this post was submitted on 20 May 2024
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Crypto is just a waste of resources, similar to AI
I think both have their uses. A true state backed cryptocurrency used interchangeably with physical cash could be quite useful. Crypto as it is now not so much.
AI has a bunch of useful applications in medicine, manufacture, research, monitoring... But where we see it is language models, art remixes, and deep fakes.
Nah it's literally a waste of physical resources. Crypto currency is a waste of fossil fuels. AI has its functions at least.
Proof of stake uses a load less than proof of work.
Be really good if currencies could go in and out of crypto. Could cut out a lot of middle men.
again, what use does it serve over traditional banking?
even PoS requires a lot of resources in comparison, for a system that literally exists to funnel money to a smaller group of people
I literally can't transfer money to Kazakhstan without paying $50 for a wire.
Advantages of cash and digital, without the swings of raw crypto. Also leaving the ability to usefully manipulate your country's currency.
Crypto means easy, open payment systems. No gatekeepers like WorldPay.
like any true Liber-crypto-bro-tarian, your understanding of crypto is only undercut by your understanding of economics
Manipulating currency is a useful tool. If you don't think so, that makes you more liberian than me.
Like many here, I'm big into open source, and card payment systems are an issue. Crypto is one solution to that. Crypto has advantages, but it falls down as a currency because of blind faith in the invisble hand.
Still uses more than standard banking practice, sorry but FUCK CRYPTO
From what I found, and varies due to values/date, looks like a PoW transaction is about 2+ million times more energy than traditional banking. PoS is over 1000 times less than PoW, so about 2+ thousands times traditional banking. But transitional banking has other problems. For one, the market of payment is stitched up. Not like openness of a crypto currency.
Plus the hardware needed for each person atop the extra power useage.
Not worth it when May already feels like Aug
Everyone has hardware enough already. Your phone is perfectly good enough. For tills it will be easier to implement. No nonsense with a card machine and things like WorldPay and whole locked down PC. The hardware and platform wouldn't matter.