The following argument is a moral, financial, and historical account of crytpocurrency.
Let's go deeper on why you shouldn't hop on the crypto bandwagon. Or, why you jump ship as soon as possible.
- All cryptos are made off "computers" doing work which is already active energy rather utilizing the infinite potential of humans. This is inherently morally wrong and anti-entrepreneurship.
You should be scared of something that a guy in a 3rd world country could never start doing because his local library will never let him use the internet in that purpose.
FYI: it is entirely possible to base "mining" off of people in 3rd world countries or 1st world homeless picking up trash and trying to find stuff to sell.
Electricity mining and real world trash mining are both arbitrary.
The difference is that one mechanism is more sustainable and reduces the carbon footprint. The other method actually uses up electricity and catapults us to environmental disaster.
- Every market built on trading or exchange has been taken over bots. Two major examples are: 1) Day Trading 2) Poker.
You're an idiot if you try and day trade now. Unless you're able to beat midstakes in poker you're an idiot for getting into the game because it's fast moving towards zero sum or GTO just like day trading.
Every zero sum system moves towards this end game.
Chess and Go are two other examples. Go is the most complex game in the history of humanity and has reached this point.
- Everyone who says they've made a lot of money won't release information on those numbers.
The numbers I've seen when calculated from anyone who is not an institutional investor amount to much less than you could have actually made just doing something to benefit humanity.
Seriously you can make much more benefitting humanity rather than trying to be in on the next ICO, trade event spanned by news, or even longterm holding onto some Lololololol (electricity).
Yes, your coin is fundamentally electricity. It only becomes a "physical object" when it hits the register in the CPU.
You made millions trading or building applications? Why not openly state it so the large majority and will come in and throttle you? Why just try to sneak in laggards and buffoons who will lose money?
All cryptocurrencies are hackable. That alone should scare you.
the trust rule theory of cryptocurrencies is a dubious premise. It is also the fundamental premise. You need a 3rd party just like with Fiat. You need people in tech to manage everything and keep the system up. Now you need even more people keeping up your system.
The vast majority of people who use cryptos are shady. So if the trust principle is right then you're already F'd.
This next one is a question: do you understand how your physical crypto wallet is secured? How about your computer? Can you make upgrades? Have you ever heard of an STIG or baseline? If not, stop using crypto because you're a guppie in there with some sharks.
It's all cryptography and security. If you don't understand it then just stop. Like stop now.
The vast majority of money made off the new system will be from developing infrastructure and software for all crypto. Can you write software? Also, see #7.
If the handful of billionaires trying to save you and the rest of the world think cryptocurrencies are more useful as a FIAT and bank opportunity then you shouldn't be using it.
Note: the video doesn't cover everything these guys have said on it. It does give you a general consensus that it is A) a bank technology B) Not a currency C) better for information exchange D) More useful for withdrawing money from customers.
The infrastructure of Bitcoin is good to replace the monolithic systems of mainframes. However, mainframes haven't been replaced by commodity hardware and data centers because the hardware isn't as good as the legacy systems. Commodity hardware that needs to be scrubbed, changed, and sanitized like yearly or monthly isn't good for the financial industry where you need to keep transactions for decades. It's not good for outages. It's not good because the hardware fails and over heats all the time.
Mainframes last decades. Crypto ledgers last decades. Commodity hardware does not.
However, I would immediately switch from any bank that adopted crypto ledgers because there would be a HUGE financial incentive for the unscrupulous to attack the distributed ledger.
Mainframe or not. Commodity hardware or not.
I would want an entire organization that's paid to literally keep making updates like the internet. I would also want them paid 1000x times what people are paid to keep the internet going.
- If everything I've said hasn't been enough information to actually educate you, you should listen to this:
As AI becomes more advanced, a rogue technologist can literally build a super computer network designed to topple the entire infrastructure without actively being involved in the attack.
There are already machines that can penetrate and upload viruses to other hardened supercomputers. They'll only get better at it. This is part of the reason why Elon Musk and other notable people involved in the tech sector caution against the adoption of AI.
If you add that to commodity hardware then it's a disaster.
Please read the background section of this:
AlphaGo versus Lee Sedol - Wikipedia
All done on commodity hardware. So, all I have to do is wait until 2020 or 2022, in the next major PC upgrade cycles, and collect a few thousand donated PCs to the Goodwill. Then I can topple Cryptocurrency. Or I can circumvent the Goodwill and collect decent computers from the library that are off cycle with 2012 computational abilities that are already in a network.
It's not that simple. FYI. You need some specialized knowledge.
If there is a real financial incentive then it will happen.
Don't think so?
Look at the Experian crisis!
The difference is that no one will be able to protect you.
- Anonymity and non-transaction reversal is a bad thing.
Are you cool with psuedo and even relative anonymity with your bank? How about your customer? How about the guy who is paying you?
- Crypto isn't as HUGE as you think. The boom is over.
The people publishing tax returns are institutional investors and accredited investors. They're already using trading algorithms. When the dumb guys go broke the system goes belly up because it's not based on FIAT and has no insurance.
The other guys are shady people in Asia trying to make a quick buck.
Bottom line:
It's morally wrong.
It's financially immoral.
It's polluted with criminals.
It's environmentally irresponsible and immoral.
It's going to be polluted with AI and bots soon.
Technological advancement is its main weakness.
Its moral assumptions are it's main weakness.
It relies on FIAT.
Regulation won't make the system better. Regulation empowers money laundering. I didn't get into it, but you should see #11
You should be wary of the new shiny thing you hear about.
You've been educated.
Don't lose massive amounts of money in the "electricity" rush. That's what happened in the gold Rush.
- I am rich if I start the block chain and mining system for "electricity" = Ponzi scheme.
Mining for precious metals is also a similar albeit different scheme where I need to overcome massive regulations then pay millions to buy research. After that, I need to pay millions to buy the land rights. After that, I need to pay millions to speculate and millions more to hire.
Mining in the non-precious metals sector is much different and the same goes for non-metallics. You can usually start those operations for like $70k or something or less.
Note: I'm not talking about gold as the main target. This follows for most precious metals.
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