Technology
This is the official technology community of Lemmy.ml for all news related to creation and use of technology, and to facilitate civil, meaningful discussion around it.
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None at all?!
There are multiple important benefits. They may not all be important for you right now, but saying it doesn't solve any problems at all is just ridiculous.
The people who say it's a ponzi scheme are people who don't know what ponzi schemes are.
The crux for all of those points is that the value is affected by fiat investments. It may not be able to be manipulated by a central bank, but it is influenced by the amount of investment put into it, which gives it the dangerous edge of being a very convenient ponzi-scheme, not to mention an incredibly unstable form of currency that most of the proletariat can't afford to risk using for their day to day expenses. That alone turns it from "currency" to "high risk investment."
Being able to send it instantly without fees is a great dream, but the above points kind of spoil the intent.
We don't need to get into the environmental aspects, or the sinful impact it's had on the price of GPU's (further pushing the proletariat from being able to fully participate in the blockchain), and the equally terrible chip shortage combined with the continued purchase and use of GPUs by crypto miners.
But blockchain cryptocurrencies have several serious problems beyond any technical oversights with the actual implentation.
arguably, your biggest stake holders now are the incredibly wealthy -> those who can afford to mine (therefore, those who can actually participate in the blockchain), and/or those who have invested the most fiat into the currency. I know what the original goals of crypto were, but the unfortunate reality is that as soon as fiat got into the mix, the dream died. Capitalism strikes again, and no one with real money being made is going to change the way it works now.
If there's a crypto out there that isn't available for fiat investment, that's the best hope to actually having a decentralized currency for all people
I thought this forum is about technology, and not religion.
Of course, no one is going to change the way an existing currency works, that would cause major trouble. If you want a different type of cryptocurrency, it should start as a new project.
you have to be delusional to not objectively assess the state of gpu prices and the environmental impacts as "bad"
https://priceonomics.com/how-has-cryptocurrency-mining-influenced-gpu-prices/ here's an interesting bit on the prices
environmental impacts are largely: Carbon dioxide output, resources required to accommodate expanding blockchain, increase in proof-of-work requiring even greater resources and even higher carbon output, greater strain on gpu demands etc. then take those reasons and consider ever single crypto with these issues
all in all, you could say that those things are all bad
I think the label "bad" is very clearly subjective. For example, gpu manufacturers clearly benefit from this.
you speak to your audience. I'm assuming that a majority of people here do not represent the interests of GPU manufacturers... or we can assume everything is subjective and therefore does not matter one bit in the grand scheme of things