this post was submitted on 04 Aug 2024
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714
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]
367 comments fedilink hide all child comments
 

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] 28 points 3 months ago (28 children)

Cryptocurrency is speedrunning ruining everything. We might as well have a laugh at the cryptobros' expense in the meantime.

[–] [email protected] 33 points 3 months ago (25 children)

I loved the concept at first, the idea of a decentralized currency all handled by encryption, and transactions permamently stored in a public ledger for all to see.

Then the cryptobros and the scammers caught wind of it and it's all downhill from there.

[–] [email protected] 13 points 3 months ago (20 children)

If you want the name of a payment techology that isn't snake oil, isn't blockchain-based, isn't a cult, doesn't claim to be a currency, doesn't work on proof-of-work or proof-of-stake, but actually does provide certain privacy guarantees for your basic purchasing needs, is cryptographically secure, and can be used with only FOSS, I recommend looking into GNU Taler.

The only downside is that it's not really supported anywhere at all yet. But I do hope it becomes a real thing some day.

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

GNU Taller is pretty fragile, though. One bank issues unbacked tokens and the credibility of the whole system goes down the drain. It's the current financial system, just rebranded. Also, it promotes taxation which automatically makes it a cult & scam.

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

One bank issues unbacked tokens

  1. The Taler protocol has bank auditors built-in.
  2. Your hypothetical would just as much apply to existing debit cards.
  3. Unbacked tokens. You mean like Tether? (Let alone Terra.)

Also, it promotes taxation which automatically makes it a cult & scam?

The fuck? How does Taler "promote taxation?"

Fuckin' Libertarians.

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

Unbacked tokens. You mean like Tether?

Exactly like Tether. USDT was never backed 1:1 by USD. They don't even try to deny it anymore. They admit it's backed by "various assets, including BTC", which smells like a market manipulation.

How does Taler promote taxation?

"Customers can stay anonymous, but merchants can not hide their income through payments with GNU Taler. This helps to avoid tax evasion and money laundering."

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

Thank you for being honest about being pro-tax-evasion and pro-money-laundering.

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