There is value in a fully distributed append-only database system that can run on nodes that don’t trust each other. We just haven’t found any valid use of it outside crypto yet.
There is value in a fully distributed append-only database system that can run on nodes that don’t trust each other. We just haven’t found any valid use of it outside crypto yet.
I’m not suggesting that crypto replace any existing use for bank cards or apps like zelle or cash app. I’m suggesting that there are other payment scenarios where excusing systems don’t fit, like a dispensary that lost access to a payment processor (hypothetical, not sure if this has happened) or a merchant wanting to avoid transaction fees. It’s absolutely useless in 99% of all transactions, but it’s not 100%.
If I had to spitball an answer, I’d say the value of an innovation increases as it improves on existing similar things, and decreases as it worsens from them.
I don’t see any benefit to crypto for sending money, and introducing a new, volatile currency backed by people’s imagination is a detraction to me.
Oh yeah I love paying someone using a wildly volatile currency that goes up and down like a roller coaster and has exorbitant transaction fees. But at least I’m not a chump who uses a bank card.
I’m not anti bank or bank card, when those aren’t an option crypto is a valid option. Ideally something without much for transaction fees, of course. Since prices are volatile, you would likely only purchase what you needed when you needed it.
This is wildly inconvenient, but remember this is a “banks are not an option” scenario. That’s really up to the recipient. It could be a dispensary that got shut down by their payment processor, or another shop that wants to avoid the 3-5% transaction fee that payment processors charge. And yes, it could be something nefarious or illegal on the dark web.
To say crypto has no valid uses is simply inaccurate. For most people, though, there are better options like peer-to-peer payment apps (zelle, cash app, etc.) or just plain old cash.
Except that they’re not. NFTs take something that exists - like domain names - and injects unnecessary Blockchain bs.
What added value does a Blockchain bring?
Lmao, have you ever a bought a domain name. Its not an NFT, lmao you don’t even own one permanently after buying u. You basically license one from a registrar and that expires after a set interval. There’s no NFTs involved.
You’re the third person to say the same thing. NFTs conceptually predate the existence of the blockchain and don’t need to be on it. Wikipedia or w/e you got your definition that says otherwise are simply wrong. And yes, I own several different domain names.
Edit: I may have misunderstood and the person I’m replying to agreed with my assertation that the tech has been disregarded and that it expands to crypto as well. I expected that assumption was obvious and didn’t need to be stated directly and thought the poster was being disingenuous. Leaving my comment up for posterity.
Don’t conflate your ignorance with other people’s knowledge, go develop a better understanding of the tech rather than assuming it has no value because you’re too ignorant to learn about it.
Even crypto has a place, doesn’t mean it’s being used correctly by the majority of people.
I equate the public engaging in crypto and NFT’s to tribal folks who accidentally pick up a discarded radioactive canister, what they have is valuable in the right hands, dangerous to themselves.
Your original comment addressed exactly what I meant: not NFTs are the ponzi scheme but all crypto tokens are.
Nothing “perfectly valid and valuable” about blockchain - there are zero legit use cases that can’t be far more efficiently solved by conventional database tech (yes, also proof of stakes).
The reason is simple: the basis for the whole thing is trustlessness which does not exist - even in the crypto token world. You need trust to entry and to use it and I prefer a lawyer/notary over trusting some dev not putting bugs into my “smart” contract. I don’t trust the notary because of their fancy diploma either but because there’s a state that forces him to do right or lose his license/end up in prison. Nothing like that in your blockchain “trustless” environment.
Why do you think blockchain tech is as old as Android and has produced nothing but carbon dioxide and tears from “I’m gonna get rich quick” morons?
Because like any system to have trust it must be co-opted and regulated by the government and/or corporations and building the infrastructure and tools that make integrating with the block chain take time.
Also when you say that there is nothing that blockchain does that can’t be done by other systems, do you include up to the second global access and management of a decentralised ledger that can be directly integrated into all software systems with inbuilt security?
Because it seems like all those technologies are privately owned and managed, don’t have any interest in developing or providing global integration and access.
Blockchain has the potential to be the foundation of globalised services and systems, and crypto the basis for a world currency, just because we haven’t gotten there yet is like saying the wheel was useless before we invented cars. The use cases and implementation of the tech might currently be niche but that’s because we’re still developing the right vehicle for it to carry.
Damn, you were so close! Just expand what you said about NFTs to the whole crypto bullshit and you got it.
There is value in a fully distributed append-only database system that can run on nodes that don’t trust each other. We just haven’t found any valid use of it outside crypto yet.
FTFY
How is crypto not a valid use? Crypto as a get rich quick scheme is stupid and useless, but crypto for peer to peer payments is perfectly valid.
What (of value) does crypto do that existing payment services don’t?
