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Miloslav Ciz 2024-12-06 03:33:05 +01:00
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crypto.md
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Cryptocurrency, or just *crypto*, is a [digital](digital.md) [virtual](virtual.md) (non-physical) [currency](money.md) used on the [Internet](internet.md) which uses [cryptographic](cryptography.md) methods (electronic signatures etc.) to implement a [decentralized](decentralization.md) system in which there is no authority to control the currency (unlike e.g. with traditional currencies that are controlled by the state or systems of digital payments controlled by the banks that run these systems). Cryptocurrencies traditionally use so called **[blockchain](blockchain.md)** as the underlying technology and are practically always implemented as [FOSS](foss.md). Example of cryptocurrencies are [Bitcoin](bitcoin.md), [Monero](monero.md) or [Dogecoin](dogecoin.md).
The word *crypto* in *crpytocurrency* **doesn't imply that the currency provides or protects "[privacy](privacy.md)"** -- it rather refers to the cryptographic algorithms used to make the currency work -- even though thanks to the decentralization, anonymity and openness cryptocurrencies actually are mostly "privacy friendly" (up to the points of being considered the currency of criminals).
NOTE: In [English](english.md) the word "crypto" now has at least two different meanings that are likely to cause confusion, so let's clear this up. Both meanings come from Greek *kryptos*, meaning *hidden*. In context discussed here it's just short for [cryptography](cryptography.md), i.e. it means association with cryptography. The other meaning is "keeping something secret", as in for example cryptofascism, which means being a fascist while trying to keep it hidden from the public. This may be confusing e.g. in terms such as cryptoanarchism where both interpretations make sense. So just be aware of this.
The word *crypto* in *crpytocurrency* **doesn't imply that the currency provides or protects "[privacy](privacy.md)"** -- it rather refers to the cryptographic [algorithms](algorithm.md) used to make the currency work -- even though thanks to the decentralization, anonymity and openness cryptocurrencies actually are mostly "privacy friendly" (up to the points of being considered the currency of criminals).
[LRS](lrs.md) sees cryptocurrencies as not only unnecessary [bullshit](bullshit.md), but downright as an **unethical** technology because [money](money.md) itself is unethical, plus the currencies based on proof of work waste not only human effort but also enormous amount of electricity and computing power that could be spent in a better way. Keep in mind that cryptocurrencies are a way of digitizing harmful concepts existing in society. Crypto is just an immensely expensive game in which people try to fuck each other over money that have been stolen from the people.