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Comment Re:Features also not possible with tomorrows tech (Score 2, Insightful) 40

You have to be stupid to think you have "freedom of speech" on anybody's private network or subreddit. It's the height of narcissism to think that's some "right" you have.

Reddit is run by individual armies of people who carefully cultivate specific communities. They have every right to restrict the content in their communities, and you have every right to create your own community if you don't like it. Complaining that you're upset because you broke somebody else's rules is childish.

Comment Re:Is Wired posting girl math now? (Score 1) 28

This "iNfLaTiOn" argument is so lame.

Nobody sits on a pile of cash for 10 years. If that's your idea of investing, you're an idiot.

And these people should be lucky. Chances are they'd have lost 100% of their principal if they had control of it. It was just luck they managed to get anything back.

Comment Why is this still a thing? (Score 2) 28

I do not understand why this is still going on? Blockchain has been around 15 years and it hasn't demonstrated it's good at anything except money laundering and scam.

For those who still don't understand watch the documentary Blockchain: Innovation or Illusion? It was written by a software engineer and it explains precisely how the whole thing works and why it doesn't work.

Do people really think they're going to get rich on something like this?

Comment The Naked Emperor Now In His 15th Year Of Fashion (Score 1) 46

It blows my mind that the absolutely buck-naked Emperor that is bitcoin & blockchain is still being touted as being even remotely useful.

Any basic example of how blockchain technology works pretty much indicates it is a fraud.

I guess the way modern media and journalism works is that if you take huge dump truck of bullshit and divide it into piles and make shit patties out of them and dress them up with lettuce and tomatoes and distribute them among a number of "de-centralized" restaurants, nobody will notice (due to the media taking them at face value without actually looking at the ingredients) they're all serving bullshit?

Comment What's really going on... (Score 1) 46

So... the notion of "trusted stablecoin" is an oxymoron. NONE of these, including USDC are anywhere near properly audited and regulated in the same vein as traditional financial institutions.

For an example, see the difference between audits and attestations.

So why the switch? Probably plausible deniability. USDT is more over-extended than USDC in the market right now. Coinbase figures more exchanges are going to collapse and if they insulate themselves from USDT they can claim they're "separate" until there's a similar run on USDC.

It's all a house of cards that's going to come crumbling down.

Comment Web3 REAL definition (Score 2) 90

Web 1: The original Internet - a combination of centralization (DNS,IANA) and de-centralization.

Web1 is still around and doing fine.

Web 2: Corporations discover Web1 and want a piece of it, so they give away free services in order to corral users into walled gardens: YouTube, Google, Facebook, Twitter, Reddit, Tiktoc, Instagram, etc.

Web2 runs on top of Web1, which is still there.

Any time anybody gets sick of Web2 they can go back to Web1. They can run their own web sites or Wordpress installations. IRC, Usenet, Etc.

Web 3: Web 2 with ponzi scheme tokens added

Web3 is just a different set of rich people offering inferior copies of web1 and web2 services with crypto tokens added, foolishly thinking that people are going to pay for inferior versions of services they already get for free. It's one of the most absurd things ever.

Comment Re:He's right (Score 1) 90

I'm just surprised they manage to convince venture capitalists to part with their cash.

There's a very specific reason a few VC firms have jumped into this.

It's because in the crypto ICO model, they can cash out before they even have a MVP or a business plan. This industry is so full of irrational idiots who think they're going to get-rich-quick, that they'll buy any new token that comes out. And these VC firms can give a crypto startup a bunch of money in return for tokens, then sell those tokens up front and get a return on their investment before anybody notices there's not even a rug to pull.

For more see This upcoming documentary: Blockchain - Innovation or Illusion?

Comment Upcoming documentary (Score 1) 90

There's a really good upcoming documentary about blockchain by a software engineer that's making the rounds now at film festivals, but will soon be released online. You can see some clips here on their channel.

At this point 14 years into the creation of blockchain, nobody can cite even a single definitive use case that doesn't involve criminal activity. Yet the mainstream media keeps harping this point that "blockchain is the future" but whenever someone is asked, "What is it uniquely good at?" the response seems to be, "It's still early!"

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