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this post was submitted on 09 Aug 2023
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You are being downvoted because crypto is volatile, untrustworthy, and the favorite tool in the last 30 years of scammers and swindlers. Even if you described it perfectly, talking about it like it like it isn't a reprehensible thing will and should draw negative attention from people who know better than to tolerate con artists and their enthusiastic marks.
But again, exactly like how the big players happily maniuplate the stock market willfully for furthering their own goals and increasing their value, how does any of what you said provide any confidence for me or anyone else that people with dominant amounts of the currency can't cooperatively and subtly push it's value up or down as it suits their needs? I don't care either way personally, I wouldn't get involved with crypto with someone else's money if I was paid to do it. But idk why crypto people would trust this after the whole point was supposed to be a trustless system
Idc about the value of Ether itself. If it maintains a healthy valuation in real world terms, that's all that is needed to secure Ethereum. I don't need to trust validators to know they are doing their job, that's how the system is designed. Validators should make sure that state integrity is preserved and that's about it. If they don't, their stake gets reduced and can even go to zero. This is exactly what it means to be trustless. The valuation of Ether is only relevant to the point that it retains enough value that attacking the network becomes prohibitively expensive.
Market manipulation is a function of people and non-transparent dealings. If anything, fully onchain finance would allow information asymmetry to be reduced so that regular people can beware of such frauds.
Are there con artists? Of course. Why would that make me not try to build a better system than "regulated finance" which is the same, if not worse, deal but where I am not allowed to participate by regulators who act as gatekeepers.
Ether by itself is useless, its value is determined by how much demand blockspace on Ethereum has. This is a better system than my government imposing capital controls and taxing the shit out of me without even giving me a good bus to ride on to work.
Anyway, like it was said, if you don't get it, it's not really my job to convince you, but I hope you don't go around spreading misinformation like you are doing right now.
I couldn't have said it better myself.
The only thing I'd add is that through the rise of the interent and email scammers hopped on the train to exploit the technology as much as they could. That doesn't mean we shouldn't use the Internet or that it's inheritently bad, we just have to be aware of the possible dangers when using it.
The Internet had its neigh sayers but I'm sure noone here would disagree that it is overall a useful and beneficial tool.