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diff --git a/content/entry/documentary-line-goes-up-the-problem-with-nfts.md b/content/entry/documentary-line-goes-up-the-problem-with-nfts.md index 7be2154..af4b2f6 100644 --- a/content/entry/documentary-line-goes-up-the-problem-with-nfts.md +++ b/content/entry/documentary-line-goes-up-the-problem-with-nfts.md @@ -1,5 +1,5 @@ --- -title: "[Documentary] Line Goes Up - The Problem With NFTs" +title: "[Documentary] Line Goes Up — The Problem With NFTs" date: 2022-03-15T00:00:00 tags: ['computing'] draft: false @@ -22,7 +22,7 @@ IOTA had a centralized coordinator, meaning that it wasn't even decentralized. I In hindsight, I never should've had anything to do with IOTA to begin with. It's a cryptocurrency with the goal of transacting internet of things data. As a privacy guy, I don't even like the internet of things. So it made very little sense for me to invest in it. ## Safe Network -After IOTA, I still didn't see the full picture. I thought IOTA was a scam project going nowhere, but there still had to be projects with real promise. So I found yet another ponzi to throw my money at - [Safecoin](https://safenetwork.org/). Safecoin didn't use a blockchain or a directed acyclic graph. It was entirely new and much more aligned with my goals. +After IOTA, I still didn't see the full picture. I thought IOTA was a scam project going nowhere, but there still had to be projects with real promise. So I found yet another ponzi to throw my money at — [Safecoin](https://safenetwork.org/). Safecoin didn't use a blockchain or a directed acyclic graph. It was entirely new and much more aligned with my goals. So naturally, I did some careful research and only then invested. Just kidding. No I didn't. I "invested" (gambled) before doing sufficient research. I did learn a lot about the technology. It's meant to be an open, decentralized, encrypted data store. They have a distributed hash table for routing and data storage. They developed a novel consensus mechanism. The Safe Network team recognized the [scalability problems of blockchain](https://yewtu.be/embed/i-RLdU8Y0Qc?local=true). Self-encryption seemed to make sense. @@ -61,7 +61,7 @@ In November of 2021, I wrote an entry titled [Future-Proof Digital Timestamping] ## Stephen Diehl A month later in December 2021, I stumbled across [the blog of Stephen Diehl](https://www.stephendiehl.com/blog.html), where I found extremely harsh criticism of cryptocurrency which I'd never heard before. Here's an excerpt: -> "Crypto is a cesspit of people swapping claims on non-economic nonsense in one giant orgy of internet memes and fools trying to screw each other playing mutual harm negative-sum games while chanting “we’re all going to make it”. All this while the house takes an enormous rake and changes the rules of the game to its liking whenever it likes." - Stephen Diehl, The Internet’s Casino Boats +> "Crypto is a cesspit of people swapping claims on non-economic nonsense in one giant orgy of internet memes and fools trying to screw each other playing mutual harm negative-sum games while chanting “we’re all going to make it”. All this while the house takes an enormous rake and changes the rules of the game to its liking whenever it likes." — Stephen Diehl, The Internet’s Casino Boats Pretty much all of his blog posts about cryptocurrency are this critical. I read several of his posts and found myself largely in agreement. I actually started to feel dumb that I ever put money into cryptocurrency or even considered being a part of a cryptocurrency project. |