Tags: ponzi

18

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Wednesday, June 1st, 2022

Letter in Support of Responsible Fintech Policy

A well-written evisceration of cryptobollocks signed by Bruce Scheier, Tim Bray, Molly White, Cory Doctorow, and more.

If you’re a concerned US computer scientist, technologist or developer, you’ve got till June 10th to add your signature before this is submitted to congress.

Thursday, May 12th, 2022

Cautionary Tales from Cryptoland

This quote from the brilliant Molly White is about web3/blockchain/cryptobollocks but it applies to evaluating technology in general (like, say, JavaScript frameworks):

I firmly believe that companies first need to identify and research the problem they are trying to solve, and then select the right technology to do it. Those technologies may not be the latest buzzword, and they may not cause venture capitalists to come crawling out of the woodwork, but choosing technologies with that approach tends to be a lot more successful in the long run — at least, assuming the primary goal is to actually solve a problem rather than attract VC money.

Monday, April 25th, 2022

TEDxBrighton 2022

I went to TEDxBrighton on Friday. I didn’t actually realise it was happening until just a couple of days beforehand, but I once I knew, I figured I should take advantage of it being right here in my own town.

All in all, it was a terrific day. The MCing by Adam Pearson was great—just the right mix of enthusiasm and tongue-in-cheek humour. The curation of the line-up worked well too. The day was broken up into four loosely-themed sections. As I’m currently in the process of curating an event myself, I can appreciate how challenging it is.

Each section opened with a musical act. Again, having been involved behind the scenes with many events myself, I was impressed by the audaciousness, just from a logistical perspective. It all went relatively smoothly.

The talks at a TED or TEDx event can be a mixed bag. You can have a scientist on stage distilling years of research into a succint message followed by someone talking nonsense about some pseudo-psychological self-help scheme. But at TEDxBrighton, we lucked out.

A highlight for me was Dr James Mannion talking about implementation science—something that felt directly applicable to design work. Victoria Jenkins was also terrific, and again, her points about inclusive design felt very relevant. And of course I really enjoyed the space-based talks by Melissa Thorpe and Bianca Cefalo. Now that I think about it, just about everyone was great: Katie Vincent, Lewis Wedlock, Dina Nayeri—they all wowed me.

With one exception. There was a talk that was supposed to be about the future of democracy. In reality it quickly veered into DAOs before descending into a pitch for crypto and NFTs. The call to action was literally for everyone in the audience to go out and get a crypto wallet and buy an NFT …using ethereum no less! We were exhorted to use an unbelievably wasteful and energy-intensive proof-of-work technology to get our hands on a receipt for a JPG …from the same stage that would later highlight the work of climate activists like Tommie Eaton. It was really quite disgusting. The fear-based message of the talk was literally about getting in on the scheme before it’s too late. At one point we were told to “do the research.” I’m surprised we weren’t all told that we’re “not going to make it.”

A disgraceful shill for a ponzi scheme would’ve ruined any other event. Fortunately the line-up at TEDxBrighton was so strong that one scam artist couldn’t torpedo the day. Just like crypto itself—and associated bollocks like NFTs and web3—it was infuriating to have to sit through it in the short term, but then it just faded away into insignificance. One desperate peddler of snake oil couldn’t make a dent in an otherwise great day.

Wednesday, February 16th, 2022

Web3 - creating problems where we need solutions on Vimeo

This is a great talk from Laura that clearly explains what web3 actually is. It pairs nicely with Molly White’s wb3 is going just great (speaking of which, Casey Newton interviewed Molly White about the site recently).

Sunday, January 16th, 2022

It’s not still the early days

If you’re interested in so-called web3, you should definitely follow Molly White.

How long can it possibly be “early days”? How long do we need to wait before someone comes up with an actual application of blockchain technologies that isn’t a transparent attempt to retroactively justify a technology that is inefficient in every sense of the word? How much pollution must we justify pumping into our atmosphere while we wait to get out of the “early days” of proof-of-work blockchains? How many people must be scammed for all they’re worth while technologists talk about just beginning to think about building safeguards into their platforms? How long must the laymen, who are so eagerly hustled into blockchain-based projects that promise to make them millionaires, be scolded as though it is their fault when they are scammed as if they should be capable of auditing smart contracts themselves?

The more you think about it, the more “it’s early days!” begins to sound like the desperate protestations of people with too much money sunk into a pyramid scheme, hoping they can bag a few more suckers and get out with their cash before the whole thing comes crashing down.

Tuesday, January 11th, 2022

Norton

It me.

Occasionally, I wonder whether I’ve got it all wrong. Is my age, my technical unsophistication, or my fond remembrance of an internet unencumbered by commerce blinding me to the opportunities that crypto offers me? But then I read something terrible and I recant my doubts, meditate for a while and get on with my life.

Monday, January 10th, 2022

Blockchain-based systems are not what they say they are

Blockchain technologies have somehow managed to land in the worst of both worlds—decentralized but not really, immutable but not really.

A great analysis of the system of smoke and mirrors that constitutes so-called web3:

Instead of being at the mercy of the “big tech” companies like Amazon and Google that monopolize the traditional way of doing things on the web, you are now at the mercy of a few other tech companies that are rapidly monopolizing the blockchain way of doing things.

Saturday, January 8th, 2022

Moxie Marlinspike >> Blog >> My first impressions of web3

A balanced, even-handed look at actually using so-called web3 technology. It turns out that even if you leave the ethical and environmental concerns aside, the technological underpinning are, um, troublesome to say the least.

Thursday, January 6th, 2022

Crypto: the good, the bad and the ugly | Seldo.com

A very even-handed and level-headed assessment by Laurie, who has far more patience than me when it comes to this shit.

