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Ask HN: Why is cryptocurrency so hated here?

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Re: Ask HN: Why is cryptocurrency so hated here?

#61

Post by sp6677 »

My first comment on HN here.

Initially I used to think of Crypto as a fad and a pyramid/Ponzi schemes (maybe some of them still are), but off late my understanding of the concept has evolved. If you compare say Bitcoin to Gold there are many parallels 1. Can be considered as stores of value, on their own are worthless (there are edge scenarios where gold is used in electronics etc.) 2. Can be lost or stolen, but cannot be not destroyed 3. Available in limited quantities 4. Work/Energy spend required to obtain them (mining), are not readily available 5. Liquid assets, can be bought and sold easily 6. One is physical, other is virtual

I’m beginning to think that CryptoCurrency has a future.

Re: Ask HN: Why is cryptocurrency so hated here?

#62

Post by logicalmonster »

The reason for anything complex in society always comes down to multiple reasons and many individual choices, but I'd say that the real core of it comes down to (far too many) people tend to mirror the opinions of their chosen media because they're scared of making a socially unacceptable choice. Media says crypto is bad, so people here say crypto is bad as that's the safest choice for them.

The really fascinating part of it to me isn't that crypto is currently abhorred here, it's the shift you're going to see at some point in the future when the rich+powerful folks have made their plans and fully packed their bags, and the media gets their marching orders and starts telling people that some future chosen crypto is good. You're going to have loads of people here turning their mindset on crypto on a dime and claiming that they really liked it all along with absolutely zero self-awareness.

Re: Ask HN: Why is cryptocurrency so hated here?

#63

Post by salamandersauce »

georgia_peach wrote: post #50
GPerson wrote: post #17

Earlier quoted context omitted.

Your argument is, “This thing may be bad, but what about this other thing that I think is even worse?” It doesn’t address why you don’t find the arguments compelling. Do you think energy impact is completely trivial?

In a crypto vs. fiat world, the energy consumption argument doesn't hold water when fiat probably uses just as much (or even more) energy.

On a per transaction basis? It's important to remember that crypto is a tiny fraction of transactions.

Re: Ask HN: Why is cryptocurrency so hated here?

#64

Post by warrenm »

dragonwriter wrote: post #54
warrenm wrote: post #53

Earlier quoted context omitted.

Scott Adams calls this the "laundry list" argument: if you have to list more than a couple solid reasons for something, you probably don't really have any solid reasons for believing what you believe

Yes, it is very Scott Adams to say “if someone points out many solid reasons why I am wrong, it means I’m really right!”

Great job at totally missing the point

Re: Ask HN: Why is cryptocurrency so hated here?

#65

Post by pcdoodle »

rgoulter wrote: post #21
pcdoodle wrote: post #14

There's a lot of no coiners that have had plenty of opportunity to understand the technology and have missed many opportunities to hold a small piece that would have gone big. There are also accounts here that are pro surveillance, pro china, pro lockdown, etc.

That's an interesting juxtaposition. Your first sentence emphasises the speculation interactions with cryptocurrency; the second emphasises the claimed benefits of cryptocurrencies. But there's quite a big gap between those two.

It's simple idea: Ensure absolute truth every 10 minutes, limit supply to 21m. If that doesn't tickle your inner hamster (while running on the wheel).

Re: Ask HN: Why is cryptocurrency so hated here?

#66

Post by AbrahamParangi »

warrenm wrote: post #53
AbrahamParangi wrote: post #42

A heuristic I like to use is that when someone presents many reasons for why they like or dislike something, they’re usually excluding the main reason. The rationale for this is that causes are often power-law distributed in importance, so the top reason will be most of it and the other reasons are merely supplementary or for the purpose of argument.

Scott Adams calls this the "laundry list" argument: if you have to list more than a couple solid reasons for something, you probably don't really have any solid reasons for believing what you believe

I disagree with this framing, if only for the reason that “solid” seems to imply “true” here whereas I believe the criterion is actually whether or not the argument is “convincing”.

Often the real reasons are not “convincing”, but this does not mean they are not valid, sensible, or correct.

Re: Ask HN: Why is cryptocurrency so hated here?

#67

Post by angryasian »

csdvrx wrote: post #23

My personal theory is much simple: the crowd is a bit aged here. They may try to rationalize their hate, but I think it's not about reason but people seeing crypto as "against the natural order of things": “I've come up with a set of rules that describe our reactions to technologies: 1. Anything that is in the world when you’re born is normal and ordinary and is just a natural part of the way the world works. 2. Anyt…

This is just a ridiculous response.

Older people have seen this hype cycle before drummed up by VC's and media.

Remember when "data is the new oil" and billions were invested in the "big data" market because it was going to revolutionize how businesses do business.

Sure theres a great use case and theres definitely utility but its another example of a solution trying to find the problem. Crypto / blockchain is similar. Theres good tech there and I'm sure it will be useful in some aspects, but again.. a solution trying to find the problem.

Re: Ask HN: Why is cryptocurrency so hated here?

#68

Post by georgia_peach »

salamandersauce wrote: post #63
georgia_peach wrote: post #50

Earlier quoted context omitted.

In a crypto vs. fiat world, the energy consumption argument doesn't hold water when fiat probably uses just as much (or even more) energy.

On a per transaction basis? It's important to remember that crypto is a tiny fraction of transactions.

ENIAC consumed 174,000W. Raspberry Pi: 0.1W. Practice makes perfect.

Re: Ask HN: Why is cryptocurrency so hated here?

#69

Post by tgflynn »

warrenm wrote: post #56
tgflynn wrote: post #8

It's a question I've often wondered about, especially given how much crypto/web3 is talked about in the more mainstream media and how many developers seem to be interested in working in the field. One thing I'd like to know is what is YCombinator's stance on crypto. Have they invested in crypto companies ? Do they have a policy against it ? Have Paul Graham or the other principals ever written about their views on th…

I dunno about YCombinator's stance ... but PG has mentioned them some: http://paulgraham.com/nft.html , https://twitter.com/paulg/status/1490406747051286539 (via https://treatyourcrypto.com/venture-capitalist-paul-graham-d... ) OpenSea was a W18 ( https://www.ycombinator.com/blog/yc-companies-looking-for-su... ) YC project (found via https://www.ycombinator.com/blog/?query=nft ) https://www.ycombinator.com/blog/?quer…

Interesting, for me that makes the consistent strong sentiment here against cryptocurrency and especially NFT's all the more surprising.

Re: Ask HN: Why is cryptocurrency so hated here?

#70

Post by Ekaros »

In the end it is not very practical or special. Most things can be achieved better by traditional methods(SQL database).

And in general it has yet produce anything else than financial speculation and some marginal use cases. Not that traditional finance shouldn't step up and be cheaper.

Plus all of the interesting stuff like smart contracts is clearly riddled with issues and bugs. And on other hand the pure blockchain coins either aren't performant, competititve or just tend towards centralization by exchanges and online wallets.

Not to forget that it just isn't user friendly and errors are irrevocable. Which makes it horrible thing for your average citizen.

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