Re:Vitalik Buterin is worried about crypto's future
by AlexandrB on Monday March 21, 2022 @09:57AM
(#30754163)
> Such as?
This video[1] covers a bunch and doesn't even mention energy usage much. Off the top of my head: rampant fraud[2] (e.g. so-called rugs in the NFT space and stolen artwork being minted as NFTs), financialization of everything, strong incentives to build intrusive DRM to enable "true" NFT ownership, creating incentives to hoard vs. invest thanks to deflationary currency, and loss of privacy (everything on a public blockchain).
This video[1] covers a bunch and doesn't even mention energy usage much. Off the top of my head: rampant fraud[2] (e.g. so-called rugs in the NFT space and stolen artwork being minted as NFTs), financialization of everything, strong incentives to build intrusive DRM to enable "true" NFT ownership, creating incentives to hoard vs. invest thanks to deflationary currency, and loss of privacy (everything on a public blockchain).
[1] https://www.youtube.com/watch?v=YQ_xWvX1n9g
[2] Oh and thanks to how blockchain technologies work, fraudulent transactions are often irreversible.