@Pinkpeony2
ALL modern currencies are digital and have been for decades. There is nothing fundamentally difficult about this. If you’ve used a credit card, you’ve used something that exists as nothing but binary. Fiat currency in cash is a minor part of all money, has been since fractional reserve banking became a thing.
The blockchain is the biggest advantage, and for that matter, disadvantage of the cryptocurrencies and it's a fundamental limitation. It is not magic.
@Cailleachian
Wait. So the solution to Bitcoin’s environmental problem… is to burn fossil fuels we wouldn’t otherwise? Am I reading that right?
So one guy on the web believes human waste and stranded gas in oil and gas wells will be sufficient to power the entire blockchain network with all its related inefficiencies that modern fintech does not have. I'll just leave this here. If nothing else, it shows how horribly inefficient Bitcoin is compared to modern finance systems. That, and we don't need to dedicate vast amounts of energy to a thing literally orders of magnitude slower and more energy inefficient than any modern banking system.
Additionally, CCS is a con. It’s the panacea people in the FF industry wanted but won’t get. It’s no better than the IPCC saying we can hit our climate goals once we magick up direct air capture carbon systems that work without creating more carbon (spoiler: they can’t).
Did I mention the massive disruption to the semiconductor market, the loss of free tier web services, the increase in crime related to such endeavours etc.
Re: Celsius
And yet, that’s how the majority of people interact with it. Hence my bringing up the scams and insecure nature surrounding trading or investing in such. Are you telling me people should be storing their crypto in personal hot wallets now? Then why were so, so many people losing their minds when such exchanges go down?
Re: the BFT
Actually, it had solutions already. There were several solutions already in existence before Bitcoin, but Bitcoin is the go to example in action of a DLT in common use now.
Relating to Proof of Work, they will needlessly waste resources to act as Sybil defences. If you want a successful permissionless blockchain that protects against such attacks, it will not be decentralised. You're literally giving up efficiency or efficacy by going that route.
And guess what already exists to deal with those issues? VISA.
I'm not going to fault you for "investing" in something that is, at the end of the day, a get rich quick scheme. No shame in that, people play the lottery weekly or attempt to get in on a number of other next big things.
But please stop trying to defend this pointlessly complex and useless technology that will never replace fiat so long as national gov'ts require the control of sovereign currency. It's never happening, and that's all the DeFi guys need to understand.