Post AQplKoLKi1fPU2mlZg by rocam54@lor.sh
 (DIR) More posts by rocam54@lor.sh
 (DIR) Post #AQpQcnZyBq6HI0MrOC by rocam54@lor.sh
       2022-12-21T09:44:01Z
       
       0 likes, 0 repeats
       
       I have never heard anyone be able to tell me what #crypto actually is or how it works. People really need to start buying into this scam.
       
 (DIR) Post #AQpQco3OQRdUlG8MFc by dump_stack@lor.sh
       2022-12-21T10:25:59Z
       
       0 likes, 0 repeats
       
       @rocam54, it's very well explained in the Bitcoin whitepaper.https://bitcoin.org/bitcoin.pdfThere are lots of advancement since then (e.g. smart contracts, proof of stake), but the general idea is the same.
       
 (DIR) Post #AQpR863TXyPrZJ5oie by rocam54@lor.sh
       2022-12-21T10:31:39Z
       
       0 likes, 0 repeats
       
       @dump_stack There is nothing in that paper easily explained. It’s a ponzi scheme
       
 (DIR) Post #AQpe3GbeBnz2FT6UBU by dump_stack@lor.sh
       2022-12-21T12:56:27Z
       
       0 likes, 0 repeats
       
       @rocam54, well, in simple terms is just instead of one record book that keeps your balance, there are multiple ones. Then there are algorithm that making sure that they're all synchronized and you cannot spend your money twice. More or less that's it.Regarding FTX, it's a centralized exchange, not a cryptocurrency. If you gave some oranges to a guy to sell them on the market but he eated them instead, you wouldn't call oranges a Ponzi scheme.
       
 (DIR) Post #AQpeHoLXXb3GwiVMJ6 by dump_stack@lor.sh
       2022-12-21T12:59:04Z
       
       0 likes, 0 repeats
       
       @rocam54, well, in simple terms is just instead of one record book that keeps your balance, there are multiple ones. Then there are algorithm that making sure that they're all synchronized and you cannot spend your money twice. More or less that's it.Regarding FTX, it's a centralized exchange, not a cryptocurrency. If you gave some oranges to a guy to sell them on the market but he eated them instead, you wouldn't call oranges a Ponzi scheme.
       
 (DIR) Post #AQplKoLKi1fPU2mlZg by rocam54@lor.sh
       2022-12-21T14:18:03Z
       
       0 likes, 0 repeats
       
       @dump_stack I can hold an orange. That is where the issue is. I can hold a euro and it’s backed by governments, banks, etc.
       
 (DIR) Post #AQpthWyIGHjztsLzEG by dump_stack@lor.sh
       2022-12-21T15:51:48Z
       
       0 likes, 0 repeats
       
       @rocam54, yes, that's quite an issue because it's more a philosophical question with no right answer like idealism/materialism.However, cryptocurrency is just a tool. It can be backed by real world assets, it can be backed by the government, and also it can be backed just by agreement between the users.Lots of misconceptions and using it's mostly as speculative investment vehicle slow down the progress in the area. I think it'll fade out at some point, it's still quite young industry.
       
 (DIR) Post #AQptqJ8N4v2NafFiSm by dump_stack@lor.sh
       2022-12-21T15:53:23Z
       
       0 likes, 0 repeats
       
       @rocam54, yes, that's quite an issue because it's more a philosophical question with no right answer like idealism/materialism.However, cryptocurrency is just a tool. It can be backed by real world assets, it can be backed by the government, and also it can be backed just by agreement between the users.Lots of misconceptions and using it's mostly as speculative investment vehicle slow down the progress in the area (that's why I'm pro-cryptocurrency but at the same time against investing in it). I think it'll fade out at some point, it's still quite young industry.
       
 (DIR) Post #AQpuWFn1u0R1NgGto8 by rocam54@lor.sh
       2022-12-21T16:00:57Z
       
       0 likes, 0 repeats
       
       @dump_stack blockchain is a very old way of recording transactions. In a way crypto is old money if you think about it.
       
 (DIR) Post #AQpw9UxhWhedgUXYPI by dump_stack@lor.sh
       2022-12-21T16:19:15Z
       
       0 likes, 0 repeats
       
       @rocam54, it's not very old if we talk about decentralized consensus with no trusted parties. With no proper decentralization, there also no true transparency.And transparency is a great thing. Imagine with buying a coffee you can also see how much the employer is paying for workers who made if for you, how much get the ones who roasted coffee, and the ones who grew the coffee beans.So, people will have more tools to self-regulate the market.
       
 (DIR) Post #AQpxdpiP1y70guPftI by rocam54@lor.sh
       2022-12-21T16:35:57Z
       
       0 likes, 0 repeats
       
       @dump_stack we use to talk about blockchain at work before crypto and Bitcoin appeared.
       
 (DIR) Post #AQpySbWtX3ORSpEw0O by dump_stack@lor.sh
       2022-12-21T16:45:07Z
       
       0 likes, 0 repeats
       
       @rocam54, yes, that's why I mentioned specifically "decentralized" and "with no trusted parties".