Link tags: cryptobollocks

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Bitcoin is Commoditized Waste - by Rusty Foster

It’s a popular myth that a Bitcoin’s value is based on nothing, just pulled out of thin air by math. But that’s not true—Bitcoin is a way to commoditize energy consumption without accidentally producing anything useful. Other energy-intensive industries tend to convert energy into useful materials like aluminum or cement. Bitcoin converts electricity into waste heat and records its destruction in the form of numbers, which can then be traded for other numbers but not used to make anything people need or converted back into energy.

Jeepers Frigging Cripes Crypto and NFTs are so stupid and dumb and bad and I can’t even. I’m out. Goodbye. Burn it down please. - Chris Coyier

Literally every experience I have in this world is gross at best and criminally evil at worst. Who it benefits that actually needs the benfefit is vanishingly few.

Here are some rhetorical questions from Chris:

How many years into this are we with no practical use cases for the world? How many resources have to be burned before this is seen?

Those meddling kids! The Reverse Scooby-Doo theory of tech innovation comes with the excuses baked in | Nieman Journalism Lab

Manufactured inevitability a.k.a bullshit:

There’s a standard trope that tech evangelists deploy when they talk about the latest fad. It goes something like this:

  1. Technology XYZ is arriving. It will be incredible for everyone. It is basically inevitable.
  2. The only thing that can stop it is regulators and/or incumbent industries. If they are so foolish as to stand in its way, then we won’t be rewarded with the glorious future that I am promising.

We can think of this rhetorical move as a Reverse Scooby-Doo. It’s as though Silicon Valley has assumed the role of a Scooby-Doo villain — but decided in this case that he’s actually the hero. (“We would’ve gotten away with it, too, if it wasn’t for those meddling regulators!”)

The critical point is that their faith in the promise of the technology is balanced against a revulsion towards existing institutions. (The future is bright! Unless they make it dim.) If the future doesn’t turn out as predicted, those meddlers are to blame. It builds a safety valve into their model of the future, rendering all predictions unfalsifiable.