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zergtoshi

@ zergtoshi @lemmy.world

Posts
1
Comments
311
Joined
2 yr. ago

  • Teen creates memecoin, dumps it, earns $50,000 | Unsurprisingly, he and his family were doxed by angry traders.

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  • You're righr. I wasn't specific enough. I meant inflation of the supply, the currency units. Increasing the supply can cause loss of real purchase power aka inflation.With a stable supply and only the forces of supply and demand in place, real purchase power loss or increase are possible, which means there can be inflation or deflation.

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    The Rise of Digital Currencies: What It Means for Traditional Banking

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  • You're dead wrong.Have you ever heard of Bitcoin mining farms? Their electric energy consumption dwarfs a league of mainframes.Am IBM Z16 may need several dozen kW at full load: https://www.ibm.com/docs/en/systems-hardware/zsystems/Z16M-A01?topic=requirements-general-electrical-powerFully equipped with 8 PDUs and 4 BPAs a single mainframe is limited to an electric power of 173 kW.

    Well, the Bitcoin miners are estimated to use around 175 TWh of energy annually, which equals an electric power of around 20 GW : https://www.statista.com/statistics/881472/worldwide-bitcoin-energy-consumption/This is several orders of magnitude above that of all the mainframes in the world - unless there are more than 116 million mainframes of that type in operation and running at full load.

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    The Rise of Digital Currencies: What It Means for Traditional Banking

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  • But unless you use Monero or other crypto with similarly strong privacy all you do is leave a permanent trail for agencies to investigate.Using shell companies on the Cayman Islands might be the safer approach.

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    The Rise of Digital Currencies: What It Means for Traditional Banking

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  • ...and the hate is strong.

  • Teen creates memecoin, dumps it, earns $50,000 | Unsurprisingly, he and his family were doxed by angry traders.

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  • Yeah, that may very well be the case and it's hard to verify or falsify it.

  • Teen creates memecoin, dumps it, earns $50,000 | Unsurprisingly, he and his family were doxed by angry traders.

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  • Are you saying that financial institutions own most of all crypto in existence or do you mean Bitcoin specifically?

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    The Rise of Digital Currencies: What It Means for Traditional Banking

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  • I agree that scaling power comsumption is unsustainable - both ecologically and ecoomically!But power consumption is no inherent attribute of crypto, but a design choice.Bitcoin just refuses to adjust.Ethereum did that not very long ago.

    What I'm trying to say is: there are designs available that operate at a very tiny power consumption.Don't lump all crypto together with Bitcoin.

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    The Rise of Digital Currencies: What It Means for Traditional Banking

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  • Removed

    The Rise of Digital Currencies: What It Means for Traditional Banking

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  • All of what you say applies to most cryptocurrencies.But I'm aware of at least one digital currency that is

    • without fees
    • usually confirmed in less than one second
    • eco-friendly because it requires no special hardware to operate the network and it uses very little energy

    It has also zero inflation, is decentralized and designed with incentives that increase the degree of decentralization over time.It also has no built-in limits regarding transactions per second.

    Consumer protection without middlemen/centralization is hardly possible.

    I'm hesitant to drop a name here, because I don't want to come across as a shill, but if you're interested we can discuss the attributes of this gem.

    edit: ah, the good old "I don't like what I see, but I have no arguments, so I just downvote without engaging" approach. Or does it just sound too good to be true?You know what, I've changed my mind: https://nano.org/en

  • Teen creates memecoin, dumps it, earns $50,000 | Unsurprisingly, he and his family were doxed by angry traders.

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  • If financial institutions own most of it and aren't regulated accordingly, what you say seems to hold true.As soon as there's sufficient regulation in place or financial institutions don't own most of it, it won't look so bleak.

  • Teen creates memecoin, dumps it, earns $50,000 | Unsurprisingly, he and his family were doxed by angry traders.

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  • Well, it was not as regulated as e.g. the stock market, but regulation of cryptocurrency was there and improving - with all the benefits and drawbacks.In the very early days there were no KYC and AML policies at all.Taking back the little regulation that has been introduced in the last few years doesn't improve customer protection.

  • Why I Trust Signal: My Go-To for Secure Messaging - YouTube

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  • How so?

    Signal also uses our metadata encryption technology to protect intimate information about who is communicating with whom—we don’t know who is sending you messages, and we don’t have access to your address book or profile information. We believe that the inability to monetize encrypted data is one of the reasons that strong end-to-end encryption technology has not been widely deployed across the commercial tech industry.

    Source: https://signal.org/blog/signal-is-expensive/

    I haven't verified that claim investigating the source code, but I'm positive others have.

  • Teen creates memecoin, dumps it, earns $50,000 | Unsurprisingly, he and his family were doxed by angry traders.

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  • If the deregulation of cryptocurrencies happens in the US, it will get even worse except for the predators.

  • Teen creates memecoin, dumps it, earns $50,000 | Unsurprisingly, he and his family were doxed by angry traders.

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  • The vast majority are, but not all of them.Albeit it's hard to find those that aren't.

  • Teen creates memecoin, dumps it, earns $50,000 | Unsurprisingly, he and his family were doxed by angry traders.

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  • What about if you take out inflation and offer transactions for zero fees while operating a network with little appetite for (electric) energy?That would mean you'd never be left with dust amounts you can't spend and no entity could debase your holdings by issuing more currency units.Then the price would just be the result of supply and demand.Of course that's not what that teenager did or what the vast majority of cryptocurrencies do, but how it could and should be done.

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    Permanently Deleted

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  • Maybe you'd understand better, if you or someone you love had to suffer from arbitrarily denied UHC insurance claims.For some this action seems to be a drastic move to hold someone accountable for the pain he caused, who couldn't be held accountable though other means.

  • Pro-tip for this capitalistic hellscape

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  • You might have a different understanding of billionaire bacon than the person you replied to.

  • Moderators delete Reddit thread as doctors torch dead UnitedHealthcare CEO

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  • Speaking of the pradoxof tolerance, Karl Popper realized that intolerance often involves violence.I, for one would argue that health insurance denying claims arbitrarily asserts violence in some way - even worse to especially vulnerable people.

    So how do you imagine not tolerating this kind of intolerance?Writing stern letters and emails? That seems to have happened.Starting a legal battle that might be decided in your favour after you've died from not receiving health care due to denied claims?What would you suggest?

    Popper also draws attention to the fact that intolerance is often asserted through the use of violence [...]

    Source: https://en.m.wikipedia.org/wiki/Paradox_of_tolerance#Proposed_solutions

  • Why do Americans always presume that everyone speaks English

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  • Language.