• dx1@lemmy.world
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    3 days ago

    Yes, for the limited subset of ERC20s or whatever you describe as “ponzicoins”. Things that actually do nothing, particular not doing anything more than L1 cryptos but “this is yet another token”, are not really adding any value. But I would be really surprised if you can name any more complex contracts than ERC20s (or ERC721s), which is where the work in the space actually goes.

      • dx1@lemmy.world
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        2 days ago

        Yes, work. Smart contracts are designed, programmed and, if they’re done right, rigorously audited for correctness. Then you have user-facing interface and everything surrounding that as well. Look at the documentation of AAVE, for one example.

        And this isn’t even getting into the protocol level (L1 or L2) work either. Bitcoin was relatively simple, Ethereum is not. They’ve spent years crafting these systems to function for PoS, L2 support, sharding, rollups, etc., at scale.

        • ubergeek@lemmy.today
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          2 days ago

          Smart contracts are designed, programmed and, if they’re done right, rigorously audited for correctness.

          What do these “smart contracts” make? And why do we need to burn up tons of fossil fuels, just to have contracts like we had before?

          And how is this better than a typical contract?

          https://www.zdnet.com/article/hackers-hijack-smart-contracts-in-new-cryptocurrency-token-rug-pull-scams/

          Bitcoin was relatively simple, Ethereum is not.

          Both are simple ponzi schemes.

          They’ve spent years crafting these systems to function for PoS, L2 support, sharding, rollups, etc., at scale.

          And all that time, they are still ponzi schemes that do none of the above very well. We’ve had all of that in the merchant payment systems for decades now, all without the need to consume more electricity than many small nations, just to approve a transaction.

          • dx1@lemmy.world
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            3 hours ago

            What do they “make”? They control for the risks in social economic interaction with potentially adversarial parties. Ethereum is proof of stake, it doesn’t burn up tons of fossil fuels. And the contracts aren’t subject to human interpretation after being authored, they’re deterministic at the protocol level (save for the entire network deciding to revoke the contract).

            Why are you making fundamental mischaracterizations of the technology while acting like an expert? What you’re doing is dishonest.