Electricity usage is just a proxy for the insane inefficiency of bitcoin. How can it ever displace the banking system when its several orders of magnitude more expensive on cost. Just cause Visa charges
merchants 1.5-3% of each transaction doesn’t mean that their costs are anywhere near that.
you can tell the moral nihilism of nocoiners by how they never got fined $20k for running a fraudulent bitcoin-accepting bucket shop with fake trading, which conclusively demonstrates their fundamental
Don't like cryptocurrency? You hate private property! Don't you follow the impeccable logic here?
electricity usage is an unassailable Bad.
We were never talking about usage though. We have always been talking about flat out right wasting it. There is a big difference. I've never heard a nocoiner complain that people are using electricity to meet their needs, or accomplish what they set out to do.
Furthermore how many examples does someone need of bitcoin miners stealing electricity, or finding shady ways to not pay the bills. Even worse, the miners are flat out right a function of the state itself as it is in the majority of cases. There is no argument for private property in a single one of these cases. Just asshole thieves who think they've given themselves the moral high ground because they fancy themselves as "ancaps".
This whole argument is bad, and its sad that this is what the majority of self proclaimed cryptocurrency "ancaps" think.
All too true, and the saddest thing is it absolutely doesn't have to be this way. It doesn't have to be this thing that everyone involved has to evangelize. It doesn't have to be sold as a solution for everybody's monetary issues. Those involved could humbly celebrate the utility it gives them without having to abandon or be dismissive of the older systems that are already in place. There is no rule out there that says you must choose between USDs and Bitcoin, but boy have we really gone down that us vs. them road based on the language being used by staunch cryptocurrency supporters. It also doesn't even need to waste electricity on the scale that is does, and careful consideration could be taken with the UX as well. It's sad that it's in the state that its in, and the the religious cult leaders who are responsible for bringing about this sentiment should be ashamed of what they've done.
Thank you. I was actually a hard line Anarchocapitalist until about 2008. I have just been lazy about my username. I still like some ancap ideas, but like any ideology I don't feel that it rises above being subjected to rational criticism.
The reason I let it go is because it was getting in the way of me being able to establish relationships with other people. When you walk around thinking you have a 100% of the truth, and no one else has anything worth listening to, then you kind of put yourself inside a bubble socially. Making new friends that way is impossible, so I had to change my thinking to be more accepting. I have grown a lot personally because of that too. It's been well worth it!
When i see technical analysis of crypto I just laugh. Even technical analysis of equities doesn’t usually work very well as something like 85% money managers fail to beat the S&P.
When it’s crypto-based, it’s even more funny because it’s like fortune-telling the price and color of turds when in the end they all approach zero. Then these crypto traders begin to throw around buzz words (eg triangle, moving average) they hear from stock day traders they envy.
because crypto is a cargo-cult imitation of real finance. (note the financial jargon, which is all *slightly wrong*.) So they copy the bits that are easiest to copy, i.e. Technical Astrology. Also, TA is used to pretend this is a market, not a casino with a rigged roulette wheel.
> 85% money managers fail to beat the S&P
Serious question on this as a layman who just plows everything into index funds - why do investors give these people money if they can't reliably beat the market?
Some would perhaps be surprised by this but some wealthier people (i.e. those in a high net worth category) prefer the hand holding and sometimes don't know any better so they hand their money off to people to manage who in some cases do not have their best interests in mind. (source-i worked in the industry and saw it first hand)
Serious answer: even a complete chump can beat the market. What's incredibly difficult is doing so consistently.
So there's a survivorship bias in this space. If you get enough monkeys typing randomly on Bloomberg terminals, some of them by pure chance will have an unbroken run of fabulous returns. And the gullible skim the prospectus with these great up-and-to-the-right charts, see the part about "past performance is no guarantee of future results" and blow past it, and sign up to pay steep fees for a roll of the dice.
And here we're at least taking about regulated markets with some amount of investor protections.
Because hedge fund managers can be good salesmen and are good at convincing wealthy people to part with their money.
Also, they would argue they offer a HEDGE so they often argue their trading strategies help diversify risk as one part of a larger portfolio.
Debatable whether that’s a sensible idea though... I personally would never put money in a fund taking 2 and 20.
I mean I’m definitely on Buffet’s side here. Paying outrageous fees is a bad idea and paying outrageous fees to people who just can’t beat the market in the aggregate is a very bad idea.
Buffet also hates crypto so he’s a patron saint of this sub.
FUD: Bitcoin’s price is entirely driven by speculation!
₿: Ah, what is speculation but hope? And how can anyone deny the value of hope??
Bitcoin's value is backed by DREAMS AND STARLIGHT!!!
This line of thought equally justifies blowing all of your money on lottery tickets or penny stocks. If anyone tries to tell you how thoroughly unwise that is, just ask them why they hate hope so much.
Google the author, Elaine Ou. She holds the dubious honor of being sanctioned by the SEC for operating an illegal exchange called the Sandhill Exchange a few years ago. She paid a huge fine and I believe she is legally prohibited from working in finance for some years as a result. Her IQ is probably 220 but she has the common sense of an armchair. She’s quite a character. She could really be Satoshi.
Having a PhD really just means you have a PhD. The true test of any academic is what they do after. How many papers have they written or contributed to? How often do other academics cite them?
To point to a truly insane example of how a doctorate doesn't automatically mean someone is worth listening to, Judy Wood has a PhD in materials engineering science from Virginia Tech. She also believes the World Trade Center towers were destroyed by what is essentially a GDI ion cannon.
