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Ask HN: Why do negative crypto articles dominate on HN?

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Re: Ask HN: Why do negative crypto articles dominate on HN?

#141

Post by yellowapple »

sharkjacobs wrote: post #122
yellowapple wrote: post #104

Earlier quoted context omitted.

> Good worthwhile valuable things were actually created on the web in the late nineties. And good worthwhile things are being created in the cryptocurrency/blockchain space now. Likewise, there was a lot of useless bullshit on the Web in the 90's, and a lot of useless bullshit in the blockchain space today. And likewise, there were a lot of pre-Web "experts" making the Web out to be some passing fad due to all the bu…

> good worthwhile things are being created in the cryptocurrency/blockchain space now like what?

Ask the people in the developing world using it to replace their countries' failed monetary systems. Ask the people taking out loans on DeFi platforms and not needing to worry about discrimination by some bank's underwriters. Ask the working class in my country and others who want what little savings they have to have at least some chance of appreciating in value. Ask the migrant workers in my country who are now able to send money home to their families without Western Union's predatory fees.

Cryptocurrency ain't perfect, but people are using it for its intended purpose, and it ain't going away anytime soon.

Re: Ask HN: Why do negative crypto articles dominate on HN?

#142

Post by yellowapple »

bb88 wrote: post #138
yellowapple wrote: post #109

Earlier quoted context omitted.

> What do they "like" about holding an NFT? What do they like about holding Joe Montana's rookie card? Or a first-edition Charizard? Do they like having the physical card? Because we can do that with cardstock and inkjet printers. It ain't my cup of tea in any case, but it also ain't my place to judge them for it or interrogate their motivations. If they want to collect Yu-gi-oh cards or bored monkey NFTs, power to '…

Sure, but certain people also like holding things like CSAM, which we as a society agree are more destructive to society as a whole. So if collecting doesn't involve adding to the global warming crisis, I'd be much more okay with it.

> Sure, but certain people also like holding things like CSAM

And if holding an NFT (especially on a proof-of-stake blockchain, wherein the carbon footprint is negligible) was in any way comparable to holding child porn, then maybe that'd be a valid point.

Re: Ask HN: Why do negative crypto articles dominate on HN?

#143

Post by przeor »

przeor wrote: post #50
throwmeariver1 wrote: post #42

Earlier quoted context omitted.

Whataboutism. Crypto is going on for over 12 years now. You can’t compare dotcom with crypto because 12 years after dotcom FAANG was up and running.

The scale is different because back then there were circa 100 000 000 +/- mln onboarded onto the hype. Now They expect 1BLN+ to be onboarded to crypto with internet access. More growth potential takes more time to play out. Most people were ignoring crypto in 2017 like internet was ignored in 1993 by most people. Period of 2009-2016 is like 1980-1992 for the internet. Almost no one was using it beside geeks and tech…

In general, people on HN doesn't get crypto and put minuses on my comments.

History rhymes. Everything takes long time to play out. Internet took 40 - 50 years, crypto is just 10 years old and they say it has to bust, soon.

Re: Ask HN: Why do negative crypto articles dominate on HN?

#144

Post by przeor »

throwmeariver1 wrote: post #53
przeor wrote: post #50

Earlier quoted context omitted.

The scale is different because back then there were circa 100 000 000 +/- mln onboarded onto the hype. Now They expect 1BLN+ to be onboarded to crypto with internet access. More growth potential takes more time to play out. Most people were ignoring crypto in 2017 like internet was ignored in 1993 by most people. Period of 2009-2016 is like 1980-1992 for the internet. Almost no one was using it beside geeks and tech…

So you are saying we will see crypto crash in 2-3 years? We are living in times were onboarding is the fastest and is getting faster all the time. TikTok first to 100 Million users was 1000x faster than Facebook. I strongly believe you have it in reverse.

What in real economy in terms of "charts" and "ticks" and "emotions" happens in 20 years, in crypto it happens faster probably in 4 years.

I don't know, but the way it is. People in crypto are used to 90% off within few weeks, where people in the other world probably won't experience it in a lifetime with their "traditional" investments. This is why it's so hard to explain..

It's much harder to onboard into a new currency, than to onboard to new social media platform.

It's like learning to fly an airplane VS learning to drive a car.

People treat their financial stuff with more caution than opening an account on TikTok.

Re: Ask HN: Why do negative crypto articles dominate on HN?

#145

Post by throwmeariver1 »

przeor wrote: post #144
throwmeariver1 wrote: post #53

Earlier quoted context omitted.

So you are saying we will see crypto crash in 2-3 years? We are living in times were onboarding is the fastest and is getting faster all the time. TikTok first to 100 Million users was 1000x faster than Facebook. I strongly believe you have it in reverse.

