Comment by "no" banana@lemmy.world on Etherium logo finally makes sense

What is an “Ethereum”? Some sort of subscription?

Ethereum is a petroleum based lube used in gay porn. When multiple dudes double dock during an orgy, that’s called a block chain. The ethereum on their foreskins creates an immutable ledger.

So what’s a hard fork?

That’s when a couple of bros split off into a new room but you can still hear them banging through the wall.

A cryptocurrency that recently lost a lot of its value

I can’t wait for people to realize they’re all in a pyramid scheme together. I’m sick of hearing bros saying crypto should be part of my portfolio.

If you can hold it long-term, it’s a fantastic investment.

If you’re a day trader that can’t look away from the charts for more than five minutes, then crypto definitely isn’t a good idea for you.

I’m sick of not hearing people saying that stocks and the rest of the casino economy are the exact same scam.

I don’t disagree, but there’s at least some capital and speculative value behind those companies. Crypto is straight up arbitrarily finite.

It never had any value, like all other crypto currencies. But it was used to fake value and dupe people out of their money.

Value isn’t necessarily something tangible. It’s what other people think it’s worth. The USD doesn’t have any more value than the belief people put in it. Do you also think it has no value?

I’m not defending crypto speculation, but it’s ignorant to say it doesn’t have value if you can buy things with it. Basically all modern money is based on faith, including crypto. Even when it’s based on gold or silver, that’s aren’t actually useful for most people so it’s still made up value worth however much people value that.

Basically all modern money is based on faith, including crypto.

Ok, sure, however, fiat currencies are based on the faith that there’s at least one entire nation that you can use your currency in, and is motivated to ensure their currency is worth something, and has some semblance of stability. Crypto is based on the faith that there’s other dumbasses out there that will agree with you that these particular bits hold value for some reason.

Crypto is based on the faith that there’s other dumbasses out there that will agree with you

And that’s the most beautiful thing about crypto that got lost in all the speculation, shitcoin, scams, and nft bullshit. A currency of the people for the people, but of course, when the pigs came into power they were the same as the old farmers.

It was always a scam. When people were saying these things, that was part of the scam.

There are good uses for the blockchain, just not really with currency.

Eh, it’s also the thing that makes it so vulnerable to speculation, shitcoin, scams, and nft bullshit

Sure. I’m not disagreeing with that, just that it doesn’t have value. It does. Just because it’s made up doesn’t mean it doesn’t have value, as long as someone is willing to buy it from you.

I don’t like these uses of crypto either. It’s just a really stupid argument to say it doesn’t have value. There are plenty of valid arguments that can be made against it without making something up like that.

Right, and I’m not arguing that cryptocurrency doesn’t have value, just that it’s value is based on a much less solid foundation than the value of fiat currency.

I’m sorry, but at this point I honestly have more faith in the latter than the former. I just don’t have any faith in America at all.

Ok I’m talking about fiat currency as a concept though, not the USD specifically.

If your point is that fiat currencies are still vulnerable to some instability, then sure, I guess I agree, but fiat currencies are still orders of magnitude more stable than cryptocurrencies.

The usd has value created by virtue of being backed by the usa government. It is not just faith based.

With the current administration, I’d argue we are definitely in “faith based” money right now.

It was originally based on a gold reserve and then taken off to become a fiat currency. Trump is talking about potentially not paying back debts owned to other governments. Definitely sounds faith based to me, there’s nothing hard backing it.

It’s funny because USA has gone bankrupt several times and most people don’t even know or acknowledge it.

Now they just print paper money and violently force people to use it for stolen oil.

That’s completely meaningless and worthless though, especially since that racist empire is literally destroying the planet with its petrol-dollars.

Money does not run on morals.

True, but that isn’t contradictory. The point is value of both of these forms of currency are made up and imaginary. They’re valuable as long as someone is willing to purchase it.

The same is true for gold. People think it has intrinsic value, which is why it’s so easy to scam people with. The value is almost entirely based on people thinking it’s valuable though.

I don’t like crypto-currencies. It “not having value” isn’t the correct argument to use against it though. It’s a pretty stupid one. There are plenty of good arguments that should be used instead.

They’re valuable as long as someone is willing to purchase it.

Government based fiats always has the guarantee that the government will accept them to settle your taxes.

So, as long as the government exists, there’s a buyer for the currency.

Not the case with made up ponzicoins.

The USA government? With the tariffs? And the orange buffoon in charge? If we’re counting that, then we might as well count his “crypto reserve” as backing too.

Or it could be backed by math and economics alone.

Basically all modern money is based on faith,

Wrong.

Fiat currencies are based on military might, not hopes and dreams.

I don’t think it’s worth the discussion, but comparing a fiat currency like the US dollar with crypto currency is a false equivalence argument. They aren’t even comparable.

You just compared them by calling them both currencies.

I didn’t say they’re equivalent. I said both of them have value that is imaginary. Crypto currencies have value if you can purchase things with them. It just makes you sound dumb to say it doesn’t have value. That’s not the correct argument to make against it.

Yo, don’t be bad-mouthing our soon-to-be currency. Scams and money laundering were never this easy.

It’s a pretty old cryptocoin: initally released back in 2015, and a significant change deployed in 2022. It was then when they changed from proof-of-work to proof-of-stake, which basically means that they don’t use mining anymore to keep the network running. They use like 1% of energy compared to PoW coins.

Also they have some smart contract capabilities which I suppose Ethereum people think are important. But I’ve never seen any practical use for that stuff.

Still, I think Eth is one of the cryptos that actually tries to be useful and efficient in some way and not just a stupid pump and dump scheme. Turns out, nobody gives a fuck about that, perhaps?

Also they have some smart contract capabilities which I suppose Ethereum people think are important. But I’ve never seen any practical use for that stuff.

Anything you need complicated multi-party interactions for that you want guarantees on. Real estate escrow comes to mind first. Depository accounts with yield. An immutable archive of records. Multi-signature corporate treasuries. Whatever. It’s programmable money. It’s not even necessarily monetary, because smart contracts can just deal with arbitrary data.

Never impressive to see a technical audience shit all over Ethereum for internet points. By far the least scammy crypto people have actually dedicated years into building something real on.

Would be great if they got some of that out there.

Respectfully, I think it’s just you. Ethereum smart contracts are universally publicized and utilized in the crypto community, and it’s why people were/are interested in the project. Many other coins are built on top of this technology. It’s pretty foundational. If you look into crypto any deeper than just buying and selling it, then the topic should have come up pretty much immediately.

Good to know, thanks.

I reckon most of that already is. A real estate escrow smart contract is maybe 200-300 lines long in Solidity, depending of course on what it supports (contingencies and such). You may want to actually go look around, because there’s I don’t know how many millions of lines of Solidity already written. It doesn’t all get as much publicity as NFTs.

The off chain legalities are the tricky part of a real estate crypto deal.

Can changing house ownership really be as simple as making an alterations on a decentralized ledger?

It’s only worth $80,000 per token. Nobody gives a fuck! smh.

Haha yeah I made this comment mostly to see if I could meme some anger out of someone. Got some nice explanations though.

Not like it was obvious lol

It’s a decentralized network running a virtual machine with its own token to pay for usage.

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