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A faster, more efficient cryptocurrency

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Re: A faster, more efficient cryptocurrency

#111

Post by notyourwork »

smokeyj wrote: post #100
DenisM wrote: post #87

This gets asked often, but in case something changed recently - what are the use cases of cryptocurrencies that are not: - Attempts to side-step the law (however misguided the law is) - Trivial to do using a typical centralized database (e.g. Federal Reserver or VISA) - Tantamount to waiting for a greater fool to buy out the current players I am not looking for answers of the form "well whenever you want to avoid a t…

I don't know if you've realized this, but HN is religiously against crypto and anything that rhymes with it. Like, irrationally mad. If you want to explore the utility of crypto go check out different online communities that focus on that, some decent ones on reddit. The level of discussion on HN is usually "crypto baaad, centralized goood". As an economist I'm sure you expect more. Unless you want those ideas reinfo…

I think you are conflating bad with unjustified. They aren’t the same but can appear similarly themed. HN is skeptical of the utility and validity of crypto.

Re: A faster, more efficient cryptocurrency

#112

Post by jackfraser »

eastendguy wrote: post #97
DenisM wrote: post #87

This gets asked often, but in case something changed recently - what are the use cases of cryptocurrencies that are not: - Attempts to side-step the law (however misguided the law is) - Trivial to do using a typical centralized database (e.g. Federal Reserver or VISA) - Tantamount to waiting for a greater fool to buy out the current players I am not looking for answers of the form "well whenever you want to avoid a t…

My favorite future use case is electronic cash with privacy . There are many LEGAL activities that people do not want to show up in a central database. For example, think of many things related to love and relationships. "tantamount to waiting for a greater fool to buy out the current players" <= this is like investing works in general, or? ;-)

There are also plenty of legal efforts (e.g. free political speech) that are actively being shut down by payment processors of all sorts; these need some means of sustainment and crypto has provided what is needed.

Re: A faster, more efficient cryptocurrency

#113

Post by pepesza »

pjc50 wrote: post #106
eastendguy wrote: post #97

Earlier quoted context omitted.

My favorite future use case is electronic cash with privacy . There are many LEGAL activities that people do not want to show up in a central database. For example, think of many things related to love and relationships. "tantamount to waiting for a greater fool to buy out the current players" <= this is like investing works in general, or? ;-)

> many LEGAL activities that people do not want to show up in a central database Unfortunately cryptocurrencies aren't just a central database they're a distributed database - all transactions are public. You can try using a tumbler service but since these are obviously money laundering havens they're not going to last long.

Monero, Zcash, Grin. Three designs that are based on different cryptography - all three giving user full privacy.

Re: A faster, more efficient cryptocurrency

#114

Post by threwawasy1228 »

DenisM wrote: post #87

This gets asked often, but in case something changed recently - what are the use cases of cryptocurrencies that are not: - Attempts to side-step the law (however misguided the law is) - Trivial to do using a typical centralized database (e.g. Federal Reserver or VISA) - Tantamount to waiting for a greater fool to buy out the current players I am not looking for answers of the form "well whenever you want to avoid a t…

I'm genuinely curious why you post this in nearly every single thread about the topic that comes up without fail. It feels like you aren't actually interested in an answer and are instead interested in rather disingenuous in asking the question.

I am curious why you think that those 3 cases are somehow not valid or interesting enough in their own right?

Re: A faster, more efficient cryptocurrency

#115

Post by Swenrekcah »

DickingAround wrote: post #93
DenisM wrote: post #87

This gets asked often, but in case something changed recently - what are the use cases of cryptocurrencies that are not: - Attempts to side-step the law (however misguided the law is) - Trivial to do using a typical centralized database (e.g. Federal Reserver or VISA) - Tantamount to waiting for a greater fool to buy out the current players I am not looking for answers of the form "well whenever you want to avoid a t…

It depends on what you consider "side-step the law". If you encrypt your communication so no one can't read it, but the government didn't demand you not encrypt it.. are you side stepping the law? That's kind of what crypto is like buying regular stuff; you're protecting your money (it's value and your right to trade it as you see fit) even though no one is trying to take it at this particular moment.

Well, people don’t have the unconditional right to trade their money as they see fit.

Re: A faster, more efficient cryptocurrency

#116

Post by pepesza »

skohan wrote: post #83
ses1984 wrote: post #48

Earlier quoted context omitted.

The anarchist in me wants to believe that cryptocurrency will diminish the power of the state but I don't actually have enough faith in humanity that we will come up with something better than crypto-oligarchy.

The story of cryptocurrency over the past couple years has been a really interesting case-study in the application of Libertarian principals. It's interesting how something which was built on the idea of decentralization by design has given way to a clear power structure, where those who have the sway to control the fate of the technology have largely used it to pursue their own personal enrichment over the health an…

> It's interesting how something which was built on the idea of decentralization by design has given way to a clear power structure, where those who have the sway to control the fate of the technology have largely used it to pursue their own personal enrichment over the health and success of the system as a whole.

Care to elaborate? Some examples?

Re: A faster, more efficient cryptocurrency

#117

Post by arisAlexis »

malloreon wrote: post #16

I have long wondered how cryptocurrency fans would answer the question: ‘Would you be happy if the crypto-utopia you bring up happens in the next 10 years, and all value is stored/transacted through a cryptocurrency, but it was a coin that you do not possess now, nor could you transfer any of you current currencies into it?’ Say tomorrow someone releases the one true coin, but no one notices. All other cryptocurrenci…

you are describing an impossible scenario where nobody notices but overnight it becomes a global standard. if you actually make a scenario that is possible you will see most people would have time to switch to the other and the original will slowly fade. no problem with that. dollar will sometime fade too for something else as all other currencies have done in the past (google some charts online)

Re: A faster, more efficient cryptocurrency

#118

Post by dnautics »

root_axis wrote: post #77
bitxbitxbitcoin wrote: post #73

Earlier quoted context omitted.

Cryptocurrency hasn’t done this yet but it certainly has the potential to do exactly this.

How?

Typically, states control the money supply, and typically in the direction of impoverishing laborers to fill the pockets of privileged interests. Diminishing this power alone could be transformative.

Re: A faster, more efficient cryptocurrency

#120

Post by mindcandy »

DenisM wrote: post #87

This gets asked often, but in case something changed recently - what are the use cases of cryptocurrencies that are not: - Attempts to side-step the law (however misguided the law is) - Trivial to do using a typical centralized database (e.g. Federal Reserver or VISA) - Tantamount to waiting for a greater fool to buy out the current players I am not looking for answers of the form "well whenever you want to avoid a t…

Cryptocurrencies are definitely an “Innovator’s Dilema” situation when it comes to general use. It’s much worse than the established solutions. It’s confusing, error-prone, unreliable, cheap and janky. It’s also not a great business case for the establishment who are currently making billions and billions serving very rich customers.

But... it also brings financial service options to people who have no opinions or only truly awful options.

If you are a non-homeless American, you don’t need crypto. American banks are bending over backwards to serve you. But, if you are a homeless American. Or if you are one of the unbanked billions around the world. Or, if you are a Venezuelan, Nigerian, etc... then the establishment is either dismissing you or actively working to screw you.

Crypto can bring tremendous value to all of them while bringing very little to the establishment by simply acting as a PayPal alternative for the extreme poor. If it manages to survive that, it will get better and better. Eventually it will creep up to becoming useful for rich westerners.

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