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GidMK's profile
Health Nerd
Health Nerd
Health Nerd
Verified account
@GidMK

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Health NerdVerified account

@GidMK

Epidemiologist. Writer (Guardian, Observer etc). "Well known research trouble-maker". PhDing at @UoW Host of @senscipod Email gidmk.healthnerd@gmail.com he/him

Sydney, New South Wales
theguardian.com/profile/gideon…
Joined November 2015

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    Health Nerd‏Verified account @GidMK Sep 5

    Health Nerd Retweeted Justin Label

    I know very little about cryptocurrency, but from my understanding this thread is mostly on point. Would be interested in views from experts in the areahttps://twitter.com/justinlabel/status/1433630073974894594 …

    Health Nerd added,

    Justin Label @justinlabel
    1/ Not that I expect anyone to care too much, but since this is the only place I “journal”… After six years of occasionally observing the crypto space, I’m ready to take a position. Yep, it’s almost 100% very bad. https://twitter.com/justinlabel/status/904044598628114432 …
    Show this thread
    3:58 PM - 5 Sep 2021
    • 6 Retweets
    • 49 Likes
    • Javier R Paiva Flávia Feijó #TODOS PELAS VACINAS Girish Nadkarni Sophie KS is not John Maynard Keynes Lorenzo Stoakes Richard Croft Red State, Blue Goals Harry Hong Colin Gardiner
    16 replies 6 retweets 49 likes
      1. Health Nerd‏Verified account @GidMK Sep 5

        As a non-expert in the field, I just cannot see any actual value in Bitcoin. Speculation is rife, but it's essentially useless as a functional currency and there's no capital backing it up. Aside from some vague use as a means of evading the law, what could it possibly provide?

        38 replies 2 retweets 59 likes
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      1. New conversation
      2. Nafnlaus‏ @enn_nafnlaus Sep 5
        Replying to @GidMK

        I've been ranting against cryptocurrency for quite a while, and I fully agree with every word he says.

        1 reply 0 retweets 9 likes
      3. Nafnlaus‏ @enn_nafnlaus Sep 5
        Replying to @enn_nafnlaus @GidMK

        TL/DR: blockchain is a database that can store any data. Nothing more. But it's distributed between many parties, who you can't trust. So unlike a normal database, you have to go to extreme lengths to try to prove that they're not lying to / cheating on you.

        1 reply 0 retweets 5 likes
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      2. PHI PHI PHI, MD‏ @PHI_PHI_PHI_MD Sep 5
        Replying to @GidMK

        The most persuasive argument for crypto is when Wells Fargo used to carry cash and coins from Kansas City to San Fran the transaction fee was 3%. That hasn’t changed since…

        1 reply 0 retweets 1 like
      3. PHI PHI PHI, MD‏ @PHI_PHI_PHI_MD Sep 5
        Replying to @PHI_PHI_PHI_MD @GidMK

        While you can’t see that fee the merchants and provides that sell you goods and services have that backed into accepting credit cards. So up to 3% of all our work goes to just moving money around on the internet. There is a better cheaper more efficient way.

        0 replies 0 retweets 1 like
      4. End of conversation
      1. New conversation
      2. Noah Sandler‏ @novasandler Sep 5
        Replying to @GidMK

        I think a lot of what he says is correct, but he's missing that the markets for crypto are what fund some truly brilliant people to further develop the technology/concept. We're possibly in the very early stages. Crypto might function a lot differently in 10 years.

        1 reply 0 retweets 3 likes
      3. Noah Sandler‏ @novasandler Sep 5
        Replying to @novasandler @GidMK

        I don't think he's looking hard enough if he can't name positive uses for crypto. Sex workers can benefit by being paid without banks closing their accounts. XLM and NANO can send remittance payments across the world nearly free and instantaneously. Some coins function as UBI.

        1 reply 0 retweets 1 like
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      2. Lynden Shields‏ @LyndenShields Sep 5
        Replying to @GidMK

        Eh, it's a bit off. Fiat currencies always only have the value imparted on them by the market - none have specific intrinsic value. I agree that the current iterations of crypto are not likely to be the ones that eventually dominate currency markets.

        1 reply 0 retweets 1 like
      3. Lynden Shields‏ @LyndenShields Sep 5
        Replying to @LyndenShields @GidMK

        There are factors that define Ponzi schemes that aren't present in (most) crypto, in that they don't have a single entity running the "scam". In the sense that early speculators take money from late adopters, it has similarity - but this applies to ~all markets

        1 reply 0 retweets 1 like
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      1. Sceptopotamus‏ @sceptopotamus Sep 5
        Replying to @GidMK

        The transitory phase is super speculative and frothy, and 99.x% of projects will eventually fizzle out, but trustless ownership of assets (NFTs) in a world inhabitanted by ever more "digital natives" is pretty much inevitable. It's IMO here to stay, likely on Ethereum.

        1 reply 0 retweets 1 like
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