this post was submitted on 20 Aug 2024
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Generative AI hype is ending – and now the technology might actually become useful (theconversation.com)
submitted 4 weeks ago by Ilandar@aussie.zone to c/technology@lemmy.world
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[–] circuscritic@lemmy.ca 15 points 4 weeks ago* (last edited 4 weeks ago)

Are you really using all of human history as a timeframe to say that currency is a relatively recent phenomenon?

Again, I'm not anti-cryptocurrency, but it's not really a currency anymore than any other commodity in a commodity exchange, or a barter market.

And I don't care if it's livestock, or Bitcoin, I'm not accepting either as payment if I sell my home, or car. Not because of principles, but because I don't know how to convert livestock into cash, and I can't risk the Bitcoin payment halving in value before I can convert it to cash.

And who was talking extremes? I'm just pointing out the absurdity of the claims that crypto is the replacement for, or salvation from, our current economic system, or the delusion that currency backed by a nation is somehow just as ephemeral as Bitcoin, or ERC20 rug pulls.

You said Bitcoin was designed to free us from the tyranny of big capital, but it's been entirely co-opted by the same boogeyman. So regardless of the intentionality behind the project, it's now just another speculative asset.

Except, unlike gold or futures contracts, there's no tangible real world asset, but there is a hell of a real cost.