Cryptocurrency is an ingenious technique for converting concentrated wealth into widespread shortages, ransomware, and carbon dioxide. Whoever figures out how to run it in reverse will have their statue in every public square
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Updated chart of Chia disk use, which just crossed 6 exabytes. We're one Elon Musk tweet away from no one being able to afford a high-performance SSD ever againpic.twitter.com/566uNjyxnS
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Tom's Hardware has gone into detail on some of the Chia induced price spikes and high-capacity HDD shortages. But the real pain is probably in fast SSDs, since you need those to create the Bram Cohen Bingo™ cards to fill the big hard drives withhttps://www.tomshardware.com/news/analysis-hdd-prices-skyrocket-high-capacity-hdds-sold-out …
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The fact that 1/3 of Cohen's new "decentralized" cryptocurrency is already controlled by a Chinese pool that requires users to install custom software is the cherry on top. Of course, they're working on adding more software to re-decentralize. Code is the solution to all problemspic.twitter.com/CtIUJ4nTNL
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The appeal of cryptocurrency to a certain class of mind is that it purports to be a technical solution to a social problem: How do you pay strangers without trusting anyone? But it shows that you can't escape social problems with technology, you can only dig yourself in deeper
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Replying to @Pinboard
With all due respect, that's not the problem I see cryptocurrency as solving. The problem I see it solving is that it allows people to write software that allows people to interact economically. You don't need a corporation for this, or a bank account; just a text editor.
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Like PayPal, cashapp, Google, apple and Samsung pay, xoom, venmo, zelle, square or Facebook messenger?
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ACH, wire transfers, paper checks, schlepping ingots of gold. You know, all things dramatically less energy intensive.
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Show me a paper check with 50 recipients, all receiving different amounts in proportion to their contribution to providing a service, and I'll begin to believe that you've read what I've written.
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Show me one time you as an individual needed that, and we can talk about an appropriate service to replace it with. I've got a few in mind, I just don't believe you've ever had that problem lol. Certainly not as an individual.
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Yeah, it's like elaborate polyamory scenarios. Fantasy finance.
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It's an experiment that I couldn't bring into existence were it not for cryptocurrency. Sorry that trying to come up with a replacement for the rulership of our world by corporations offends you.
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It isn't that your pursuit isn't noble, it is more that it isn't a technical problem that can be coded away. It isn't an issue of not having the tools available to move digital commodities around. It is a power imbalance that cryptocurrency does not address & is actively abused.
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