The core premise of these cryptocurrency haters is that they feel that their subjective value preferences are more valid than those of the market. This is a core tenet of central planning. It is plainly paternalistic.
Ironically, it is the central planning of interest rates which created an environment ripe for speculative bubbles. It is the heavy regulation of all things financial which has burdened online transactions. If not for onerous regulatory requirements perhaps cryptocurrencies would not have been popularized.
Then there are the obvious falsehoods and sloppy generalizations used to advance their argument. Not all cryptocurrencies are the same. Even if we accept their characterization of BTC as "wasteful" there are other options which are more efficient.
Their solution, predictably enough is to create more regulations and prohibitions. It is a tone deaf lack of self awareness. All the worse when they celebrate themselves as authorities on the topic.
Perhaps the interviewee is an expert on CS, but does that qualify him to centrally plan financial transactions? This is technocracy at its worst. A self appointed expert steps outside of his bounds to make wide sweeping proclamations.
Then there are the obvious cultural factors. An institutional academic favors institutional and bureaucratic control over markets, disregards the value of market consensus and individual preferences? Cultural bias and group-think or not?
> The core premise of these cryptocurrency haters is that they feel that their subjective value preferences are more valid than those of the market.
That is simply not true.
As an early bitcoin supporter, my sentiment shifted against cryptocurrency as I worked with more and more companies that have been targeted by ransomware. I kept waiting to be able to pay for real things and instead I saw wave after wave of fraud, grift and extortion but no progress on being a usable currency.
> It is the heavy regulation of all things financial which has burdened online transactions.
Really? Online "non-cryptocurrency" transactions have outpaced cryptocurrency transactions by a massive amount.
Cryptocurrency was a neat idea that failed to realize it's potential due to the complexity of operations in the real world. Instead it has become a cesspit of fraud, theft and self-deluding grifters that lie repeatedly to try to bring in more and more greater fools. There are still se cryptocurrency idealists out there, but it gets harder and harder to tell them from the grifters.
> Perhaps the interviewee is an expert on CS, but does that qualify him to centrally plan financial transactions?
Reminds me of the old adage, "crypto is the thing where those who know tech are in it for the economics, and those who know economics are in it for the tech"
I have to disagree with you here. Algorand requires relay nodes for consensus (and high throughput), and those relay nodes are permissioned and largely centralized.
It’s not accurate to call Algorand a “decentralized blockchain” or assets on it “decentralized assets”.
This is a big issue in the blockchain world - the details of the implementation matter so little to the participants trying to profit, that we have multiple chains in existence with centralized controls and people still think those are better than using an obviously-centralized platform. These platforms tend to have the disadvantages of centralized platforms without the protections they provide, it just isn’t obvious until that centralized control is eventually exercised.
The Internet is by no means decentralized, and the most compelling argument for the inefficiencies of crypto, in my opinion, is that everything we've built on the Internet tends to centralization. "No one wants to run their own mail server". So eventually, we'll have spent all this energy and time in designing convoluted protocols that solve the exact same problem we had already solved, only less efficiently and with more hoops.
aww_dang|3 years ago
Ironically, it is the central planning of interest rates which created an environment ripe for speculative bubbles. It is the heavy regulation of all things financial which has burdened online transactions. If not for onerous regulatory requirements perhaps cryptocurrencies would not have been popularized.
Then there are the obvious falsehoods and sloppy generalizations used to advance their argument. Not all cryptocurrencies are the same. Even if we accept their characterization of BTC as "wasteful" there are other options which are more efficient.
Their solution, predictably enough is to create more regulations and prohibitions. It is a tone deaf lack of self awareness. All the worse when they celebrate themselves as authorities on the topic.
Perhaps the interviewee is an expert on CS, but does that qualify him to centrally plan financial transactions? This is technocracy at its worst. A self appointed expert steps outside of his bounds to make wide sweeping proclamations.
Then there are the obvious cultural factors. An institutional academic favors institutional and bureaucratic control over markets, disregards the value of market consensus and individual preferences? Cultural bias and group-think or not?
shkkmo|3 years ago
That is simply not true.
As an early bitcoin supporter, my sentiment shifted against cryptocurrency as I worked with more and more companies that have been targeted by ransomware. I kept waiting to be able to pay for real things and instead I saw wave after wave of fraud, grift and extortion but no progress on being a usable currency.
> It is the heavy regulation of all things financial which has burdened online transactions.
Really? Online "non-cryptocurrency" transactions have outpaced cryptocurrency transactions by a massive amount.
Cryptocurrency was a neat idea that failed to realize it's potential due to the complexity of operations in the real world. Instead it has become a cesspit of fraud, theft and self-deluding grifters that lie repeatedly to try to bring in more and more greater fools. There are still se cryptocurrency idealists out there, but it gets harder and harder to tell them from the grifters.
polygamous_bat|3 years ago
Reminds me of the old adage, "crypto is the thing where those who know tech are in it for the economics, and those who know economics are in it for the tech"
ddjsn111|3 years ago
PretzelPirate|3 years ago
I have to disagree with you here. Algorand requires relay nodes for consensus (and high throughput), and those relay nodes are permissioned and largely centralized.
It’s not accurate to call Algorand a “decentralized blockchain” or assets on it “decentralized assets”.
This is a big issue in the blockchain world - the details of the implementation matter so little to the participants trying to profit, that we have multiple chains in existence with centralized controls and people still think those are better than using an obviously-centralized platform. These platforms tend to have the disadvantages of centralized platforms without the protections they provide, it just isn’t obvious until that centralized control is eventually exercised.
ddjsn111|3 years ago
asdadsdad|3 years ago
(edit: fix typo)
ddjsn111|3 years ago