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Bankers Ditch Fat Salaries to Chase Digital Currency Riches

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Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches

#131

Post by Boothroid »

SippinLean wrote: post #76
richardknop wrote: post #42

Investing in crypto is like a gambling addiction. I know some people who were paper millionaires based on their BTC during the days before Mt Gox collapse. They lost their entire savings once Mt Gox collapsed, since then they have spent years working hard to recover their savings and now they are investing all of it in ICOs. This won't end well. Seems to me like the story is repeating. On a side note, the brigading/s…

>the brigading/shilling here on HN is becoming quite annoying Can you point to a single post where the top, say, 5 comments aren't completely negative toward crypto as a whole? They typically mention gambling, fraud, ponzi schemes and (like yours) Mt Gox, in a rant that isn't specifically tied to the post at hand. Look at the top comments on this article: >Investing in crypto is like a gambling addiction >cryptocurre…

There's a phenomenal amount of it on 4chan.

Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches

#132

Post by VMG »

simias wrote: post #94
VMG wrote: post #88

Earlier quoted context omitted.

> However I feel like we're having the bad engineer reflex, trying to find a technical solution to a societal issue and we might end up making things worse. Same is said for encryption. My perspective is that tools empowering individuals is the solution to societal problems. Cryptography does that, whether applied to communication or applied to value transfer.

Encryption has legitimate use cases even if you assume that you completely trust the "authorities" like your bank and your government. It's about preventing your neighbor from reading your email over wifi. Monetary transactions are already pretty well protected, which makes it hard for somebody to steal my credit card and use it without my consent. It's arguably even safer than Bitcoin since the bank and regulations…

> Monetary transactions are already pretty well protected

To borrow some progressive terminology: check your privilege.

Also let's not forget

https://en.wikipedia.org/wiki/Operation_Choke_Point

https://wikileaks.org/MasterCard-breaks-ranks-in.html

Civil asset forfeiture

etc.

Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches

#133

Post by cr0sh »

zimpenfish wrote: post #70
VMG wrote: post #69

Earlier quoted context omitted.

> How it'll do any of that and why it's a good thing, that's left as an exercise to the reader. I'll give an additional hint to reader: who benefits from encryption that even law enforcement cannot break? Who benefits from TOR?

> who benefits from encryption that even law enforcement cannot break? People who live in countries with regressive regimes where law enforcement can be legitimately dangerous?

> People who live in countries with regressive regimes where law enforcement can be legitimately dangerous?

Depending on who you are, one could argue the United States is one such country. If it can apply to the US - it can likely apply everywhere.

Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches

#134

Post by discombobulate »

Retric wrote: post #130
discombobulate wrote: post #103

Earlier quoted context omitted.

The speculation is driven by the tech. It wouldn't be promising tech if it didn't work. I believe it will change international capital allocation, via token sales. Worldwide investment in the best & brightest.

There is an inherent limitation of using proof of work to back up a store of value. Something needs to pay for that proof of work so either you have high transaction costs or inflation. So, it's easy to have altcoin without speculation. Suppose your alt coin has 4+% inflation / year built into the coin. It could become the worlds main currency without making anyone rich. Adoption would increase because transaction co…

I don't see a problem with bubbles. As long as the tech works. If people can spend money on alcohol & drink themselves into an early grave, I can't see why speculation should be demonised.

'Value chain' has a specific meaning in business. It's a set of activities done to create a product.

Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches

#135

Post by JetSpiegel »

mannykannot wrote: post #66
FLUX-YOU wrote: post #48

Earlier quoted context omitted.

That's pretty much what banks were doing with tech IPOs anyway (maybe other IPOs?).

