this post was submitted on 18 Nov 2024
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No one says cash is a scam because the finance bros on wall street use it to scam people in far worse ways.
But for some reason it's functionally impossible to separate crypto from the scamers who use it.
Well, the crypto bros only seem to come up with scammy uses for crypto, whereas cash can be exchanged for goods and services.
Doesn't mean there are no uses for crypto. Protesters and activists use it to fund their campaigns, for example. Or sanctions often have collateral damage that can be circumvented using crypto; for example, cutting Russia off the traditional financial system means, among other things, inability to financially support Ukrainians or the army, and on top of that, inside the country you'll be jailed if the police knows.
I personally use crypto from within Russia to rent a VPN server, and to support projects that do accept it.
Now, the other point is that proof-of-work consensus mechanism behind many of the crypto projects relies on ever-heavier computing, and while it remains unrivaled in terms of decentralization, it is not eco-friendly, which is very bad. Luckily, proof-of-stake cryptos exist, and their footprint is minimal.