Link tags: crypto



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.

The AI hype bubble is the new crypto hype bubble

A handy round-up of recent wrtings on artificial insemination.

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.

When it came time to reckon with social media’s failings, nobody ran to the “web3” platforms. Nobody asked “can I get paid per message”? Nobody asked about the blockchain. The community of people who’ve been quietly doing this work for years (decades!) ended up being the ones who welcomed everyone over, as always.

Letter in Support of Responsible Fintech Policy

A well-written evisceration of cryptobollocks signed by Bruce Scheier, Tim Bray, Molly White, Cory Doctorow, and more.

If you’re a concerned US computer scientist, technologist or developer, you’ve got till June 10th to add your signature before this is submitted to congress.

Cautionary Tales from Cryptoland

This quote from the brilliant Molly White is about web3/blockchain/cryptobollocks but it applies to evaluating technology in general (like, say, JavaScript frameworks):

I firmly believe that companies first need to identify and research the problem they are trying to solve, and then select the right technology to do it. Those technologies may not be the latest buzzword, and they may not cause venture capitalists to come crawling out of the woodwork, but choosing technologies with that approach tends to be a lot more successful in the long run — at least, assuming the primary goal is to actually solve a problem rather than attract VC money.

The Laboratorium (2d ser.) (I Do Not Think That NFT Means What You Think It…)

The bottom line is that almost everything NFT advocates want to do on a blockchain can be done more easily and efficiently without one, and the legal infrastructure needed to make NFTs work defeats the point of using a blockchain in the first place.

🐠 Robin Sloan: describing the emotions of life online

Obviously, no one does this, I recognize this is a very niche endeavor, but the art and craft of maintaining a homepage, with some of your writing and a page that’s about you and whatever else over time, of course always includes addition and deletion, just like a garden — you’re snipping the dead blooms. I do this a lot. I’ll see something really old on my site, and I go, “you know what, I don’t like this anymore,” and I will delete it.

But that’s care. Both adding things and deleting things. Basically the sense of looking at something and saying, “is this good? Is this right? Can I make it better? What does this need right now?” Those are all expressions of care. And I think both the relentless abandonment of stuff that doesn’t have a billion users by tech companies, and the relentless accretion of garbage on the blockchain, I think they’re both kind of the antithesis, honestly, of care.

Web3 - creating problems where we need solutions on Vimeo

This is a great talk from Laura that clearly explains what web3 actually is. It pairs nicely with Molly White’s wb3 is going just great (speaking of which, Casey Newton interviewed Molly White about the site recently).

Make Free Stuff | Max Böck

At its very core, the rules of the web are different than those of “real” markets. The idea that ownership fundamentally means that nobody else can have the same thing you have just doesn’t apply here. This is a world where anything can easily be copied a million times and distributed around the globe in a second. If that were possible in the real world, we’d call it Utopia.

It’s not still the early days

If you’re interested in so-called web3, you should definitely follow Molly White.

How long can it possibly be “early days”? How long do we need to wait before someone comes up with an actual application of blockchain technologies that isn’t a transparent attempt to retroactively justify a technology that is inefficient in every sense of the word? How much pollution must we justify pumping into our atmosphere while we wait to get out of the “early days” of proof-of-work blockchains? How many people must be scammed for all they’re worth while technologists talk about just beginning to think about building safeguards into their platforms? How long must the laymen, who are so eagerly hustled into blockchain-based projects that promise to make them millionaires, be scolded as though it is their fault when they are scammed as if they should be capable of auditing smart contracts themselves?

The more you think about it, the more “it’s early days!” begins to sound like the desperate protestations of people with too much money sunk into a pyramid scheme, hoping they can bag a few more suckers and get out with their cash before the whole thing comes crashing down.


It me.

Occasionally, I wonder whether I’ve got it all wrong. Is my age, my technical unsophistication, or my fond remembrance of an internet unencumbered by commerce blinding me to the opportunities that crypto offers me? But then I read something terrible and I recant my doubts, meditate for a while and get on with my life.

Blockchain-based systems are not what they say they are

Blockchain technologies have somehow managed to land in the worst of both worlds—decentralized but not really, immutable but not really.

A great analysis of the system of smoke and mirrors that constitutes so-called web3:

Instead of being at the mercy of the “big tech” companies like Amazon and Google that monopolize the traditional way of doing things on the web, you are now at the mercy of a few other tech companies that are rapidly monopolizing the blockchain way of doing things.

Moxie Marlinspike >> Blog >> My first impressions of web3

A balanced, even-handed look at actually using so-called web3 technology. It turns out that even if you leave the ethical and environmental concerns aside, the technological underpinning are, um, troublesome to say the least.

Crypto: the good, the bad and the ugly |

A very even-handed and level-headed assessment by Laurie, who has far more patience than me when it comes to this shit.

Washed Up - Infrequently Noted

The term “web3” is a transparent attempt to associate technologies diametrically opposed to the web with its success; an effort to launder the reputation of systems that have most effectively served as vehicles for money laundering, fraud, and the acceleration of ransomware using the good name of a system that I help maintain.

Perhaps this play to appropriate the value of the web is what it smells like: a desperate move by bag-holders to lure in a new tranche of suckers, allowing them to clear speculative positions. Or perhaps it’s honest confusion. Technically speaking, whatever it is, it isn’t the web or any iteration of it.

A not so gentle intro to web3 | Koos Looijesteijn

Web3 is like a combination of pyramid schemes, scientology and Tamagotchi. There’s the fact that ultimately anything you do on blockchains costs you real money and that once you’ve paid that, you’re one of the people who need to get the next cohort of buyers onboard or lose your money. There’s believing that you’re joining a movement that’s in the know, with all kinds of interesting words and sci-fi stuff that normies just don’t understand. And there’s your portfolio, your pretty JPGs, wallets, apps and everything you spent so much time on understanding and maintaining. Good luck avoiding sunk cost fallacy there.

Wesley Aptekar-Cassels | web3 is Centralized

Ethereum is only decentralized in the way that doesn’t matter — you’re free to join the decentralized system, under the condition that you act in the exact same way as every other actor in that system.

Brian Eno on NFTs and Automaticism

Much of the energy behind crypto arises from the very strong need that some people feel to operate outside of a state, and therefore outside of any sort of democratic communal overview. The idea that Ayn Rand, that Nietzsche-for-Teenagers toxin, should have had her whacky ideas enshrined in a philosophy about money is what is terrifying to me.