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Bitcoin is Stupid and Does Not Deserve an Emoji (blog post) (thedabbler.patatas.ca)

submitted 3 months ago* (last edited 3 months ago) by [email protected] to c/[email protected]

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35 crypto companies got together to make a change dot org petition called "Bitcoin Deserves an Emoji".

F that

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[–] [email protected] 9 points 3 months ago (2 children)

I mean...I'll go one further. I know there have been many historical "aged like milk" quotes, like about how much RAM computers need, but I'm still saying this in confidence: I don't think that cryptocurrency or blockchains will ever have a useful purpose. Their design is built to solve societal problems, but introduces worse problems in implementing them. This goes well beyond just taking too much electricity.

[–] [email protected] 1 points 3 months ago

They already have a useful purpose. Sending crypto is much easier than sending different currencies into different countries. The services exist, but they are prohibitively expensive if you're sending like $50

Send Monero or something and it's far easier and faster. You can exchange it for your own currency locally or just sit on it.

[–] [email protected] -1 points 3 months ago* (last edited 3 months ago) (1 children)

Just gonna copy/paste this from someone else's comment in this thread: https://www.reuters.com/technology/california-dmv-puts-42-million-car-titles-blockchain-fight-fraud-2024-07-30/

So... whoops. That didn't take long, huh?

[–] [email protected] 2 points 3 months ago (1 children)

Every time one of these articles is posted, I predict a very very short investigation into the technical workings of the project will find that the same could’ve been done with a much simpler central database. Or, that they were actually using a database at the backend and wasting their whole crypto approach.

[–] [email protected] -2 points 3 months ago (1 children)

And we all know technology never changes or improves over time. Good catch.

[–] [email protected] 2 points 3 months ago

Technology absolutely improves.

But blockchain is worse. And it's not close.