Re:Having a safe CEX: proof of solvency and beyond
by ramraj07 on Monday November 21, 2022 @04:05AM
(#33690440)
Many of us were dismissive of everything cryptorelated even when many others became millionaires or billionaires believing into it. If you needed something as pathetic as the FTX fiasco to change your mind, you’re right, that’s unreasonable for sure.
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Re:Having a safe CEX: proof of solvency and beyond
by arkh on Monday November 21, 2022 @04:10AM
(#33690487)
> many others became millionaires or billionaires believing into it
Yeah, being first in a Ponzi scheme tend to work well for some people. For every winner in cryptocurrency there are losers as cryptocurrencies are a zero-sum game.
Re:Having a safe CEX: proof of solvency and beyond
by jnsaff2 on Monday November 21, 2022 @04:17AM
(#33690524)
decidedly negative sum as a lot of energy has been wasted to redistribute wealth
Re:Having a safe CEX: proof of solvency and beyond
by bluecalm on Monday November 21, 2022 @07:02AM
(#33691630)
Don't forget money spent paying employees, executives, buildings, leases etc. Mining is just one of the costs of the whole crypto worlds. It's an amazing industry that keeps providing nothing of value (or you can argue it creates negative value) while finding creative ways to spend money on it.
Burning thousands of GPU hours just to update an ineffective database is surely the most prominent one.
Re:Having a safe CEX: proof of solvency and beyond
by bluecalm on Monday November 21, 2022 @07:15AM
(#33691699)
Don't forget money spent paying employees, executives, buildings, leases etc. Mining is just one of the costs of the whole crypto world. It's an amazing industry that keeps providing nothing of value (or you can argue it creates negative value) while finding creative ways to spend money on it.
Burning thousands of GPU hours just to update an ineffective database is surely the most prominent one though.