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Big Crypto Is Spending More on US Elections Than Any Other Industry

The crypto industry is making its mark on this year’s elections to the tune of some $119 million.

The funding has largely come from two companies — Coinbase and Ripple — which are funneling money into super PACs like Fairshake PAC, which is dedicated to “elevating pro-crypto candidates and attacking crypto skeptics,” according to Public Citizen.

At the 2024 bitcoin conference in Nashville in February, Trump — who called bitcoin “highly volatile and based on thin air” in 2019 — said he’d lay out a plan “to ensure that the United States will be the crypto capital of the planet and the bitcoin superpower of the world.” Trump has already won the backing of several crypto enthusiasts, including his running mate JD Vance, who owns at least $250,000 in bitcoin.

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BigDotNet ,

Wasn’t crypto a scam?

CameronDev ,

“Wasn’t” implies it was and has changed. It was, and still is a scam.

BigDotNet ,

Yeah, I mean how there is people putting lots of money into elections with crypto if it is a scam, I don’t understand.

Mirodir ,

Usually, if there’s a scam, someone’s making money off it. This is them. They want to keep making money.

Deello ,

There is so much nuance to this argument that this conversation just glosses over. Replace “big crypto” with banks and it’s the same thing.

cybermass ,

It isn’t, it’s a technology. People use that technology to scam.

Same as phone calls aren’t scans and email aren’t scans but people can use them to scam.

Crypto has a purpose, just one that doesn’t apply to many people.

NoiseColor ,

I’m surprised you didn’t get downvoted for this kind of post.

xep ,

We'll find that use case any day now. The one that isn't enabling crime, that is.

MossyFeathers ,

Ehhhh… Kinda. It’s like asking if BitTorrent or Usenet is piracy. Technically crypto isn’t a scam, but that’s mainly what it gets used for.

NoiseColor ,

In reality only a small part of crypto could be the classified as scams. I know that’s the main crypto narrative on lemmy, but there is nowhere near much of scams as talked about here.

subignition ,
@subignition@fedia.io avatar

The scams and shitcoins are likely going to be the loudest because they need to cast a wide net, so it's not too unexpected for those to be the most visible "crypto things" to your average person

JiveTurkey ,

The new currency that’s backed by the old currency and uses a shit ton more electricity. What a time to be alive.

parpol ,

Say what you want about cryptocurrency, but to address the energy problem, The reason for this is the exact same reason the fediverse also uses a shit ton more energy than the centralized alternatives like reddit and extwitter.

Decentralization usually comes at a cost of performance or energy.

It’s not good that so much energy is used to sustain it, but the only reason it is needed is so that it can stay fully decentralized.

Some blockchains use proof of stake for this reason, which greatly reduces the energy needed to less than .01% of what proof of work requires, but instead more money = more voting power.

some_guy ,

Can’t tell if this is shill, but I dislike cryptocurrencies and anyone who defends them. Not that you did, per se, but it’s close.

parpol ,

I think that 99% of Cryptocurrencies are unnecessary and shouldn’t exist.

But I also think that if I want to buy a private VPN, any payment method except monero completely invalidates the VPN because now your credit card is linked to the VPN instead.

And I think that transferring money to family members abroad with some ethereum l2 curency is a 100 times cheaper and faster than any other method. I had to pay student loans in another country, but my bank blocked the credit card transactions because they were foreign. The only other way was cryptocurrency with a tiny fee, or a bank transaction with 10% plus 50$ fees. Guess which one I picked.

subignition ,
@subignition@fedia.io avatar

I wonder whether a travel notification could have solved your issue with paying a foreign merchant.

magic_lobster_party ,

There’s a huge difference.

Fediverse uses almost no energy compared to Reddit and Twitter. This is because few people are using fediverse alternatives.

Bitcoin uses more energy than entire countries, despite few people using it.

parpol ,

You have to compare by energy per user or per interaction. Lemmy would cost a ton more and consume a lot more energy than reddit if they were the same size. I don’t think Lemmy instances would even be able to handle federating with other large instances at that size and the fesiverse would get split. It would start needing sharding and replication, and some kind of consensus algorithm to choose where to get most data, and you’d have the same problem cryptocurrency has.

sour ,

No, you don’t. The same way I don’t have to justify using nextcloud vs gdrive because nextcloud uses a lot more energy per user since it’s self hosted.

Bitcoin uses an absurd amount of energy for its popularity and use. Period.

magic_lobster_party ,

and you'd have the same problem cryptocurrency has.

No, that’s not going to happen. The reason why cryptocurrencies must rely on a consensus algorithm is because the order of transactions matter. One transaction can make another transaction impossible depending on which one comes first.

Fediverse doesn’t have this strict condition. No post and comment can make another impossible. It’s also not the entire world if a post is lost.

gressen ,

How is crypto backed by old currency?

Ferris ,

they keep it in the reserves

jk

z3rOR0ne ,

Oh yeah, Paris Marx covered this on his Tech Won’t Save Us Podcast with Writer and Crypto Skeptic Molly White.

Not that it needs bearing repeating, but Fuck All Crypto Bros.

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