Yeah, but one is extra bad for our enviroment while being a scam.
this post was submitted on 27 Jul 2025
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That's what i thought, too. I would never believed if someone telled me some years ago that there will be another scam (ai) that wastes even more power.
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The main reason I don't care for bitcoin is I have to count a bunch zeros after the decimal point, before reaching a useful number. $1 = 0.000006128921 btc? Really? Screw those zeroes. Bitcoin is inefficient in so many ways.
If that's the biggest complaint you have about it, it's probably not that bad.
I don't mind Bitcoin itself, but I do hate the ads and NFTs and pump and dump scams, obviously
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They should bring in subunits like an MMO. 1 bitcoin (118905USD) = 100 bitsilver 1 bitsilver (1189.05USD) = 100 bitcopper 1 bitcopper = 11.89USD
It doesn't even make any different to the number of bitcoin used, its just a more user friendly way of displaying it for small purchases.
This already exists. 1 bitcoin = 1,000 mBTC = 100,000,000 satoshi. The exchange rate as of writing is about 846 satoshis = 1 USD or 982 satoshis = 1 EUR. The current usage is thusly:
- Transaction fees on the main network are measured in sats/B (satoshis per [virtual] byte [of transaction size]).
- Transactions on the Lightning Network, a lower-fee instant payment network that runs on top of the ordinary Bitcoin network, are all denominated in respect to satoshis. So a payment on the Lightning Network is traditionally regarded as, for example, 50,000 satoshis rather than 0.5 mBTC or 0.0005 BTC. And the fee on that payment is usually in the range of 50-100 satoshis.
- Goods sold on the Lightning Network are typically priced in satoshis.
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1 dollar is currently worth .0000084 BTC; or, 840 Satoshi if zeros scare you.
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I honestly never understood how Lemmy, a privacy and decentralisation focused community, is so vehemently anti-crypto. It's worse than genAI. Every time it is mentioned, everyone goes "crypto is a scam". I don't think I've ever seen any good faith discussion around it, just "scam", "pyramid scheme", and "only criminals use it".
Let's get something out of the way immediately: shitcoins are a literal pyramid scheme and a scam. Anyone can make their own cryptocurrency in an evening, and anyone who throws money at them is either a fool or a gambler.
But I really don't understand what people mean when they say Bitcoin, or Ethereum, or Monero are a scam. Sure they can be used to scam you, just like Amazon gift cards can. Maybe it's about the price volatility, but the price of all 3 mentioned before is up on a day, week, month, 6 months, year, and 5 year scale. It's volatile, but is not a scam. If you bought and sold at two random points in time, it's more likely you made a profit than "got scammed". You know what actually is a scam? Credit scores, overdraft fees, having to pay to check your balance, and so many other fucked up practices in the US banking system.
"Criminals use them" is just the worst fucking argument, especially in a space like this. Are PGP, VPNs and TOR for criminals too? Do you think getting rid of crypto would stop crime?
And yes, proof of work fucking sucks. The energy consumption of Bitcoin mining is a problem. I am not a cryptobro who spends all his time making trades and is here to tell you that crypto is the salvation. They are far from being "good" for everyday use. I just wanted to point out how it seems that critical thought gets shut down at the sight of those 6 letters, and I hope someone can explain to me what they find so terrible about crypto (aside from environmental concerns and shitcoins)
You forgot shoes! Criminals use shoes, too! So everyone wearing shoes must be a criminal. Either that, or they were scammed into wearing shoes.
Lemmy is quite left-leaning, and the impetus behind creating Bitcoin was right-wing Austrian school economics. Now, it's being pushed by literal fascists.
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I think it's because, at least in the case of bitcoin, it has no practical real world use other than hoarding like beanie babies, and therefore no real value. As a currency it's entirely useless.
I have a bit more sympathy for ETH, maybe someday DeFi will produce something truly useful enough to justify the money in crypto, but it hasn't so far.
This is really getting into the weeds of what you define "value" to be. You could equally argue that a banknote also has no practical real world use other than hoarding (and to trade to others).
A banknote is accepted as a means of exchange, ie a currency in a way that bitcoin and other crypto coins are not and cannot ever be due to the fees and delays in the system, not to mention the absurd volatility or lack of liquidity in the smaller coins.
Crypto is also accepted as a means of exchange. There are plenty of merchants willing to accept it as payment, but they are just not geographically concentrated in one location like banknote-accepters are. With a banknote, you have a very high concentration of merchants who will accept that as a means of payment in one geographic area (i.e. the country or region whose central bank issued that banknote), while it is not accepted anywhere else. With most cryptocurrencies, they will be acceptable worldwide, but the concentration of people willing to take it in any given geographic area is low.
It is important to note that you can't take properties of the smaller coins (the ones which you are probably thinking of are derisively referred to as "shitcoins" and most are deserving of that epithet) and apply them to every cryptocurrency. Just like you can't use properties of the Zimbabwean dollar to smear all fiat currencies in general.
Bitcoin transactions on its Lightning Network are typically instantaneous, and fees are lower than most credit cards (usually on the order of 0.1%). An on-chain Bitcoin transaction currently has a fee of about 1 USD, which would make it competitive to credit cards for transactions greater than 40 USD. Bitcoin fees, despite being notorious for being the highest among all cryptos, are actually very competitive with most traditional payment methods. This transaction from the most recent block at the time of writing paid about 117 USD to move over 411 BTC worth 48.5 million USD. That means they paid about 0.00024% in fees and this is the highest-fee transaction in this block (meaning they paid the highest fee rate of any transaction in this block). The going rate for this block was actually much lower; whoever sent this transaction overpaid by about 50 times.
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Have you noticed that people who work in tech tend to be less excited about cool new flashy tech developments than the average person?
It's similar to how people who have worked in fast food aren't quite as keen on eating out than the average person.
Same as watching your co-worker who hasn't washed his hands after his last shit collect the pieces of a burger that dropped on the dirty floor to sell them to a customer isn't exactly appetizing, knowing what goes on behind the scenes with tech developments doesn't really get you on board for that either.
I think it's because we get excited super early, and by the time it goes mainstream we're tired of seeing it shoved into every place it doesn't belong
And it's probably still not being used for what we looked forward to about it
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also gnu taler should be next to bitcoin (ik not as widespread)
It's not quite the same as a traditional cryptocurrency but I look forward to seeing the results of the EU trial
It’s not quite the same as a traditional cryptocurrency but I look forward to seeing the results of the EU trial
yeah its more like "Open source visa/mastercard"
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