UC-Berkeley’s Nicholas Weaver has been studying cryptocurrency for years. He thinks it’s a terrible idea that will end in disaster.

@Sarcasmo220@lemmy.ml
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I always find it interesting that many of the harsh criticisms of cryptocurrency can be said of traditional currency and other assets. In the interview he even stated that the crypto world is speeding through the growing pains traditional markets had when they were not regulated.

IΛM0DΛY
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But now traditional currencies are regulated and no longer suffer from those problems, but cryptocurrencies are going through the same problems causing quite a few problems.

IΛM0DΛY
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This article is great.

So the stock market and the bond market are a positive-sum game. There are more winners than losers. Cryptocurrency starts with zero-sum. So it starts with a world where there can be no more winning than losing. We have systems like this. It’s called the horse track. It’s called the casino. Cryptocurrency investing is really provably gambling in an economic sense. And then there’s designs where those power bills have to get paid somewhere. So instead of zero-sum, it becomes deeply negative-sum.

anyone who thinks the stock and bond markets to be a positive sum game have skipped the last 100 years of financial history :)

poVoq
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It depends. For the stock market investor it is basically another way to gamble with the money, but for the companies getting the money it can be a very good source for bootstrapping needed investments. Of course only if it is used for such and not only to pay off extreme profits by early VC investors or founders.

What I do with my own time and money does not concern Mr Nicholas Weaver.

@sexy_peach
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sure, but that’s such a childish response

But it’s true. I don’t need to justify how and why I spend my money.

Why are you taking this guy’s opinion so weirdly personal?

It’s the attitude I have a problem with: some people are so arrogant that they think it’s ok to decide for others.

I don’t think anyone is deciding for you. Someone commenting on a subject doesn’t inherently imply they’re making decisions for the people related to said subject.

You don’t need to, but it would be healthy.

It absolutely does, because if you’re dabbling in crypto, it affects others too

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