What in real economy in terms of "charts" and "ticks" and "emotions" happens in 20 years, in crypto it happens faster probably in 4 years. I don't know, but the way it is. People in crypto are used to 90% off within few weeks, where people in the other world probably won't experience it in a lifetime with their "traditional" investments. This is why it's so hard to explain.. It's much harder to onboard into a new cur…

No, crypto did not invent the financial scam either. I got lucky myself but I wouldn't tell my mom to put their retirement money into crypto and your sales pitch sounds more like a pitch for a cult than sane investment advice.

Re: Ask HN: Why do negative crypto articles dominate on HN?

#146

Post by majewsky »

masta wrote: post #70
laszlo-kiss wrote: post #59

Earlier quoted context omitted.

Roman Empire is a biggie. The Weimar Republic is the most obvious. I guess we are now arguing 'Austrian Economics' vs. 'Keynesian Economics'... This is a fair simplification. As long as you hold real assets to protect your wealth, the government's debasement of the currency (modest inflation) is of no concern. Clearly, when a person lives from paycheck to paycheck the only concern is "Can I buy food next week?" and "…

I hate to break it to you, but the hyperinflation of the Weimar Republic ended around 1923 and the Republic prospered afterwards. Till the Great Depression, which was in big parts driven by speculative assets .... Wonder where I've heard that before. And in the aftermath, the 1930s introduced austerity and deflation policies to the Weimar Republic, which was the final straw.

Not sure why the correction of a common misconception is being downvoted here.

If you want to learn more about the history of the German economy between 1900-1945, the authority on the subject is the British historian Adam Tooze. He has a couple of books on the subject, listed on Wikipedia if you want to check them out.

Re: Ask HN: Why do negative crypto articles dominate on HN?

#147

Post by derbOac »

hn_throwaway_99 wrote: post #54
cbdumas wrote: post #12

Because HN readers skew more technologically literate, people here are on average (slightly) more capable of seeing though the techno-babble hype than on other social media sites. It's not that the financial status quo is held in high regard, rather that HN readers see crypto's empty promises to fix existing issues for what they are: bullshit designed to lure in ever more dumb money.

100%. I think I share a pretty common trait on HN that, if someone gives me marketing speak, I just want to ask "OK, but what does it do ?" There are a lot of promises of the crypto community that are just fundamentally wrong , and when these issues are pointed out, you get lots of non-answers in the form of "OK Boomer". 2 simple examples: 1. Proof-of-work has inherent , fundamental , no-way-to-work-around-it issues…

I agree with you regarding POW but my understanding is that POS has nontrivial security issues. But, again, I agree there's this disconcerting disconnect between efforts toward crypto bandwagoning and efforts to implement something better.

Re: Ask HN: Why do negative crypto articles dominate on HN?

#148

Post by bb88 »

yellowapple wrote: post #142
bb88 wrote: post #138

Earlier quoted context omitted.

Sure, but certain people also like holding things like CSAM, which we as a society agree are more destructive to society as a whole. So if collecting doesn't involve adding to the global warming crisis, I'd be much more okay with it.

> Sure, but certain people also like holding things like CSAM And if holding an NFT ( especially on a proof-of-stake blockchain, wherein the carbon footprint is negligible) was in any way comparable to holding child porn, then maybe that'd be a valid point.

Etherium just pushed back their proof-of-stake transformation again. It's reading more like vaporware than actual software delivery.

Re: Ask HN: Why do negative crypto articles dominate on HN?

#149

Post by yellowapple »

bb88 wrote: post #148
yellowapple wrote: post #142

Earlier quoted context omitted.

> Sure, but certain people also like holding things like CSAM And if holding an NFT ( especially on a proof-of-stake blockchain, wherein the carbon footprint is negligible) was in any way comparable to holding child porn, then maybe that'd be a valid point.

Etherium just pushed back their proof-of-stake transformation again. It's reading more like vaporware than actual software delivery.

And there are a lot more NFT-capable proof-of-stake cryptocurrencies out there than just Ethereum.

Re: Ask HN: Why do negative crypto articles dominate on HN?

#150

Post by panicpanicpanic »

yellowapple wrote: post #141
sharkjacobs wrote: post #122

Earlier quoted context omitted.

> good worthwhile things are being created in the cryptocurrency/blockchain space now like what?

Ask the people in the developing world using it to replace their countries' failed monetary systems. Ask the people taking out loans on DeFi platforms and not needing to worry about discrimination by some bank's underwriters. Ask the working class in my country and others who want what little savings they have to have at least some chance of appreciating in value. Ask the migrant workers in my country who are now abl…

> Ask the people in the developing world using it to replace their countries' failed monetary systems.

Where oh where is this happening?

The El Salvador experiment failed: https://restofworld.org/2022/el-salvador-bitcoin/

And I hope you don't mean millionnaires of the developing world because they're people who've escaped the rigours of being in a developing world.

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