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No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

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Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#431

Post by dang »

kadendogthing wrote: post #185
scient wrote: post #74

Earlier quoted context omitted.

Yeah, KYC/AML is totally bad because of trying to actually prevent money being funnelled into crime organization etc. This is why I cant stand ignorant crypto-fans.

Tech enthusiasts always seem to lack education around general civics and law. But it's especially bad in the area of tech-beanie-baby fanboys who pontificate around subjects by acting totally disingenuous or just willfully ignorant. Their cult-like excitement over a merkle tree with a distributed consensus/integrity algorithm is truly insane. * What REALLY gives currency it's value, LOL? As long as other people just…

Please don't post any more flamewar comments to HN.

https://news.ycombinator.com/newsguidelines.html

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#432

Post by ghthor »

bhaak wrote: post #133
na85 wrote: post #45

Earlier quoted context omitted.

Has anyone come up with a use case for blockchains yet, that isn't buying illegal drugs or money laundering? I keep seeing pie in the sky hypotheticals like "supply chain trust" from people who think farmers are etching their cucumbers with serial numbers, but I've yet to see any use case presented for a blockchain that has real utility and isn't better solved by existing processes or systems.

They aren't cucumbers but over here in Europe, eggs do have a serial number. Making an analog asset machine readable and tied to a trackable digital asset is certainly an entertaining thought. Especially for an industry like the food industry where currently we have to trust that the state is controlling them correctly or even that they are controlling them themselves (which several food scandals showed that this isn…

And also making it very difficult to post a story and change it later. This is why I'm skeptical about needing higher transaction volume to support supply chain use cases. The supply records a record, immutable(like a git commit log), and posts the resulting hash every hour-is to the public chain. The information recorded remains confidential, but the posted public hash can be used to prove during an audit that the log didn't change. The confidential log can have extremely high transaction volumes, because its internal.

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#433

Post by gymshoes »

evgeniysharapov wrote: post #343
jayd16 wrote: post #338

Earlier quoted context omitted.

You'll notice that absent from this cycle is any kind of productive use or innovation with bitcoin. Its all cyclic hype.

Bitcoin is a solution, that is still looking for a problem.

42

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#434

Post by conanbatt »

splintercell wrote: post #379
conanbatt wrote: post #248

Earlier quoted context omitted.

For all the hype, bitcoin really is not worth its price to me. I would not sacrifice 4k to have 1 bitcoin for its use today. Its expensive, slow and inconvenient to transfer. When it hit 18k-20k last december it was absolutely nuts. Bitcoin is not there: it has no mainstream product market fit. Its pretty useless. And it hasn't been fulfilling its expectations of not being so.

What do you think about Gwern's article on Bitcoin from 2011? https://www.gwern.net/Bitcoin-is-Worse-is-Better

Lightly scanned the article. I dont criticize bitcoin for being imperfect, but for being useless as it is today.

Moving dirty money, or escaping capital controls is great, but still a very limited use case. Its really impractical to do any mundane thing. I.e. replacing credit cards and buying your coffee would be a massive human landmark event. But its not close to that, and there's no clear path to that.

So why would you spend 6k to hold this piece of land today, when that buys you a 3% secure yield or a many other investments with greater returns.

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#435

Post by Nursie »

sodafountan wrote: post #404
Nursie wrote: post #235

Earlier quoted context omitted.

This only works if demand continues at all. "The halving" is of little consequence if nobody cares.

Yeah I'm sure nobody's ever going to care about bitcoin again you're right.

Not nobody, sure, but the halving really only matters if interest is at least half what it has been in prior bubbles.

Reduced supply may push up the price... or it may not if there isn't much of a market for the supply anyway.

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#436

Post by solveit »

matthewbauer wrote: post #266
lhl wrote: post #224

Earlier quoted context omitted.

To me, it’s obvious that the Bitcoin Cash “hash war” has been what’s triggered the fall of the 5K support level (and to me, it’s telling that 200 messages in, no one has really even mentioned it). The contentious fork has been very disruptive, causing BCH trading to be halted and lowering trading volume across the board. At the same time you have a huge redeployment in mining resources, up to 4exa on the Bitcoin.com…

I’ve never understood the commonly held view that miners can effect the price. The distribution of coins is on a fixed schedule it shouldn’t matter how many miners there are. Price should not change from any of that.

