Thanks bud. Good talk

Which ones? I wouldn’t mind shorting a few things.

Really? Where can you short crypto?

Oh, I don’t think it would take that long to notice. There are many people who make it their business to keep up with what’s happening on chain. I’d wager that before the perpetrators even managed to gain control alarm bells would be going off.

Maybe a full exodus might take weeks or months but enough to tank the token price could happen in minutes.

I don’t believe that the scenario that you’re imagining would be worthwhile enough for anyone to want to attempt it even if it is plausible.

Thanks. That’s interesting. How many nodes would be required to gain control? How much would that cost? And why would anyone want to do that?

I imagine once someone managed to secure control it wouldn’t go unnoticed by the users. It would probably trigger a mass exodus from whatever chain it happened to occur on, effectively tanking the token price. The controller would have spent a considerable amount of funds only to be left with a dead chain and worthless tokens.

Doesn’t really seem worth it unless I’m missing something.

I see. Could you elaborate on that at all? What are the claims vs. the reality? How is power concentrated to those with more money? Genuinely interested.

Crypto is vast my friend. It is not a financial system per se. At its core it is tools for human coordination which, by necessity contains a financial system.

It is indeed an experiment but it’s a little premature to say that it has failed. The cake is still in the oven.

It’s true that plenty of crypto projects have failed. That’s to be expected in a bleeding edge experimental space. People try things out and sometimes they fail. That’s how it works. There are however, plenty of projects that are still going strong fueled by very talented developers working tirelessly to address all of your criticisms. It just takes time. This is complex stuff. It’s the merging of cryptography, economics and computer science among other things. It’s going to take a little while.

Excuse me friend but why not say proof of stake? It seems to me as if that IS a great solution. I’ve never mined any type of crypto currency but I do run Ethereum validators. I run them on an Intel NUC mini PC. When I first switched them on I started with 6 validators all running on the same machine. I noticed no discernable difference in my household power consumption. Then I increased to 12 and then later 27 validators, again all on the same machine and again no discernible difference on my power bill. I can repeat this for hundreds of validators all on this one mini PC and not use any more power than I’m currently using. To do the same on a proof of work chain I’d need one specialized, dedicated machine that would use orders of magnitude more power for each miner.

Yep, experimentation is the essence of fucking around. But also finding out. Maybe I’m wrong here. Maybe it’s somewhere in the middle.

Yep, experimentation is the essence of fucking around. But also finding out. Maybe I’m wrong here. Maybe it’s somewhere in the middle.

I know it’s not symmetrical, but personally, I would consider “test with experiment” part of the fuck around phase.

The Zones of Thought series.