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| author | Ewout Wieten <ewout@ewy.one> | 2023-01-10 14:09:13 +0100 |
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| committer | Ewout Wieten <ewout@ewy.one> | 2023-01-10 14:09:13 +0100 |
| commit | 26d498fb85ac1301fc0933d64250a0d48d3e0880 (patch) | |
| tree | beaaae1418439c45ab3e4bfba3f2dcdf2c6881cf /entry/crypto-ponzi | |
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| -rw-r--r-- | entry/crypto-ponzi/index.html | 56 |
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diff --git a/entry/crypto-ponzi/index.html b/entry/crypto-ponzi/index.html new file mode 100644 index 0000000..32ab363 --- /dev/null +++ b/entry/crypto-ponzi/index.html @@ -0,0 +1,56 @@ +<!DOCTYPE html> +<html lang="en"> +<head> + <title>Cryptocurrency is a ponzi scheme | ewy.one</title> + <meta charset="UTF-8"/> + <link rel="stylesheet" type="text/css" href="/reset.css"/> + <link rel="stylesheet" type="text/css" href="/terminal.css"/> + <meta content="Thought: cryptocurrency | ewy.one" property="og:title" /> + <meta content="I'm not exactly positive on the subject." property="og:description" /> + <meta content="https://blog.ewy.one/entry/stop-it" property="og:url" /> + <meta content="#3E3B37" data-react-helmet="true" name="theme-color" /> +</head> +<body> +<header> + <h1>Cryptocurrency is a ponzi scheme.</h1> +</header> +<main> + <p> + The "ponzi scheme" is named after some italian guy that ran a business that used new investors' money to + pay old investors, making it seem like their investments were bearing fruit. Now, that probably doesn't + sound like cryptocurrency to you yet, but I hope to make a compelling case by the time you finish reading + this page. + </p> + <p> + Have you ever noticed when someone invests in crypto, and it immediately usurps them and becomes their + lifestyle? This doesn't happen to everyone, but I've seen it occur at a roughly 50% split. This happens + because their investment holds no inherent value. They simply purchased some immutable + bits: they don't mean anything, they don't do anything, but that's where the value comes from: they cannot + be changed. This is why the crypto-kings are so preoccupied with upholding the legitimacy of their bits. + They need new investors to uphold the value of their holdings, or it will implode. + </p> + <aside> + This side effect of crypto investments has, in my experience, ann about 50% chance of occurring. + </aside> + <h2>The blockchain is neither immutable nor decentralized.</h2> + <p> + The blockchain is not decentralized. Although you could run your own node - and waste hundreds of gigabytes + of your precious storage, not to mention bandwidth and processing power. Nobody wants to do this; this has + caused several third parties to show up and provide APIs for interacting with this blockchain. If any of + these APIs see cause for blocking (or - god forbid - alter) your queries, you'll have to move to a different + provider, not dissimilar to existing online payment systems. + </p> + <p> + The blockchain is not immutable. If someone were, for example, to commit child abuse content to a blockchain, + or if there has been a major hack (this happened), the corporation managing said chain can simply roll back + to a previous version of the chain and start again from there. Although neither of the blockchains + prohibit the existence of the other, the value of the "currency" in the pre-fork chain will plummet to zero, + either because the robbed people want their tokens back, or because nobody wants to host child abuse content + on their node. + </p> +</main> +<footer> + <a href="/"><< Return</a> +</footer> +</body> +</html>
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