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
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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
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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
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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
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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
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imagine all of that enthusiasm funneled into a pneumatic tube between Alameda and Weehawken
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WE HAVE THE TECHNOLOGY
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Let’s be clear: a lot of those people also are aware it’s at least partially a casino, and think they can count cards because internet galaxy brains told them they’re already doing it
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Ok but in the States we have an oligarchy running our government. This thread is fine but where are the solutions to the dilemma? Everyone who thinks it through knows blockchain is not currently the answer, especially with scammers like USDT in the space.
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The question is can we change the status quo from the inside out. If the answer is NO, then we need to innovate outside of the space. And if those solutions are inefficient (they are for now), we need to see if we can refine them to the point of utility.
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