… the founding ideas are promising, and something I dream of.

Before I start, just a little bit of background on me so you can understand how biased I am (😅): I’m a 16 years old programmer and I won a few crypto hackathon/funding rounds and I made a lot of friends in the field. It allowed me to get quite a bit of ETH/XMR along the way!

I see cryptocurrencies getting a lot of hate, rightly so for the number of scams, shitcoins, NFTs bullshit, “governance”, DAOs and all those often useless & snob terms.

However the founding ideas of decentralisation and freedom with your money are very appealing to me. Smart contracts are really interesting for creating your own banking operation and tokens can represent anything! It’s a world of possibilities to play with, and you get to build something useful for people!

I’d just like to add a bit of nuance tho: I see a lot of apps being built and what’s really making me laugh is the lack of open-source, decentralisation and auditing on privacy. Granted, there is a lot of fake promises, but it’s like everything, you have to find the talented people to follow.

I find it fascinating to build unstoppable, decentralised, user-first apps. I just hope that web3 stays true to its founding principles.

Hope it was interesting, tell me what you think!

EDIT: title+typos+the game is not comfortably played in Act 2

  • EddyBot@feddit.deEnglish
    10·
    1 year ago

    The only real world advantage that crypto seems to have over other currencies is that it is both difficult to trace and it is digital.

    most crypto currencies (excluding Monero) are easier to trace than fiat money since every transaction is public to anyone as long as you know the public key (address)
    relying on “Mixer” services require are third party in hope they don’t actually sell you out and most crypto exchanges have kyc implemented by law

    • coyotino [he/him]@beehaw.orgEnglish
      5·
      1 year ago

      great point, which actually helps further my point. Regulations passed over the past 10 years to clamp down on crypto have minimized its effectiveness as a less-traceable currency, which further reduces the cases where cryptocurrencies are better or easier to use than fiat currencies.