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this post was submitted on 17 Nov 2023
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Wow imagine two different kinds of garbage having such a different impact on the climate
At least crypto is allowing people send money without relying on paypal or other big tech.
Or alternatively in actual first world countries you can just send money to people through your bank, for free. Hell in some third world countries they fuckn text their money around.
Until the banks (or the government, or someone more powerful than you) decides you shall not use your money and those funds get blocked. Or maybe you don't want to tell your bank, or the government, what you do with your money. Yes, there's cash, but it's going away. And please don't tell me "you have nothing to hide, so nothing to worry", there's plenty of legitimate reasons for privacy.
If people stopped thinking about crypto as "EaZZy MoNey" and instead, just treated it for what it was meant for, as a currency, it could actually be useful. But please let's get rid of proof-of-work and energy waste.
Yeah use those "to big to fail' having banks be integral to the system is a definition to first World. Not sure that's the dis you hoped it to be. Haha, you don't have banks too big to be capitalist they have to be socialized....
Zelle (/zɛl/) is a United States–based digital payments network run by a private financial services company owned by the banks Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo.
Crypto was invented as a fully decentralized form of keeping and spending money, not as an "investment" (really, gambling) instrument as it is used now, so I fully agree crypto isn't evil, it's how it's currently used that's a problem. Proof-of-work though is evil, due to its energy requirements. Thankfully some coins (e.g. ethereum) are switching to proof-of-stake which doesn't waste energy for nothing.
Proof of stake is making the crypto centralized by the stake holders, also the ethereum blockchain size is huge compared to Bitcoin, making it even more centralized because less people are willing to volunteer except the stake holders.
I'm not sure about the social dynamics with proof of stake, you might be right but, why aren't people willing to volounteer? Is there a limit to how many stakeholders there are? or a minimum (large) stake, meaning you must be rich?
Anyways, one thing I can say for sure: these dynamics already exist with proof-of-work: miners started using specialized hardware, raising the barrier to entry for the "small guys", so instead, people join large mining pools which are becoming more and more centralized.
So at least proof-of-stake is not worse in this respect.
People aren't willing to volunteer because of the hardware requirements for running a full Ethereum node and 32 ETH for staking. There are centralized staking pools which everyone uses, where people trusting those pools with there money.
And if a Bitcoin mining pool starts doing something suspicious, the miners can quickly switch to another pool. The miners have a choice in this case.