Re: It's time for us in the tech world to speak out about cryptocurrency
This was a contentless response.<p>The author literally rehashed _every single point_ us crypto detractors have been claiming since forever. Phrases such as:<p>&quot;If you are going to invest in cryptocurrency, you invest for the reasons which make it technologically superior to the current system, not the potential value it will give you in 3 months.&quot;<p>In which some of us have been waiting for a decade to see said innovations actually make a dent. To give you some perspective, in that span of time we went from DOOM to Half-Life 2, from Altavista&#x27;s launch to Google&#x27;s IPO, and so on. The pace of uptake of crypto for its stated purposes is _appalling_ as a supposedly state-of-the-art tech.<p>&quot;These properties of cryptocurrency give people reason to buy into and
transact with it. The people who find value in cryptocurrency are the ones who
actually use it. Remember there was a short period when people could buy games
off Playstation Network and Steam, and still there are some services offering to
purchase items in cryptocurrency.&quot;<p>And you basically can&#x27;t buy any consumer good with crypto, because it turns out most of it is pretty bad for that. It says something when digital wallets and finance products dominate over, you know, actually transacting with said digital currency.<p>&quot;Back on topic: the decentralization issue will soon be resolved when systems
like proof of stake begin to dominate (hello Ethereum 2 again). China is most
likely contains the largest mining pools because they manufacture the ASICs
there.&quot;<p>And again with this trite. There&#x27;s always some magical tech in the future of crypto which will suddenly solve its most salient problems preventing it from fulfilling its stated purpose.<p>I&#x27;ve been around the block. I&#x27;ve seen how economic incentives push research. It&#x27;s simple: if people were actually interested in transacting with crypto, you&#x27;d see all the people building the thousandth wallet app actually working on solving these problems.<p>But they don&#x27;t.<p>Because speculative trading and parting fools with their money is a greater incentive than building an actually useful technology.<p>&quot;How Pinboard can say it&#x27;s not a store of value is dumbfounding. I feel like
staring at a wall. How is something where people have literally stored billions
of dollars into, not a store of value.&quot;<p>This means the author doesn&#x27;t know what a store of value is.<p>The part about his counter-critiques to smart contracts is hilarious. _This time_ we&#x27;ll have flawless, formally verified, bug-free software and auditors that can competently find all bugs.