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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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    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. will‏ @meatbody May 30
      Replying to @Pinboard

      > cryptocurrency solves no problems > cryptocurrency solves problems but bad guys can also use it which is it? can’t be both

      1 reply 0 retweets 6 likes
    9. Pinboard‏ @Pinboard May 30
      Replying to @meatbody

      You are right, I should have worded that better. Cryptocurrency solves no problems for civilians, but solves a huge number of problems for criminals

      2 replies 2 retweets 12 likes
    10. will‏ @meatbody May 30
      Replying to @Pinboard

      except you said it solves problems of remittances and avoiding unjust regulations, particularly in repressive regimes. those seem like civilian problems to me.

      1 reply 0 retweets 6 likes
      Pinboard‏ @Pinboard May 30
      Replying to @meatbody

      I don't think it solves those problems, though, because it does not work. Like I said two tweets upthread, if it works it will attract all the crime, and if it doesn't then there's no point to it.

      11:30 AM - 30 May 2021
      • 2 Likes
      • Bastian :D in VR Garth Iceburn
      2 replies 0 retweets 2 likes
        1. New conversation
        2. will‏ @meatbody May 30
          Replying to @Pinboard

          if it didn’t work, then no one would use it, criminals included. criminals don’t like to lose money any more than anyone else.

          1 reply 0 retweets 4 likes
        3. Howard Chu‏ @hyc_symas May 30
          Replying to @meatbody @Pinboard

          Howard Chu Retweeted Howard Chu

          https://mobile.twitter.com/hyc_symas/status/1349950483687993346 …

          Howard Chu added,

          Howard Chu @hyc_symas
          If your system isn't secure enough for the bad guys, it's not strong enough for the good guys either. The dark web has figured out that Bitcoin isn't fit for use. They're early adopters; the rest of the world will eventually catch on. https://twitter.com/DarkDotFail/status/1349640329578700800 …
          Show this thread
          2 replies 0 retweets 1 like
        4. Show replies
        1. Spencer Guzman‏ @guzman_spencer May 31
          Replying to @Pinboard @meatbody

          It works kinda for both legit and nefarious.

          0 replies 0 retweets 0 likes
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