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Bitcoin Makes Even Smart People Feel Dumb

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Re: Bitcoin Makes Even Smart People Feel Dumb

#41

Post by joemi »

atemerev wrote: post #12

What's hard to understand about the fork? Bitcoin is an equation. A mathematical specification of how much bitcoins are there at any given moment of time, how new blocks are added to the chain, which sequence of blocks is accepted to be authoritative, etc. This is why it is a work of genius. An equation can't be hacked, unless you can challenge underlying mathematical assumptions, which is somewhat hard to do. Howeve…

Most of what you wrote won't make sense to non-developers. Hell, it won't even make sense to all developers. I'd say that's hard to understand, then.

Re: Bitcoin Makes Even Smart People Feel Dumb

#42

Post by elmar »

elmar wrote: post #37
puranjay wrote: post #30

Earlier quoted context omitted.

Which is what makes Bitcoin's democratic credentials so ridiculous. "It will free us from fiat money!" No it won't. It's just a transfer of wealth from educated elite to other educated elite. 99% of the world's population can't understand it. 99.5% can't mine it. It's so damn elitist that it's not even funny.

Many people in Venezuela have turned to Bitcoin mining in a desperate attempt to fend off starvation and keep their families alive. http://bitcoinist.com/starving-venezuelans-turn-to-bitcoin-m...

Into this awful situation comes an unlikely savior in the form of Bitcoin. The Atlantic is reporting that many desperate Venezuelans have turned to mining bitcoins in order to feed their families. This unlikely scenario has come about due to one mitigating factor: electricity in this impoverished nation is essentially free as a result of the central government massively subsidizing it.

Cheap power has allowed people to operate Bitcoin miners without the usual accompanying cost. Reports have stated that successful Bitcoin miners can earn up to $500 a month, which is enough to fully feed and supply a family of four. As the country’s cash currency is essentially worthless, many businesses and people are now using bitcoins to exchange goods and services.

However, there is a fly in the ointment. President Maduro has begun cracking down on Bitcoin miners, calling them “capitalist parasites.” Yet trading bitcoins is still allowed. This has led to a number of miners being arrested on flimsy charges, which can occur as there are currently no cryptocurrency laws in Venezuela.

Re: Bitcoin Makes Even Smart People Feel Dumb

#43

Post by exogeny »

tuddman wrote: post #18

Author is projecting. Replaced "me" with "people" in writing this. Considered himself smart; tried to wrap head around Bitcoin, but lacks math/cs/finance background, and or curiosity to dig below surface level hype or read blockchain-y things beyond what's written by other lazy journalists ...? (now I'm projecting). Doesn't 'get it'. Plenty of people understand Bitcoin. Go read the whitepaper.

>Plenty of people understand Bitcoin. Go read the whitepaper.

Plenty of people on HN. Maybe. And that's about it.

Mainstream acceptance is far, far away, and having a condescending attitudes towards those who struggle with the concept is not going to help.

Re: Bitcoin Makes Even Smart People Feel Dumb

#45

Post by elmar »

jayd16 wrote: post #38
puranjay wrote: post #30

Earlier quoted context omitted.

Which is what makes Bitcoin's democratic credentials so ridiculous. "It will free us from fiat money!" No it won't. It's just a transfer of wealth from educated elite to other educated elite. 99% of the world's population can't understand it. 99.5% can't mine it. It's so damn elitist that it's not even funny.

Very true. Even more so, fiat money is democratic as long as the government controlling it is. With something like bitcoin, it cements the establishment and removes fiscal policy options.

> removes fiscal policy options

The results of the goverment fiscal policy are debatable.

https://news.ycombinator.com/item?id=14959790

Re: Bitcoin Makes Even Smart People Feel Dumb

#47

Post by biggerbistro »

puranjay wrote: post #30
tuddman wrote: post #18

Author is projecting. Replaced "me" with "people" in writing this. Considered himself smart; tried to wrap head around Bitcoin, but lacks math/cs/finance background, and or curiosity to dig below surface level hype or read blockchain-y things beyond what's written by other lazy journalists ...? (now I'm projecting). Doesn't 'get it'. Plenty of people understand Bitcoin. Go read the whitepaper.

Which is what makes Bitcoin's democratic credentials so ridiculous. "It will free us from fiat money!" No it won't. It's just a transfer of wealth from educated elite to other educated elite. 99% of the world's population can't understand it. 99.5% can't mine it. It's so damn elitist that it's not even funny.

How is this elitist? Do most people understand the current financial system in any meaningful way?

Do most people understand how their computers work? How their air conditioner works? How about the pressure dynamics that make their toilets flush?

Saying everyone can't mine it is inaccurate, everyone can mine it even with a smartphone. Is it profitable? No, but neither is mining iron ore with a shovel. Those with the knowledge and capital to fully utilize any system will always have an edge over those who don't, in what reality is this not the case?

Re: Bitcoin Makes Even Smart People Feel Dumb

#48

Post by smitherfield »

puranjay wrote: post #30
tuddman wrote: post #18

Author is projecting. Replaced "me" with "people" in writing this. Considered himself smart; tried to wrap head around Bitcoin, but lacks math/cs/finance background, and or curiosity to dig below surface level hype or read blockchain-y things beyond what's written by other lazy journalists ...? (now I'm projecting). Doesn't 'get it'. Plenty of people understand Bitcoin. Go read the whitepaper.

Which is what makes Bitcoin's democratic credentials so ridiculous. "It will free us from fiat money!" No it won't. It's just a transfer of wealth from educated elite to other educated elite. 99% of the world's population can't understand it. 99.5% can't mine it. It's so damn elitist that it's not even funny.

I agree the ideological arguments for Bitcoin are silly (as are all arguments that substitute ideology for substance), but there probably are a lot more people who can understand Bitcoin than modern-day monetary policy and banking.

Re: Bitcoin Makes Even Smart People Feel Dumb

#49

Post by pyroinferno »

puranjay wrote: post #30
tuddman wrote: post #18

Author is projecting. Replaced "me" with "people" in writing this. Considered himself smart; tried to wrap head around Bitcoin, but lacks math/cs/finance background, and or curiosity to dig below surface level hype or read blockchain-y things beyond what's written by other lazy journalists ...? (now I'm projecting). Doesn't 'get it'. Plenty of people understand Bitcoin. Go read the whitepaper.

Which is what makes Bitcoin's democratic credentials so ridiculous. "It will free us from fiat money!" No it won't. It's just a transfer of wealth from educated elite to other educated elite. 99% of the world's population can't understand it. 99.5% can't mine it. It's so damn elitist that it's not even funny.

Well, I'm guessing you've never used bitcoin before. Any idiot can understand how to use something like coinbase or an online wallet.

You don't need to know how bitcoin works internally to be able to use it, just as you don't have to read the minix book to be able to use an Operating System.

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