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Pinboard

@Pinboard

The light inside is broken, but I still work. The Cadillac of online bookmarking sites. Alleged nocoiner. http://pinboard.in  maciej@ceglowski.com +1 415 610 0231

Lonely street of broken dreams
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Joined July 2009

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    1. Pinboard‏ @Pinboard May 30

      Because Bitcoin especially (through the Tether fraud) and cryptocurrency more generally is a pyramid scheme, of course Wall Street and venture capital need it to go mass market. It's the only road to getting out of their current investment at a profithttps://www.politico.com/news/2021/05/30/bitcoin-investment-wall-street-lobbying-491399 …

      114 replies 699 retweets 2,123 likes
      Show this thread
    2. Pinboard‏ @Pinboard May 30

      I think it's time for us in the tech world to speak out and make it clear the emperor has no clothes here. Cryptocurrency is sustained by a mix of money laundering, vaporware, fraud, ransomware, gambling, and delusion. It has no social benefit except helping end first dates fast

      160 replies 1,624 retweets 4,456 likes
      Show this thread
    3. Pinboard‏ @Pinboard May 30

      What we especially need to stress to regulators is that there's no relationship between the technical claims of cryptocurrency and our now over 13 years of experience. It's not decentralized, it's not a currency, it's not a store of value, and it's not a promising technology

      20 replies 296 retweets 1,419 likes
      Show this thread
    4. Pinboard‏ @Pinboard May 30

      Pinboard Retweeted Trammell Hudson ✪

      Cryptocurrency solves no problems that it didn't first create, and most of those it doesn't solve. Smart contracts are neither of those things—at worst they're an API for fraud, or as @qrs put it, self-funding bug bounties at besthttps://twitter.com/qrs/status/1395784294451265536 …

      Pinboard added,

      an open ATM with the windows desktop
      Trammell Hudson ✪ @qrs
      Replying to @Pinboard @jwz
      Smart contracts should be considered self-funded bug-bounty platforms. pic.twitter.com/6TlLPHY47l
      12 replies 116 retweets 761 likes
      Show this thread
    5. Pinboard‏ @Pinboard May 30

      I think most of us in the industry gave cryptocurrency a long leash because it's full of technical cleverness and seemed innovative just on those terms. But it's time we recognize that cleverness is being used as bait to defraud more people and perpetuate a con. Enough is enoughpic.twitter.com/Arnrqjtfvo

      12 replies 146 retweets 941 likes
      Show this thread
    6. Pinboard‏ @Pinboard May 30

      The two things people need to know about cryptocurrency are completely non-technical: 1. If it doesn't work, it's just an easy to lose casino chip 2. If it works, it creates an end run around all financial regulation, and will be dominated by uses those regulations try to stop

      11 replies 248 retweets 1,059 likes
      Show this thread
    7. Pinboard‏ @Pinboard May 30

      Some of those financial regulations are unjust. People can send remittances in crypto to relatives in repressive countries, and you hear their stories from boosters. But people also want to move billions in untraceable crime money around. Guess which traffic predominates

      25 replies 103 retweets 736 likes
      Show this thread
    8. Pinboard‏ @Pinboard May 30

      The third path out of this dilemma is to legitimize cryptocurrency by bringing it into our existing regulatory structures, at which point it becomes indistinguishable from technologies that do the same thing at a fraction of the complexity and one millionth of the resource cost.

      7 replies 82 retweets 793 likes
      Show this thread
    9. Pinboard‏ @Pinboard May 30

      The only reason proponents have to domesticate cryptocurrency is to maintain a situation like the status quo, where part of it (like Coinbase) sits in the legal economy, the rest of remains in the illegal economy, and pathways between the two continue to function smoothly.

      5 replies 37 retweets 421 likes
      Show this thread
      Pinboard‏ @Pinboard May 30

      Remember the playbook that Uber used: 1. Promise a revolutionary technology ("self-driving cars are coming"!) 2. Use that promise as a pretext to ignore all regulation 3. Make a fortune 4. Drop the tech story Same goes for crypto

      11:20 AM - 30 May 2021
      • 272 Retweets
      • 1,347 Likes
      • Aman Bakshi Vasilij Čujkov🧽3 #OndaChiavica k2g Vicky Linkigi chris needs a new funny name Antishatter Phil Freeman giulio rospigliosi
      14 replies 272 retweets 1,347 likes
        1. New conversation
        2. Pinboard‏ @Pinboard May 30

          We also have to address the root reason that cryptocurrency exists, which is that there is a corrupt, overfinancialized casino economy that favors the rich, 2008 proved that the system is rigged so they can never lose, and ordinary people will continue to search for a fairer deal

          9 replies 132 retweets 818 likes
          Show this thread
        3. Pinboard‏ @Pinboard May 30

          A lot of young, idealistic people are getting caught up in cryptocurrency because they want to build a better world. Their talent and optimism deserve a better outlet than this scam money, and we all need a better alternative than the status quo

          10 replies 134 retweets 879 likes
          Show this thread
        4. Pinboard‏ @Pinboard May 30

          A lot of intelligent observers look at cryptocurrency, see that it makes no sense, and reasonably infer that they must be missing something profound on the technical level. Tech culture has a nice tradition of not deriding new ideas, but we need to break it here and speak out

          11 replies 79 retweets 653 likes
          Show this thread
        5. Pinboard‏ @Pinboard May 30

          From the outside (like from Congress's point of view) people see a trillion-dollar new tech industry, a lot of proponents who of course argue this is the next big thing, and some critics. They don't see the huge silent majority of tech people who know it's a scam. That's on us

          13 replies 61 retweets 557 likes
          Show this thread
        6. Pinboard‏ @Pinboard May 30

          This thread about cryptocurrency made it to the top of Hacker News and then got flagged off in about seven minutes, start to finish. Just to give you an idea of the polarization on this issue among nerds, and why people with doubts stay quietpic.twitter.com/kI0I2hAyBy

          15 replies 64 retweets 697 likes
          Show this thread
        7. Pinboard‏ @Pinboard May 30

          Many people in replies are saying "bullshit, there's no billions in laundered money moving over the blockchain!" Right-because it can't handle the volume! The big money laundering is crypto-adjacent and done through projects like Tether. Only ransomware *has* to use blockchain

          48 replies 61 retweets 627 likes
          Show this thread
        8. End of conversation
        1. New conversation
        2. Logan Bowers‏ @loganb May 30
          Replying to @Pinboard

          Tbf, Uber skipped step 3

          1 reply 0 retweets 2 likes
        3. David Terrell‏ @dbt May 30
          Replying to @loganb @Pinboard

          Company? Not yet. Investors and founders? Yes.

          1 reply 0 retweets 1 like
        4. Show replies
        1. Benjamin Socissska‏ @kwyxz May 30
          Replying to @Pinboard @bishiboosh

          5. Shower California voters with propaganda to get them to pass a horrifying bill that will be impossible to remove 6. Profit

          0 replies 0 retweets 5 likes
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        1. Rob Williams‏ @codeslubber May 30
          Replying to @Pinboard @JakeWharton

          But it’s even worse: declare yourself a revolution against a horrible corrupt institution (banking) then when it looks like having them in the tent will pump your pimp, accept them as transformed saviors.

          0 replies 0 retweets 2 likes
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