I’m not suggesting that crypto replace any existing use for bank cards or apps like zelle or cash app. I’m suggesting that there are other payment scenarios where excusing systems don’t fit, like a dispensary that lost access to a payment processor (hypothetical, not sure if this has happened) or a merchant wanting to avoid transaction fees. It’s absolutely useless in 99% of all transactions, but it’s not 100%.
Are you arguing that any technology that does the same thing as an existing one has zero value whatsoever?
If I had to spitball an answer, I’d say the value of an innovation increases as it improves on existing similar things, and decreases as it worsens from them.
I don’t see any benefit to crypto for sending money, and introducing a new, volatile currency backed by people’s imagination is a detraction to me.
Oh yeah I love paying someone using a wildly volatile currency that goes up and down like a roller coaster and has exorbitant transaction fees. But at least I’m not a chump who uses a bank card.
I’m not anti bank or bank card, when those aren’t an option crypto is a valid option. Ideally something without much for transaction fees, of course. Since prices are volatile, you would likely only purchase what you needed when you needed it.
This is wildly inconvenient, but remember this is a “banks are not an option” scenario. That’s really up to the recipient. It could be a dispensary that got shut down by their payment processor, or another shop that wants to avoid the 3-5% transaction fee that payment processors charge. And yes, it could be something nefarious or illegal on the dark web.
To say crypto has no valid uses is simply inaccurate. For most people, though, there are better options like peer-to-peer payment apps (zelle, cash app, etc.) or just plain old cash.
I’ve read both these five times and I’m not seeing the difference, help!
“outside crypto” at the end is crossed out.
Huh. Thank you. It’s not showing that for me using the Voyager app on Android. Thought I was losing my marbles
Oh weird must be a Voyager issue then, not seeing it via that on iOS, thanks for the reply!
If there’s no valid use how do you derive value? It’s old tech at this point and still looking for a problem to solve.
NFTs do have value in narrow use cases. For instance Domain names are NFTs and incredibly important to the way humans interact with the internet.
Except they aren’t because they are just managed by a bunch of central agencies.
Not everything that’s digital and where the rights to it can be sold is an NFT.
Except that they’re not. NFTs take something that exists - like domain names - and injects unnecessary Blockchain bs. What added value does a Blockchain bring?
Lmao, have you ever a bought a domain name. Its not an NFT, lmao you don’t even own one permanently after buying u. You basically license one from a registrar and that expires after a set interval. There’s no NFTs involved.
You’re the third person to say the same thing. NFTs conceptually predate the existence of the blockchain and don’t need to be on it. Wikipedia or w/e you got your definition that says otherwise are simply wrong. And yes, I own several different domain names.
Not sure you know what the token part of NFT means. Usually it’s the non fungible part, so congrats on being uniquely wrong.
At some point in time you’ll just have to unravel your word salad and realize that all things associated with this space are incredulous.
Edit: I may have misunderstood and the person I’m replying to agreed with my assertation that the tech has been disregarded and that it expands to crypto as well. I expected that assumption was obvious and didn’t need to be stated directly and thought the poster was being disingenuous. Leaving my comment up for posterity.
Soooo close!
Next time maybe try helping someone across the line instead of only being derisive.
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Your original comment addressed exactly what I meant: not NFTs are the ponzi scheme but all crypto tokens are.
Nothing “perfectly valid and valuable” about blockchain - there are zero legit use cases that can’t be far more efficiently solved by conventional database tech (yes, also proof of stakes).
The reason is simple: the basis for the whole thing is trustlessness which does not exist - even in the crypto token world. You need trust to entry and to use it and I prefer a lawyer/notary over trusting some dev not putting bugs into my “smart” contract. I don’t trust the notary because of their fancy diploma either but because there’s a state that forces him to do right or lose his license/end up in prison. Nothing like that in your blockchain “trustless” environment.
Why do you think blockchain tech is as old as Android and has produced nothing but carbon dioxide and tears from “I’m gonna get rich quick” morons?
Because like any system to have trust it must be co-opted and regulated by the government and/or corporations and building the infrastructure and tools that make integrating with the block chain take time.
Also when you say that there is nothing that blockchain does that can’t be done by other systems, do you include up to the second global access and management of a decentralised ledger that can be directly integrated into all software systems with inbuilt security?
Because it seems like all those technologies are privately owned and managed, don’t have any interest in developing or providing global integration and access.
Blockchain has the potential to be the foundation of globalised services and systems, and crypto the basis for a world currency, just because we haven’t gotten there yet is like saying the wheel was useless before we invented cars. The use cases and implementation of the tech might currently be niche but that’s because we’re still developing the right vehicle for it to carry.
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Are you replying to the wrong person? You quoted me.
Or are you disputing the tech has value?
Nvm, need to work on my own reading comprehension