Post #1659904

2026-04-24 20:31 UTC

I get why people say cryptocurrencys are a scam, but the whole proof of stake shit makes lot more sense if someone were trying to protect all of society from say mass inflation in places like Venezuela or something. The revolutionary w.e he was talking about had to be proof of stake, making it use 99.9% less power than things like Bitcoin. The alternative choice was always the same, control by the U.S. or China. Really not many other options. If people cared about the environment they wouldn't use Bitcoin, if they cared about people, they wouldnt use the U.S. dollar and such. Every country in the world supports the U.S in doing so... We need better alternatives, etherium may not be it.. but surely there has to be a better way to keep people from suddenly plunging into poverty when they don't have control of their government.

Replies (11)

@SolidShake@lemmy.world 2026-04-24 20:39

Crypto is a scam because after Bitcoin got popular so many people just started "making" it. As of today there are over 16,500 active crypto currencies. That's fucking dumb idc who you are. The very original idea was to just have a global currency that didn't have an exchange rate. That makes more sense then whatever the hell it's turned into now. Crypto is like Pokemon cards.

Open ##1659908
@Eggymatrix@sh.itjust.works 2026-04-24 20:44

The main point cryptobros are missing is that the economy is controlled by force, something you can experiece if you are sailing in the persian gulf these days. Even at the scale of a family, my taxes are collected once a year and if I don't pay the nation comes collecting their due by force, via the law enforcement. All these cryptomoneys have the notable bug of not being controllable by the nations controllong their economy, so come a sufficient magnitude of value transfer they will be rendered illegal very fast. You ain't getting paid with it, you ain't buying food or or mortgages with it. You can buy drugs and killers with it though, which is nice if you are into that kind of thing.

Open ##1659909
@DmMacniel@feddit.org 2026-04-24 20:35

Energy is still traded with petrol dollars, doesn't matter what crypto you try to sell. By decentralising energy production (which most oligarchs dont like) you can get away from it, there is no other way.

Open ##1659910
@Hapankaali@lemmy.world 2026-04-24 21:41

> We need better alternatives Why? Modern fiat currencies do exactly what a currency needs to do.

Open ##1659911
@EfreetSK@lemmy.world 2026-04-24 21:10

To me the PoS always sounds like the current system we have - the richer you are, the more power you have

Open ##1659912
@lime@feddit.nu 2026-04-24 20:36

i mean the big crux with proof of stake is that the majority of the currency was already held by a group with aligned interests. so it's really no different than normal currencies, it's just a bit earlier in the timeline.

Open ##1659913
@MsPenguinette@lemmy.world 2026-04-25 00:17

Crypto does work because digital scarcity is not good enough to create meaningful value so the fall back value is the energy input into the token. And the idea something is valuable just because of the electricity used is not very compelling and will never be adopted. Bitcoins price right now is highly based on miners keeping a floor based on not wanting a loss on their current energy input. Crypto basically abstracts the concept of money so far that losing actual reasons why it works. Touch grass

Open ##1659914
@CompactFlax@discuss.tchncs.de 2026-04-24 20:58

I fail to see the difference between “I have some special numbers” and “I have this special metal” and either way the value swings in comparison to other things. The special numbers are certainly more portable but as a revolutionary “not a fiat currency” (not your words!) it’s a bit of a stretch, no?

Open ##1659915
@takeda@lemmy.dbzer0.com 2026-04-25 16:56

Ironically cryptocurrency enabled the level of corruption we have right now that put us on a path to depression 2.0.

Open ##1718190
@HazardousBanjo@lemmy.world 2026-04-25 14:17

Crypto in isolation isn't a scam (ignoring shitcoins and memecoins). The issue is crypto is the perfect technology to hold/launder/gamble billions to trillions in undocumented and ***untaxed*** wealth by the Epstein class. Its also perfect technology to scam millions of desperate dipshit working class numpties with severe gamblong addictions and far-right beliefs.

Open ##1718192
@sobchak@programming.dev 2026-04-26 02:03

I think a lot of people keep jewelry as a hedge against currency crashes/bank collapse. I believe there are also federated cryptocurrencies that are probably more efficient that PoS (Ripple and Stellar; probably more too). Most cryptocurrencies are disinflationary, which causes other problems. Predictable inflation, even if somewhat high, is generally beneficial to capitalist economies (incentivizes people to invest/spend instead of hoarding).

Open ##1718195