Washed Up - Infrequently Noted

The term “web3” is a transparent attempt to associate technologies diametrically opposed to the web with its success; an effort to launder the reputation of systems that have most effectively served as vehicles for money laundering, fraud, and the acceleration of ransomware using the good name of a system that I help maintain.

Perhaps this play to appropriate the value of the web is what it smells like: a desperate move by bag-holders to lure in a new tranche of suckers, allowing them to clear speculative positions. Or perhaps it’s honest confusion. Technically speaking, whatever it is, it isn’t the web or any iteration of it.

Wednesday, January 5th, 2022

A not so gentle intro to web3 | Koos Looijesteijn

Web3 is like a combination of pyramid schemes, scientology and Tamagotchi. There’s the fact that ultimately anything you do on blockchains costs you real money and that once you’ve paid that, you’re one of the people who need to get the next cohort of buyers onboard or lose your money. There’s believing that you’re joining a movement that’s in the know, with all kinds of interesting words and sci-fi stuff that normies just don’t understand. And there’s your portfolio, your pretty JPGs, wallets, apps and everything you spent so much time on understanding and maintaining. Good luck avoiding sunk cost fallacy there.

Thursday, December 23rd, 2021

Brian Eno on NFTs and Automaticism

Much of the energy behind crypto arises from the very strong need that some people feel to operate outside of a state, and therefore outside of any sort of democratic communal overview. The idea that Ayn Rand, that Nietzsche-for-Teenagers toxin, should have had her whacky ideas enshrined in a philosophy about money is what is terrifying to me.

Tuesday, December 7th, 2021

The Case Against Crypto | Pervasive Media Studio

The underlying technology of cryptocurrency is based on a world without trust. Its most ardent proponents want to demolish institutions and abolish regulation, reducing the world to a numbers game which they believe they can win. If the wildest fantasies of cryptocurrency enthusiasts were to come true, if all the environmental and technical objections were to fall away, the result would be financial capitalism with all the brakes taken off.

The promotion of cryptocurrencies is at best irresponsible, an advertisement for an unregulated casino. At worst it is an environmental disaster, a predatory pyramid scheme, and a commitment to an ideology of greed and distrust. I believe the only ethical response is to reject it in all its forms.

Friday, November 12th, 2021

Notes on Web3

I think Web3 is pro­pelled by exhaus­tion as much as by excite­ment. This isn’t appar­ent on the surface, but I believe it’s there, lurk­ing just below. If you’re 22 years old, Twit­ter has been around for about as long as you’ve known how to read. YouTube is fixed as firmly as the stars. I honestly don’t know how that feels, but I wonder if it’s claustrophobic?

There are so many astute and accurate observations in Robin’s piece that I kind of want to quote them all.

Web3 promises rewards — maybe even a kind of justice — for “users”, but Ethereum doesn’t know anything about users, only wallets. One user can control many wallets; one bot can control many wallets; Ethereum can’t tell the difference, doesn’t particularly care. Therefore, Web3’s governance tools are appropriate for decision-making processes that approximate those of an LLC, but not for anything truly democratic, which is to say, anything that respects the uniform, unearned — unearned!—value of personhood.

Monday, June 28th, 2021

ReCoil

On the Coil developers site there’s a page proudly answering the question who is web monetized?

You’ll some familiar sites in there: CSS Tricks, A List Apart, and even this humble website, adactio.com.

But lest you think that this social proof is in any way an endorsement, I should probably clarify what my experience with Coil has been like.

Coil itself is grand. You get an identifier and you add it to your website in a meta element, much like you would do with indie web endpoints for webmentions or micropub.

The problem is with how you then actually get hold of any money that is owed to you from micropayments. Coil doesn’t handle this directly. You have to set up a “wallet” with a third-party service and therein lies the problem.

They are all terrible.

I’m not talking about the hoops you have to jump through to set up an account. I get it. This is scary financial stuff so of course I’ll need to scan my passport and hand over loads of information (more than is needed to open an actual bank account with, say, Monzo).

No, the problem is the stench of crypto.

I tried Stronghold for a while. They really, really don’t want you to use boring old-fashioned currencies like the euro or the pound. There’s also Gatehub. Same. And there’s Uphold. Also a shell game.

I’ve been using Coil and Uphold for a while now, and I’ve amassed a grand total of £6.06 — woo-hoo! So I log into my account and attempt to transfer that sweet, sweet monetisation and …I can’t.

The amount needs to be greater than or equal to £11.53 GBP

But I can still exchange that £6.06 for magic beans like Bitcoin, XRP, and Ether.

The whole thing smells of grift and it feels icky to be in any way associated with it. I understand why Coil needs to partner with existing payment providers, but it would be nice if just one of them weren’t propping up ponzi schemes. If anyone has found a way to get web monetisation to work without needing like you need to take a shower afterwards, I’d love to hear about it.

Tuesday, April 27th, 2021

Cryptocurrency is an abject disaster

Cosigned.

Cryptocurrency is one of the worst inventions of the 21st century. I am ashamed to share an industry with this exploitative grift. It has failed to be a useful currency, invented a new class of internet abuse, further enriched the rich, wasted staggering amounts of electricity, hastened climate change, ruined hundreds of otherwise promising projects, provided a climate for hundreds of scams to flourish, created shortages and price hikes for consumer hardware, and injected perverse incentives into technology everywhere. Fuck cryptocurrency.

Sunday, February 3rd, 2019

Forget privacy: you’re terrible at targeting anyway - apenwarr

A spot-on description of how targetted advertising works …or rather, how it doesn’t.

They are still trying to sell me car insurance for my subway ride.

Thursday, January 25th, 2018

PonziCoin

Yet another cryptocurrency …except that this was meant to be satire.

This has gotten crazy out of hand, I apologize but we will no longer be selling PonziCoin on this site because this was a joke.