> Academically she's quite accomplished.
Getting a PhD does not scream "quite accomplished". What has she published that is of consequence? It seems like her academic career fizzled out rather quickly after graduation.
Don't conflate credentials with accomplishments. A PhD is a credential. You can write a thesis that nobody will ever read and will disappear into the catalogs of some ivory tower forever. You will have accomplished very little in actuality.
I just think people overobsess about "IQ" tests and measurability\*, is all. I don't doubt she's smart in many capacities, even if this is a blind spot she's sticking with.
\*In that they're useful to tell whether someone is very slow compared to their peers, but they lose strength in proving how *advanced* a person is to others.
I seriously doubt the IQ of anyone insisting "energy consumed" = "energy spent protecting my money" as is done in the piece. Like good SHA is expensive, bitcoin uses SHA, but just because a bunch of computers are spinning circles doesn't mean security is any higher or lower.
It's security against a few very specific types of crypto attacks on the chain itself. The rest of the attack vectors are still weak AF. To borrow u/dgerard's analogy, they built a reinforced steel door and then mounted it to a cardboard frame.
A bunch of computers spinning circles *today* are also no guarantee of security for *tomorrow*. Once mining becomes unprofitable and the VC, ICO and loan money dries up, mining will drop and there will be plenty of available dirt-cheap mining hardware around for someone to attempt an attack.
Bitcoin uses more electricity than all of Denmark!
₿: Good! I sleep better at night knowing that my money is protected by obscene amounts of computational power.
Do you have a moment to talk about my brillliant Dyson Sphere ICO sir?
In all honesty this piece is perfect. I am in awe. You don't even have to engage in lengthy explanations why crypto fans are crazy to convince people anymore, you can just post this link and most reasonable people will be stunned by its stupendous insanity.
> In all honesty this piece is perfect. I am in awe. You don't even have to engage in lengthy explanations why crypto fans are crazy to convince people anymore, you can just post this link and most reasonable people will be stunned
This was always true. And frankly the crypto scene has gotten saner over the last 5 years now that the ancaps have been dilluted by average Joe bag holder.
It's very Libertarian. Reminds me of that terrible woman who called the cops on the sleeping black student in the Yale library and followed it up with "I LOVE HATE SPEECH", which could probably be stated better in terms of freeze peach absolutists and what a "hate crime" is composed of, but that was her particular chosen narrative.
She's not even white, so I don't get what the point is of not labelling neo-nazis as anything other than terrorists. I guess only fascists are persuasive enough to make their victims come to their defense. Well, fascists and billionaires.
>She's not even white, so I don't get what the point is of not labelling neo-nazis as anything other than terrorists. I guess
Whiteness is relative. Asian gfs can achieve a premium among the fascists in that the fascists consider them "traditional" and "unaffected by feminism". Also, weeaboos. Think about the circles she seems to travel in...
Is a white supremacist *better* or *worse* if they make exceptions for Asian women? I hate that my mind went to that place, but it's interesting, because an argument could be made for either position. The obvious response is that sorting white supremacists according to how bad they are is silly on its face, but it's still interesting.
Not really "better racist" or "worse racist", just a different flavor of gross.
[https://www.nytimes.com/2018/01/06/opinion/sunday/alt-right-asian-fetish.html](https://www.nytimes.com/2018/01/06/opinion/sunday/alt-right-asian-fetish.html) (Worth the full read!)
>But Spencer’s evolution into a hardcore ethno-nationalist was perhaps not as seamless as he makes it seem. In late 2007, he dated a woman who is Asian American. The two met when she was working for Ron Paul’s presidential campaign.
>“I am not the only Asian girl he has dated,” says Spencer’s ex, who spoke to me on the condition that her name not be disclosed. She said she’d initially been turned off by his talk of race-based behavioral differences, but she eventually softened to the idea. They dated for four months, including a trip she took with him to Texas to attend his high school reunion. She says she eventually broke up with him, but not because he was too politically radical. “We all have inconsistencies,” she said. “Especially with love. How can you control your heart?”
>I asked Spencer about his Asian ex as he was digging into a bowl of Thai noodles at an eclectic restaurant in the quaint downtown of Whitefish. He seemed shocked that I’d brought it up, and peppered me with questions about how I’d found out. “I would rather you didn’t write about that,” he said, adding later: “You are probably going to nail me with this…I think some people in the movement would probably find that terrible.” He confirmed that she was not the only Asian woman he’d been with, but he said the relationships predated his evolution into a white nationalist.
>Though Spencer now opposes interracial relationships, white nationalists have long looked east for inspiration—Hitler regarded Chinese and Japanese history as “superior to our own.” Jared Taylor and William Johnson, the leader of the white nationalist American Freedom Party, both speak fluent Japanese. “There is something about the Asian girls,” Spencer said. “They are cute. They are smart. They have a kind of thing going on. If I am looking at my own life objectively, it really doesn’t surprise me that much.”
Anyway, I don't know anything about her beliefs specifically, I was just saying that she is "white" to some of these NeoNazis, thus as a libertarian woman she may feel that she has less to worry about from them.
Yes, "white" is a relative term, relating to how others treat them. Whiteness is a social distinction/heirarchy, similar to how Italians and the Irish weren't "white" enough, and how euro-Latinos may achieve a higher disctinction than mestizo. It's not just genetics / presentation.
Mostly the Alex Jones sort.
Conspiracies used to fascinate me, until I actually listened to Jones, Icke, and the rest. They're boring and lack imagination. I suppose the theorists are shit and the actual conspirators are fascinating.