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Joined 1 year ago
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Cake day: June 10th, 2023

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  • People are naive if they think the .ml admins and devs don’t intend to keep their thumb on the Lemmy scale. More instances need to take this threat seriously and defederate from .ml, and possibly even fork the Lemmy repos for when the devs inevitably decide they want to start building quiet exploits into the code. There are serious cyber security implications here that people are sleeping on


  • The value of a crypto token is ostensibly related to the value of the apps which the blockchain supports. It’s meant to be both a form of compensation for participating in the network, and as currency for purchasing services from blockchain apps. That’s how it derives intrinsic value. So if there is social media which runs on a blockchain, then the hosts within that blockchain get tokens for participating, and eg, advertisements or subscriptions are purchased in tokens. This means those who manage those participant nodes can sell their tokens to those who want to buy blockchain services. As the cumulative value of these services grows, an entire crypto economy is established, and it becomes effectively another form of fiat which has a real exchange rate backed by some real economic activity.

    This is how it’s supposed to work. The problem is that we just don’t have any compelling apps, and the initial speculation has all but ensured that this cannot happen organically because the market cap is already just so much bigger than any realistic medium term outlook for intrinsic value. Bitcoin’s blockchain would have to support some form application value which is bigger than the biggest companies in the world, and right now it basically has zero useful applications.