IPOs have at least three pesky features that an ICO lets you avoid: 1) A functioning business. 2) Actual investors - i.e. people who own a portion of your enterprise, with all the obligations and expectations that go with that. 3) Regulation and oversight. I suppose an IPO without 1) is possible in principle, but then it is hard to get 2) and you have to be careful of 3).

https://en.wikipedia.org/wiki/Pets.com

Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches

#136

Post by [deleted] »

bitJericho wrote: post #106
richardknop wrote: post #42

Investing in crypto is like a gambling addiction. I know some people who were paper millionaires based on their BTC during the days before Mt Gox collapse. They lost their entire savings once Mt Gox collapsed, since then they have spent years working hard to recover their savings and now they are investing all of it in ICOs. This won't end well. Seems to me like the story is repeating. On a side note, the brigading/s…

If you're looking for a reliable exchange, might I humbly recommend my exchange? http://bitcoinsexchange.itmustbetrue.com

[deleted]

Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches

#137

Post by loader »

bitJericho wrote: post #106
richardknop wrote: post #42

Investing in crypto is like a gambling addiction. I know some people who were paper millionaires based on their BTC during the days before Mt Gox collapse. They lost their entire savings once Mt Gox collapsed, since then they have spent years working hard to recover their savings and now they are investing all of it in ICOs. This won't end well. Seems to me like the story is repeating. On a side note, the brigading/s…

If you're looking for a reliable exchange, might I humbly recommend my exchange? http://bitcoinsexchange.itmustbetrue.com

"BitcoinSexChange"

Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches

#138

Post by [deleted] »

richardknop wrote: post #97
SippinLean wrote: post #76

Earlier quoted context omitted.

>the brigading/shilling here on HN is becoming quite annoying Can you point to a single post where the top, say, 5 comments aren't completely negative toward crypto as a whole? They typically mention gambling, fraud, ponzi schemes and (like yours) Mt Gox, in a rant that isn't specifically tied to the post at hand. Look at the top comments on this article: >Investing in crypto is like a gambling addiction >cryptocurre…

Many posts about Ethereum and ICOs getting upvoted quickly to the front page recently. And reading them I have gotten impression of a lot of people invested in these technologies trying to irrationally argue for them. Everybody skeptical does not understand the potential of smart contracts which are just like internet in the 80s/early 90s and will take over the world. I think skeptical replies are a natural push back…

[deleted]

Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches

#139

Post by SippinLean »

aaron-lebo wrote: post #92
SippinLean wrote: post #76

Earlier quoted context omitted.

>the brigading/shilling here on HN is becoming quite annoying Can you point to a single post where the top, say, 5 comments aren't completely negative toward crypto as a whole? They typically mention gambling, fraud, ponzi schemes and (like yours) Mt Gox, in a rant that isn't specifically tied to the post at hand. Look at the top comments on this article: >Investing in crypto is like a gambling addiction >cryptocurre…

There are lots of negative comments, yeah, but that almost seems like a reaction to articles on crypto constantly showing up on the frontpage. Just over the last few days there was an Eth article with 392 upvotes and a "cryptoeconomics" article with 100+, which isn't unusual. Within the last 24 hours there have been at least three positive Eth articles on the frontpage, it'd be hard to find any topic so thoroughly co…

I don't think articles about disruptive tech reaching the front page of HN are evidence of a grand, paid conspiracy (especially considering the majority related to cryptocurrency are negative).

Re: Bankers Ditch Fat Salaries to Chase Digital Currency Riches

#140

Post by Retric »

discombobulate wrote: post #134
Retric wrote: post #130

Earlier quoted context omitted.

There is an inherent limitation of using proof of work to back up a store of value. Something needs to pay for that proof of work so either you have high transaction costs or inflation. So, it's easy to have altcoin without speculation. Suppose your alt coin has 4+% inflation / year built into the coin. It could become the worlds main currency without making anyone rich. Adoption would increase because transaction co…

I don't see a problem with bubbles. As long as the tech works. If people can spend money on alcohol & drink themselves into an early grave, I can't see why speculation should be demonised. 'Value chain' has a specific meaning in business. It's a set of activities done to create a product.

Bubbles are beside the point. I just mean there is a trade off between value store and transaction costs.

PS: English is not that restrictive of a language. Speed limit is generally thought in terms of velocity, but you could use those same words to refer to the drug. 'With a dosage entering LD50 territory Jim was clearly approaching the speed limit.'

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