this post was submitted on 18 Jun 2025
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Resurrecting a dead torrent tracker and finding 3 million peers (kianbradley.com)
submitted 23 hours ago by fantawurstwasser@feddit.org to c/technology@lemmy.world
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[–] phoenixz@lemmy.ca 0 points 10 hours ago (2 children)

Crypto is not a scam, it's just plain stupid.

The entire idea behind it is what a third grader might come up with and think it's a great idea. It's not.

It literally requires every connected wallet to process the same transactions as everyone else. Can you imagine doing billions of transactions per day this way? It is extremely inefficient and yes, this is one of the reasons why even the relatively low amount of transactions that Bitcoin processes costs more electricity than a small modern country.

It's in a way comparable to a cpu doing 6+7 in a single CPU cycle whilst AI needs to burn down a forest to answer the same question

Crypto is stupid.

I get what its trying to replace and i agree that the current system sucks as well for a long list of reasons, but crypto is NOT the solution. A fundamentally different system must be designed to be able to solve the issues that crypto is trying to solve

[–] ipitco@lemmy.super.ynh.fr 1 points 54 minutes ago

You don’t understand how crypto works it seems

It literally requires every connected wallet to process the same transactions as everyone else

That’s misleading. Your wallet scans blocks for transactions that goes to your wallet, but this is super fast for many cryptocurrencies. Wallets usually sync in seconds.

this is one of the reasons why even the relatively low amount of transactions that Bitcoin processes costs more electricity than a small modern country.

No. The main reason is block size and block emission period. Also, you’re completely forgetting the fact that non Proof Of Work cryptocurrencies exist, and have close to 0 electricity cost

The entire idea behind it is what a third grader might come up with and think it's a great idea. It's not.

If they do they’re pretty much a fucking genius for their age

[–] WhyJiffie@sh.itjust.works 2 points 4 hours ago* (last edited 4 hours ago)

It literally requires every connected wallet to process the same transactions as everyone else.

wat?

wallets don't process any transactions other than yours. and even then, wallets do the easy work.