Technology

37742 readers

489 users here now

A nice place to discuss rumors, happenings, innovations, and challenges in the technology sphere. We also welcome discussions on the intersections of technology and society. If it’s technological news or discussion of technology, it probably belongs here.

Remember the overriding ethos on Beehaw: Be(e) Nice. Each user you encounter here is a person, and should be treated with kindness (even if they’re wrong, or use a Linux distro you don’t like). Personal attacks will not be tolerated.

Subcommunities on Beehaw:

This community's icon was made by Aaron Schneider, under the CC-BY-NC-SA 4.0 license.

founded 2 years ago

MODERATORS

[email protected]

Opinion | Don’t Get Fooled Again by Crypto (www.nytimes.com)

submitted 3 months ago by [email protected] to c/[email protected]

68 comments fedilink hide all child comments

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 3 points 3 months ago (2 children)

Is it actually viable for ordinary people to purchase small amounts of cryptocurrency for the sole purposes of making more private purchases online or taking advantage of cryptocurrency discounts? All the coverage on them is about large-scale investing which makes me feel like no one buying and selling actually has any interest in cryptocurrencies as an alternative currency. Instead it's just about getting rich, which is a massive turn off.

[–] [email protected] 4 points 3 months ago* (last edited 3 months ago) (1 children)

Bitcoin is not practical for small purshases, because transaction takes several minutes, and have around 50USD per-transaction fee. Note the cost of fees and value of bitcoin vary wildly, so the same amount of bitcoin may be enough to pay rent in August, but not in September.

On a more ethical level, it's also quite bad because of the insane energy cost of bitcoin transactions.

[–] [email protected] 1 points 3 months ago

$50 per transaction fee is on the exceptionally high end.

The average fee for the last 24 hours was $0.81 per transaction according to https://mempool.space/mining

I agree with your other points.

[–] [email protected] 1 points 3 months ago

I mean, I know I do it, but yea, not a lot of people do. Most see it as investing or gambling

Sadly we're not really well represented, which leads to a lot of people calling all cryptos a "scam" which is just blatantly false.

Monero!