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

Things cryptocurrency enthusiasts probably won't tell you

ofnumbers.com

Post reply on HN
Print view View original

11–20 of 189 posts

Re: Things cryptocurrency enthusiasts probably won't tell you

#11

Post by jessriedel »

patryn20 wrote: post #5

There is still no legitimate use of bitcoin beyond niche markets and speculation. Besides maybe a very risky (as in unpredictable value on delivery) method of money transfer. It is and has always been a criminal and launderer toy. I am very excited by progress in Ethereum and see it as a model for a better way forward. Though I do not trust its maintainers and community to build a secure and reliable system. There ha…

Reiterating an argument that most HNers have heard, and already either agree or disagree with, does not advance the discussion. It would be more constructive to present a novel argument, or novel evidence for a usual argument.

Re: Things cryptocurrency enthusiasts probably won't tell you

#12

Post by throwaway613834 »

StavrosK wrote: post #6
goatsi wrote: post #4

I'm not sure what the author wants bitcoin to be. They are correct in pointing out the various scams that litter bitcoin, but they also seem to want to shut out crime (silkroad et al) with better analysis tools and centralization. Without the various scams pumping the price criminals are the only ones who would be using bitcoin, as they are locked out of the much simpler & easier to use alternatives that any normal p…

> they also seem to want to shut out crime (silkroad et al) Is there much actual crime being facilitated by Bitcoin? I mean apart from the "things that are illegal now but they're going to be legal in a few years because one country started a misguided effort that everyone else blindly followed" crime.

> Is there much actual crime being facilitated by Bitcoin?

How about all the ransomware(s?) that spread globally and affect businesses, hospitals, etc.?

Re: Things cryptocurrency enthusiasts probably won't tell you

#13

Post by goatsi »

StavrosK wrote: post #6
goatsi wrote: post #4

I'm not sure what the author wants bitcoin to be. They are correct in pointing out the various scams that litter bitcoin, but they also seem to want to shut out crime (silkroad et al) with better analysis tools and centralization. Without the various scams pumping the price criminals are the only ones who would be using bitcoin, as they are locked out of the much simpler & easier to use alternatives that any normal p…

> they also seem to want to shut out crime (silkroad et al) Is there much actual crime being facilitated by Bitcoin? I mean apart from the "things that are illegal now but they're going to be legal in a few years because one country started a misguided effort that everyone else blindly followed" crime.

Ransomware seemly pretty solidly illegal. It existed before bitcoin (mainly using ucash/paysafe/greendot codes) but bitcoin is what enabled it to scale.

Re: Things cryptocurrency enthusiasts probably won't tell you

#14

Post by zorpner »

TheLilHipster wrote: post #3

Most cryptos are definitely pump and dump ponzis designed to eat your money, there is definitely a technocracy-like barrier for entry if you want to join the crypto bandwagon. Focus your time and energy on BTC, ETH and an anonymous coin like XMR. Any other offering should be met with skepticism.

Upvoted because this advice directly makes me money ;)

Re: Things cryptocurrency enthusiasts probably won't tell you

#15

Post by drcode »

verroq wrote: post #7

What about blantant market manipulation? https://hackernoon.com/meet-spoofy-how-a-single-entity-domin...

Well, there is undeniably spoofing and wash trading in these markets, I see both happen all the time- I'm not sure though why they are considered a bad thing: They obfuscate the order books, making it easier for other buyers/sellers to make trades without broadcasting their overall position to other traders.

I'd love to hear a good argument why these things are a "bad thing" besides just the argument that "it's wrong to lie". I don't really have a strong opinion either way and could probably be swayed- Any takers?

Re: Things cryptocurrency enthusiasts probably won't tell you

#16

Post by earlz »

patryn20 wrote: post #5

There is still no legitimate use of bitcoin beyond niche markets and speculation. Besides maybe a very risky (as in unpredictable value on delivery) method of money transfer. It is and has always been a criminal and launderer toy. I am very excited by progress in Ethereum and see it as a model for a better way forward. Though I do not trust its maintainers and community to build a secure and reliable system. There ha…

protip: Ethereum can be used by criminals too, not just Bitcoin. Though, I'm curious (not trolling), why is Ethereum's model a better way forward? Are you talking about smart contracts or what?

Re: Things cryptocurrency enthusiasts probably won't tell you

#17

Post by patryn20 »

jessriedel wrote: post #11
patryn20 wrote: post #5

There is still no legitimate use of bitcoin beyond niche markets and speculation. Besides maybe a very risky (as in unpredictable value on delivery) method of money transfer. It is and has always been a criminal and launderer toy. I am very excited by progress in Ethereum and see it as a model for a better way forward. Though I do not trust its maintainers and community to build a secure and reliable system. There ha…

Reiterating an argument that most HNers have heard, and already either agree or disagree with, does not advance the discussion. It would be more constructive to present a novel argument, or novel evidence for a usual argument.

The truth isn't dulled by repetition. It's up to crypto enthusiasts to come up with a use case.

Re: Things cryptocurrency enthusiasts probably won't tell you

#18

Post by jessriedel »

patryn20 wrote: post #17
jessriedel wrote: post #11

Earlier quoted context omitted.

Reiterating an argument that most HNers have heard, and already either agree or disagree with, does not advance the discussion. It would be more constructive to present a novel argument, or novel evidence for a usual argument.

The truth isn't dulled by repetition. It's up to crypto enthusiasts to come up with a use case.

You'd probably enjoy running for congress.

Re: Things cryptocurrency enthusiasts probably won't tell you

#19

Post by senatorobama »

patryn20 wrote: post #17
jessriedel wrote: post #11

Earlier quoted context omitted.

Reiterating an argument that most HNers have heard, and already either agree or disagree with, does not advance the discussion. It would be more constructive to present a novel argument, or novel evidence for a usual argument.

The truth isn't dulled by repetition. It's up to crypto enthusiasts to come up with a use case.

Yeah, like buying things.

Re: Things cryptocurrency enthusiasts probably won't tell you

#20

Post by patryn20 »

earlz wrote: post #16
patryn20 wrote: post #5

There is still no legitimate use of bitcoin beyond niche markets and speculation. Besides maybe a very risky (as in unpredictable value on delivery) method of money transfer. It is and has always been a criminal and launderer toy. I am very excited by progress in Ethereum and see it as a model for a better way forward. Though I do not trust its maintainers and community to build a secure and reliable system. There ha…

protip: Ethereum can be used by criminals too, not just Bitcoin. Though, I'm curious (not trolling), why is Ethereum's model a better way forward? Are you talking about smart contracts or what?

The smart contract model makes it useful beyond just "purchasing things" (as the unimaginative would say. Yes that's a dig at you senatorobama). The EVM (despite it's implementation flaws) makes it's uses practically limitless.

Bitcoin...is an impractical, user-unfriendly first mover. Ethereum is the flawed second mover (ok, I'm discounting all the silly coins in between). I'm honestly not sure who the ultimate winner is. Unless the Bitcoin or Ethereum community fundamentally changes, it likely won't be them.

Post reply on HN