For the last time: "crypto" is short for "cryptography", *NOT* "cryptocurrency". The shorter term for "cryptocurrency" is "scam".

@suetanvil The longer term for "cryptocurrency" is "it's a motherfucking pump-and-dump scheme".

@suetanvil I was intentionally avoiding that specific description, though the more I think about it, the more I'm thinking it fits. Payouts from cryptocurrency scams can, by definition, only come from those who've paid into the system later, and eventually, that list of fools will end.

Unless the tokene become directly transactable for other goods as the principle use of interations and transactions. Which it seems pretty clearly isn't the case.

I'll provisionally say that "Ponzi Scheme" fits quite well, if not perfectly.


Disclosure: this isn't my take; I borrowed it from... somewhere? An economist, I think?

But yeah, it's a Ponzi scheme without a Ponzi. Everyone is either a sucker or hopes they're not part of the last wave of suckers.

@suetanvil I've said it before and I'll say it again - we should call it Discreet Mathematics.

@suetanvil waiting for avon and other MLM's to adapt the blockchain somehow.


Unfortunately, it's kind of adjacent to a slur against the Romani people, though.


I'm generally pretty chill about the evolution of technical terminology in the real world but it turns out that this and "algorithms" for machine learning are hills I will die on.

@suetanvil does it make you feel smarter to be that way? Sounds like some white guy cop shit to me.

Clearly you know what they mean when they use it else you wouldn’t have made the op. And as you said just now language evolves so idk, seems like it’s still effective communication.

Also, the entire mindset reminds me of British English speakers ragging on American English speakers for saying gas instead of gasoline. Then they make some wack joke like “you don’t fill the tanks with air” or whatever.
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