mining or mined coins, and I think bitcoin is a waste of resources.

But I've been able to pay my crippling debt from my past away with crypto profits, no regrets.
And let's be honest, gaming with a 320W GPU isn't any better for the environment, but I do that too so I am a confessed sinner.
 
toy_brain

toy_brain

Member
Nov 1, 2017
2,202
Mukrab said:
Like i said in OP. I 100% agree woth that. But not all cryptos are mined.
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Doesn't really matter, because Bitcoin is where all the interest is at the moment, and where most of the investment money is being pumped. The fact that you have dozens of PoS cryptos on offer means nothing if nobody is interested in them.

Besides, PoS is literally a 'Rich-Get-Richer' system, so if it ever did take off as a currency, it would just create yet more inequality.

So aside from creating hardware shortages and burning massive amounts of electricity on a planet that's fast approaching a climate catastrophe, crypto -in whatever form it takes- also completely fails to change the status quo of wealth inequality.
 
Tokyo_Funk

Tokyo_Funk

Banned
Dec 10, 2018
10,053
Hecht said:
Explain to me what problem cryptocurrency solves.
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Depends on the crypto you're talking about. Not all are the same. There are some that make money transfer faster and cheaper. There is also a massive CBDC problem that needs to be addressed, remittance and liquidity issues that need to and can be resolved. Crypto use case varies.
 
TheMadTitan

TheMadTitan

Member
Oct 27, 2017
27,202
Mukrab said:
And the right thing to do is to want all cryptos to be illegal? When not all of them have those problems?


Did you read OP? I 100% agree with that. But thats bitcoin. Not all cryptos.

It solves a lot of things in countries with corrupt governments and banks.
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digiconomist.net

Ethereum Energy Consumption Index - Digiconomist

The Ethereum Energy Consumption Index provides the latest estimate of the total energy consumption of the Ethereum network.
digiconomist.net digiconomist.net

And how is crypto good in countries with corrupt governments? If people in the United States can barely afford to transfer their wealth to crypto, how are people in countries with these horrible financial institutions able to do it?

Those people who would theoretically need crypto aren't using crypto. Hell, no one is using crypto, they're sitting on it to make themselves rich.
 
bye

bye

Avenger
Oct 25, 2017
8,419
Phoenix, AZ
They consume massive amounts of power and as a currency, serve no real benefit and are just acting as a stock exchange.

The technology behind it (blockchain) is what is useful and may provide innovation in the future. But now that it's out there, we don't need cryptos anymore, and the fantasy that they one day will replace standard currency (as opposed to currencies just adapting to become more like crypto) is never going to happen.
 

Deleted member 2752

Banned
Oct 25, 2017
15,110
gofreak said:
Is that true though? I've read stories of women in countries where it's not easy for them to bank independently, starting businesses and taking payments in crypto currency and using it to buy stuff at online stores. Perhaps in many parts of the world, the banking culture and infrastructure is such that it seems redundant, but it's not true everywhere.
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You don't need crypto for any of that.
 
Laughing Banana

Laughing Banana

Member
Oct 27, 2017
11,505
Bandung Indonesia
Mukrab said:
It solves a lot of things in countries with corrupt governments and banks.
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I always see crypto lauded as this "rebel" thing against governments and corporations but then I see news like large crypto farming in China and other locations owned by large corporations and I just cackled. Such BS. Such empty platitude, IMO.

Not to mention the real environmental issue too.
 
Aztechnology

Aztechnology

Community Resettler
Avenger
Oct 25, 2017
14,134
Lightning Count said:
It should be banned.

It's totally unregulated which means it's mainly used for illegal purposes and also the environmental impact is massive. Bitcoin mining draws more energy than entire countries.
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This is mostly untrue. It's mainly just held as a commodity and hasn't really solved any of the issues it porports to exist to do. It's effectively an investment scheme right now. The technology has inherent value, but nothing like it's showing with Btc and such right now. It's basically being manipulated like in the past right now by stored value/capital investors pumping it up to turn profits.

it's problematic that it's unregulated and has 24/7 markets, it's generation is problematic with excessive resources and it's end game requires massive computing that nobody knows where it will come from. As without rewards, and good ones at that, people will not process the transactions using their systems as it would lose them money. So you have an issue of concentrated power again with nodes and such and who owns those is also problematic.
 
Xando

Xando

Member
Oct 28, 2017
27,286
gofreak said:
The people telling those stories might disagree with you - any such stories don't sit with the idea that there's no benefit. We can rag on crypto all day for all I care, but if it improves economic mobility for even a handful of previously sidelined people, that's at least one plus for society in my book (even if next to many other minuses in its most popular manifestations).



As I understood it, they're not using crypto for all their purchases, obviously. 'Just' helping them buy stuff at online stores that do accept it - among it stuff that's helping them with their businesses, education, home-labour etc. Stuff they previously had to go through husbands or brothers for, to use their cards, if it was possible at all. So yeah, it's not providing total economic freedom, but improved economic agency for them.
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Crypto without fiat currency is almost useless these days and on its own would be nothing than a gambling ring of rich cool kids.

Let's not pretend crypto is gonna lift 3rd world countries out of poverty. That would just be dishonest about who actually owns crypto.
 
Hecht

Hecht

Too damn tired
Administrator
Oct 24, 2017
9,731
Tokyo_Funk said:
Depends on the crypto you're talking about. Not all are the same. There are some that make money transfer faster and cheaper. There is also a massive CBDC problem that needs to be addressed, remittance and liquidity issues that need to and can be resolved. Crypto use case varies.
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That's kinda my point. It's not regulated in the sense that crypto is a universally accepted currency or anything. The "use case varies" part is really just a way of saying that "hey this shit might work or might not."

Disclaimer: I don't really care if there is a universally accepted digital currency or not, but pretty much every crypto that is currently available basically advertises itself as a pyramid scheme of sorts. If you can make bank on it, then kudos, good on ya, but so far it has never seemed to me to be some sort of replacement of currency and more an ethereal method for people to gain money with no actual tangible benefit or relation to real-world currency.
 
Tarot Deck

Tarot Deck

Avenger
Oct 27, 2017
4,231
Lightning Count said:
It should be banned.

It's totally unregulated which means it's mainly used for illegal purposes and also the environmental impact is massive. Bitcoin mining draws more energy than entire countries.
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How do you ban bitcoin?

All you wrote about regulation is the entire purpose of the origin. Theoretically it's a way to move away from the central bank.

Theoretically, because now it's the mother of all ponzi.
 
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