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What are your thoughts on green/private cryptos? (lemmy.ml)

submitted 2 years ago by libre_warrior@lemmy.ml to c/green@lemmy.ml

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Im interested in cryptos, because it could serve as a foundation for an internet funded by people and communities. A crypto that protects people's privacy and has a low energy cost.

But is this enough to make it ethical? Are there other aspects to take into concideration? Or is ethical cryptos possible?

In particular Im looking into Mobilecoin which Signal has integrated into their app.

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[–] CHEFKOCH@lemmy.ml -1 points 2 years ago* (last edited 2 years ago) (2 children)

Cryptocurrencies is the future, one way or another.

We need to get rid of traditional banking, improve the blockchain process and find a way to block mining, then we are much more efficient than traditional banking because you can easily do thousand transactions within milliseconds without depending on external middle mans.

My idea is that Govt. takes over cryptocurrencies and that traditional banks monitor and improve the system. So you still have your bank, the govt is happy because they can monitor potential fraud and we get a more privacy respecting system.

The entire ponzi scheme discussion only stands and falls with mining. If that is out of the equation then we are pretty much ready to go, China uses their app, so there is no hard cash anymore and it works pretty well for them.

[–] ksynwa@lemmy.ml 2 points 2 years ago (1 children)

Digital Yuan is not based on blockchain

[–] CHEFKOCH@lemmy.ml -1 points 2 years ago* (last edited 2 years ago) (1 children)

It is about the principle, you replace hard cash. Also this is not entirely right since there are plans to integrate a blockchain but right-now there are not much green alternatives.

One way or another it supports my point because centralized systems are even less efficient, as explained.

[–] glorpster@feddit.de -1 points 2 years ago (1 children)

We need to get rid of traditional banking, improve the blockchain process and find a way to block mining, then we are much more efficient than traditional banking because you can easily do thousand transactions within milliseconds without depending on external middle mans.

Yes, if we just eliminate all the flaws of crypto, crypto is the perfect currency. Just like if we eliminate all the flaws of capitalism, it's the perfect system.

Sorry for the cynicism, but I just don't think statements like that say very much without pointing at least in a vague direction that shows HOW it might become feasible.

[–] CHEFKOCH@lemmy.ml -1 points 2 years ago* (last edited 2 years ago) (1 children)

Yes, if we just eliminate all the flaws of crypto, crypto is the perfect currency. Just like if we eliminate all the flaws of capitalism, it’s the perfect system.

This community is about green and not capitalism, consumerism, monopolies etc pp. I did explained the major issue and there is no one who actually tried to workaround this, because the system is considerable new and the original proposal was never meant to be abused the way people doing it. People just getting started, the research on this started, LH2 looks promising but needs more testing on a bigger scale and then you still need to solve a few things.

No one here btw claimed its the perfect system my words are .. it is the future one way or another.

Your own words right...

Can I see your proposal, protocol, research etc to improve it. NOPE, so lets move on.

Even in the future when all bitcoins have been mined, the idea is that miners continue to calculate hashes for the blocks, and that they are compensated for that via transaction fees.

There are some ideas I have like e.g. putting a threshold on it. nVidia had the idea to limit mining trough firmware, with less success but I do not want people abusing every hardware to quickly making a buck on behalf of the environment. You do not even need to block it, making it unattractive is enough to piss of miner.

... presumably government involvement would also wish to control the supply of (virtual) currency much like it does today to attempt to control inflation. The mechanism that they’d use for that would look much like mining (just that only they’d be allowed to do it).

Without govt there is abuse, we saw this and without control, inspection the abuse will continue, we have the current dilemma because people scam, and they hide behind the system. I rather trust my bank than you with my money, nothing personal, would say the same about everyone.

[–] glorpster@feddit.de 0 points 2 years ago (1 children)

This community is about green and not capitalism, consumerism, monopolies etc pp. I did explained the major issue

Yes, you were talking about it in broader terms (and are continuing in your post to talk about it). So you can hardly criticize me for also taking a bigger picture view without strawmanning.

there is no one who actually tried to workaround this, because the system is considerable new...

There are literally hundreds of cryptocurrency projects, many claiming to solve the issues other cryptos have

[–] CHEFKOCH@lemmy.ml -1 points 2 years ago

Yeah, claims. Give me 5 bucks and I also claim I found aliens.

Also getting rid of everything, in the name of broader terms is not how society works. Thankfully I might add.