Cryptocurrencies add nothing useful to society, says chip-maker Nvidia

Re:Cryptocurrencies add nothing useful to society, says chip... by ipaddr on Sunday March 26, 2023 @05:27PM (#35319817)

Going the other direction where government controls all aspects of society is what the USSR and China decided was the best system. When the USSR broke up they gave all citizens ownership of previously held state enterprises which was worthless to them and those shares were sold ended up in few players hands.

Crypto is the opposite where miners hold as much power as developers to create a balance.

You can't sue in Canada when the government introduces wartime measures. Like Canada was under attack

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Re:Cryptocurrencies add nothing useful to society, says chip... by thenaturalist on Sunday March 26, 2023 @06:15PM (#35320214)

I am not going into the other direction though. I am not in any way saying the USSR or Chinese political system is or was desirable.

I explicitly gave the judicial branch as implemented in Western democratic societies as an example.

I'm no expert in Canadian politics, but to me it seems reasonable to assume that, just like in any other Western democratic society, the gov introducing wartime measures isn't what's day to day due process 99.9% of the time.

So you arguing based on extreme examples, which are at least partially out of context isn't really adding anything substantial to the discussion at hand I think.

How do miners hold as much power as big ass capitalists in a crypto world??

Look at the numbers for the distribution of crypto whales: https://insights.glassnode.com/bitcoin-supply-distribution-r...

Look at basic economic theory: Those who hold access to the means of production will accrue capital steadily over time.

Always has been that way, always will be.

Whether you mine a currency and then spend, or a government mints a currency, distributes it to you and then you spend has no effect on the matter.

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Re:Cryptocurrencies add nothing useful to society, says chip... by everfree on Sunday March 26, 2023 @06:19PM (#35320251)

> miners hold as much power as developers to create a balance

I have no horse in this conversation about government, but I think it's important to note that neither developers nor miners hold any direct power in creating a balance on a properly decentralized blockchain. Their only power is insofar as they are able to convince users to collectively change their node software to introduce code that creates such a balance. A chain's developers are generally in a much better position to convince users of that than its miners (or stakers) are.

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