More important than the change in newly minted coins is the fact that the miners (in this atypical case) are selling btc for fiat to buy energy to outmine their competition.

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#437

Post by tgb29 »

52-6F-62 wrote: post #181
tgb29 wrote: post #83

Investing in crypto currencies because you believe in blockchain technology doesn’t make sense. Any good use case I’ve thought of doesn’t require public chain. So why invest in a specific crypto? How is Bitcoin fundamentally more valuable than Ethereum? How are either fundamentally more valuable than EOS? As a currency or store or value, each have essentially the same properties. Leaks in the ecosystem, like scam ICO…

I'm generally with you— but the value in a public chain is probably just not having to set up the larger infrastructure yourself, and rather just tie into the existing network. Couldn't you say, why invest in companies that support the internet backbone rather than Cisco? Definitely couldn't answer why one is more valuable in dollars over another. There does seem to be more practical use and development of Ethereum o…

IBM, Microsoft, and AWS each have private Blockchain solutions that can be launched in under an hour. It’s not easy to build your own network, and it might not have a native currency, but I’ll use one of these solutions if the business case requires privacy and permission controls. Public Ethereum is an amazing invention for many reasons, but asking users to pay for their transactions is a tough sell from a UX perspective.

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#438

Post by CaptainZapp »

Hermel wrote: post #93
scient wrote: post #74

Earlier quoted context omitted.

Yeah, KYC/AML is totally bad because of trying to actually prevent money being funnelled into crime organization etc. This is why I cant stand ignorant crypto-fans.

Even according to the IRS's own estimates, laws like Fatca would never pass a cost/benefit test. The implementation costs of such bureaucratic monstrosities is in the range of hundreds of billions, whereas the benefit is a few orders of magnitude lower. The established banks do not complain much about it because the high fixed cost of compliance disproportionally affects small firms, thereby protecting them from bein…

FATCA has nothing to do with KYC / AML provisions.

It involves, simplified, reporting requirements of US account holders by foreign banks to the US authorities. It's main purpose is to avoid tax dodging by US persons.

I'm not arguing that it's a great law, since it's not. For example: it can make it extremely hard for US persons living abroad to open a bank account because foreign banks just don't want to bother with those onnerous reporting requirements.

It has nothing, whatsoever, to do with KYC / AML provisions, which are very rightfully imposed on financial instituions. And yes, I work for one.

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#439

Post by CaptainZapp »

dd36 wrote: post #179
Hermel wrote: post #93

Earlier quoted context omitted.

Even according to the IRS's own estimates, laws like Fatca would never pass a cost/benefit test. The implementation costs of such bureaucratic monstrosities is in the range of hundreds of billions, whereas the benefit is a few orders of magnitude lower. The established banks do not complain much about it because the high fixed cost of compliance disproportionally affects small firms, thereby protecting them from bein…

KYC compliance: A form and proof of identity.

Actually it goes a bit further than that.

It means to determine the actual beneficiery of a bank account in addition to traceability of the funds used.

The bloke showing id may not be the actual owner of the funds and it's up to the bank to determine this.

Re: No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

#440

Post by CaptainZapp »

zeveb wrote: post #229
scient wrote: post #74

Earlier quoted context omitted.

Yeah, KYC/AML is totally bad because of trying to actually prevent money being funnelled into crime organization etc. This is why I cant stand ignorant crypto-fans.

AML is bad because it makes a crime out of something which isn’t actually bad. Yes, criminals are bad people who do bad things and they should be caught & punished. But KYC/AML are about making it easier to find criminals by their behaviour, not about crime directly. They violate the right to privacy, among other things, but most people don't care because — by definition — most people are normal: they don't carry $10…

Can you provide me with just one example why money laundring is supposed to be a good thing?

And can you explain how the average person is inconvenienced in any way, shape or form by AML / KYC regulations?

Sorry, but your argument, so far, is just libertarian drivel.

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