Technology
This is the official technology community of Lemmy.ml for all news related to creation and use of technology, and to facilitate civil, meaningful discussion around it.
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Not convinced, lots of good points are made, but lots of misleading and biased statements as well. There are many solutions to these problems mentioned and the stuff about the ethereum hack is weird. Eth wasnt hacked, a smart contract was. 51% attacks are not common but there are ways to eliminate this, namely replacing A blockchain with a directed acyclic graph. Like this shit is so half baked that it loses all its weight. I with the author stuck to what they actuallly knew.
Like all the stuff about whales dictating voting out comes are facts. The reality of it all is that some things are true decentralization. Like the ENS and ONS being able to replace central domain autorities. Of course there is a need for governance and human oversight ( like having voting based on verified identities not $ to determine if someone is abusing the system ). It also makes phishing and MITM attacks impossible.
Can we admit where there are merits while still calling out garbage like voting with money, NFT art, blockchain games etc? Its really that simple critisize what needs the attention. I think what makes people really mad is that its capitalism. And I think people are right to be mad about it.
I agree with everything you've mentioned here. TBH, I'm surprised that energy consumption was not brought up when it comes to heavier reliance on blockchain and crypto.
Seems like the primary pain points are, as you mentioned, capitalism and a premature tech fear. Environmental impact is just such an easy point to make here, it seems weird that it's never brought up in the original post
I agree, however I am hopeful. Majority of the 'proof-of-work' mining for Bitcoin comes from renewable energy. But it does create unnecessary wastage.
There are other other eco-friendly blockchains that use a 'proof-of-stake' model, where excessive mining is NOT required. Ethereum, the second largest in market cap ('value') is currently migrating to this model. And there are many other new blockchains coming out such as Solana and Avalanche which is efficient (enough), with proof-of-stake and other hybrid technology from day one.