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Progressive Group Rebukes Democrats for Being 'Fully Complicit' in Industry-Backed Crypto Bill
(www.commondreams.org)
this post was submitted on 08 May 2025
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It's a bit different when the developers and early adopters are the ones perpetuating the grift. It's a digital money system with aggressive deflation and unregulated trading. Fraud is natural? Not coding to prevent fraud is implicit permission to commit fraud. Crypto didn't spawn out of a vacuum. They didn't somehow not know their virtual fake money was going to be used to grift and scam people.
Regular banking transactions cost fractions of a cent in electricity, as they don't have to do exhaustive amounts of proof of work. Bitcoins value is somewhat tied to the electrical cost of generating a bitcoin.
Hilarious, again to suggest that the creators of fake, unregulated stock markets for fake money are in any way not aware that they can be used for very real scam and fraud and are thus y'know, responsible to regulate it or responsible for the unregulated damage.
A physical object with physical design limitations. A thing that can then physically be broken and abused, not software that can be abused well within the design limitations. Memeable.
Name one of the developers and early adopters of a non-scam crypto like bitcoin (debatable at this point with lightning network being shoehorned in) or ethereum that is a grifter. Scammers making scam coins doesn't mean all crypto or people who are for crypto are scammers.
Crypto didn't spawn out of a vacuum, it came from earlier technologies like hashcash that was intended to prevent spam due to requiring a cost (PoW) in order to send the email. For bitcoin, go read the bitcoin white paper to see what the initial intention was.
Regular banking requires more people to manage those funds, think about how many skyscrapers for banks or other financial institutions you've seen, a lot of those jobs (and all the electricity requirement that goes into doing their jobs in that office) wouldn't be necessary due to how crypto functions. If you were to take away all those jobs at once with a crypto solution, I believe it would be a net negative in energy usage, or at the very least not an increase.
That's entirely speculation but one I don't see many people entertain at all, they just see the energy usage for PoW coins (which ETH isn't anymore BTW) and without any reasonable frame of reference (besides small countries because that's shocking) come to the conclusion that crypto bad because it uses energy.
Bad actors do bad actions, that doesn't mean the technology itself is bad, there's been a lot of real development in this space in the 14 or so years I've been following it that you completely undercut out of ignorance and preconceptions.
There's no fundamental difference, a tool is a tool, and people will find ways to abuse those tools, all we can reasonably do is attempt to prevent that to a reasonable extent (again going back to the glass example, we physically can't yet make a glass that can't be broken) and depend on external enforcement mechanisms like government.
Doesn't help our current govt in the US is coopted by a fascist mafia Don who's actively scamming with his own garbage coin.
Edit: I figure you might latch into my point about financial industry jobs and figured I'd point out my opinion on that concept https://sh.itjust.works/comment/17763409