Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Ask HN: Why is cryptocurrency so hated here?

news.ycombinator.com

Post reply on HN
Print view View original

1–10 of 81 posts

Ask HN: Why is cryptocurrency so hated here?

#1

Post by two_poles_here »

Could someone explain why CryptoCurrency is hated by most of the HN folks? I'm aware of the tech, and I must admit I'm not too excited regarding the financial implementations as they stand, but the distributed ledger system is pretty interesting, isn't it?

What's the hate all about?

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

#3

Post by gostsamo »

Regularly asked question. The reasons are many and on the top of my head:

prove of work protocols are an energy sink, no matter what crypto proponents bs about it.

most use cases of a ledger could be done with a proper centralized service with a good database.

crypto money do not scale and lots of the regulations they don't apply have actual sense.

lots of crypto marketed stuff is actually pseudo distributed, pseudo crypto, and often just a scam.

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

#4

Post by gostsamo »

gostsamo wrote: post #3

Regularly asked question. The reasons are many and on the top of my head: prove of work protocols are an energy sink, no matter what crypto proponents bs about it. most use cases of a ledger could be done with a proper centralized service with a good database. crypto money do not scale and lots of the regulations they don't apply have actual sense. lots of crypto marketed stuff is actually pseudo distributed, pseudo…

Also, the supposedly free crypto markets often have a few whales who can manipulate the price and can rob smaller investors from their money.

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

#6

Post by hooby »

I can't speak for others - but I don't hate the Block Chain. I think the technological underpinnings are pretty interesting. I'm also kinda fascinated to watch what will happen next - will crypto currencies get government regulated (or at least the exchange to and from real currencies)? Will they get banned?

When it comes to Crypto-Currency... I personally don't own any of that, because I'm old fashioned. (I don't play poker, I don't trade stocks, I don't "make" money at all, I rather earn it - that's just how I'm wired). But if you are into it - knock yourself out. I'm not going to proselytize.

The only thing I really dislike about Crypto, is those people in it, who believe that they can convert *me*, if they just push hard enough. And if I say "not interested" they think they just didn't proselytize/evangelize/preach enough... that sort of behavior can make quite angry. Does not mean I hate Crypto, though.

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

#7

Post by georgia_peach »

gostsamo wrote: post #3

Regularly asked question. The reasons are many and on the top of my head: prove of work protocols are an energy sink, no matter what crypto proponents bs about it. most use cases of a ledger could be done with a proper centralized service with a good database. crypto money do not scale and lots of the regulations they don't apply have actual sense. lots of crypto marketed stuff is actually pseudo distributed, pseudo…

I don't find the energy/environmental arguments compelling. US military accounts for almost half of US fuel consumption, 10-20% of the federal budget, and hundreds of toxic waste sites throughout the world. Propping-up the petrodollar has been their primary occupation for at least the last decade, if not longer.

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

#8

Post by tgflynn »

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 the topic ? Because after all this is YCombinator's site and the views of those folks on most subjects have traditionally carried quite a bit of weight here.

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

#9

Post by ttttttthu66ttt »

I think we've known crypto is the future since before bitgold. Technology is about breaking monopolies. The internet broke the communication monopoly. Email took the postal monopoly. Skype the telephone. PGP broke the secure communications. Uber broke the taxi monopoly. 3d printing will break the manufacturing monopolies. Blockchains break the bank/contract law monopoly. It's just the current implementations are not very good and most of it has become ponzi schemes. Cryptocurrency is now all about artificial scarcity. Once the artificial is removed and crypto reaches it's actual stable true scarcity cost with hundreds/thousands/millions of cryptocurrencies competing for cheapest/fastest/stable price/anonymous i believe you will see mass adoption.
Post reply on HN