Is Bitcoin a Scam? • Hacker News Board

Re: Is Bitcoin a Scam?

#101

Post by aww_dang » Wed, Jan 20, 2021, 7:40 AM UTC

1ark wrote: post #100

aww_dang wrote: post #75

Earlier quoted context omitted.

Nano has no fees or mining. Instead of traditional distributed proof of stake, it uses open representative voting. https://docs.nano.org/what-is-nano/overview/#representatives... If nano (or any other tech) achieves greater utility for transactions without using proof of work, then it is arguable that BTC's use of energy is wasteful. However, to be specific I would defend the consumer/miner's choice to use energy in…

Nano, and many other projects, have much better and efficient tech than BTC. The problem with most of them are the screwups in various proportions (premines, developer fee, foundations), and how they are developed. BTC development is RFC based, and users approve by running own nodes, and miners have to comply in between. Until a project comes along which doesn't try to swindle its user base BTC will stay dominant.

Nano users run their own nodes, but the main incentive for running a node is for service providers, developers and merchants.

There's no swindle in my view. As a user of the technology perhaps I'm biased. Although because I approached it from purely to solve a problem and not as an investment, I don't think I am as biased as others.

XRP would be a good example of a swindle surrounded by hype and marketing. Altcoins are rightfully scrutinized, but I think in the case of Nano there's unfair generalization without actual investigation into the technology.

What is popular isn't always the best technology.

Re: Is Bitcoin a Scam?

#102

Post by alwillis » Wed, Jan 20, 2021, 8:34 AM UTC

stuaxo wrote: post #24

- Proof of work is inherently wasteful. - The ever expanding blockchain is wasteful (in storage, computation, network). - Having every transaction recorded forever is the opposite of anonymity ("pseudonymous" - come on!). - The energy usage is insane. - The throughput is way too slow. While there may be an anonymous digital currency that doesn't use a lot of energy, it probably has to be based on something other than…

Bitcoins biggest threat may be the decriminalization of drugs, as that is the only use beyond hoarding "HODL"ing right now.

This is such a tired and over used trope.

How about being the best store of value humans currently have access to?

The world's reserve currency--the dollar--is being inflated by trillions and trillions of dollars, with no end in sight.

Savings accounts are paying essentially 0% interest; if you take inflation into account, people are losing money everyday they leave their money in these accounts. Countries in the EU have negative interest rates and it won't be too long before we have negative rates in the US.

Meanwhile, bitcoin is on its way to becoming a reserve asset and is being seen as a must-own asset by the best and brightest money managers and companies.

Bitcoin has been a lifeline in countries where the local currency has failed--like Syria, Venezuela, Argentina. It's allowed people to stay ahead of repressive regimes like in Hong Kong and Nigeria.

And it's going to allow people in the United States who's currency is being debased and where inflation is eating away at savings and retirement to have a fighting chance at being able to support themselves in the future.

You might want to understand how theft-by-inflation works [1].

Or how the dollar is gradually losing its status as the world reserve currency [2]. It's not going to be pretty.

[1] "Masters and Slaves of Money"—https://breedlove22.medium.com/masters-and-slaves-of-money-2...

[2] "The Fraying of the US Global Currency Reserve System"—https://www.lynalden.com/fraying-petrodollar-system/

Re: Is Bitcoin a Scam?

#103

Post by habosa » Wed, Jan 20, 2021, 10:21 AM UTC

Ekaros wrote: post #46

habosa wrote: post #21

Earlier quoted context omitted.

Bitcoin has basically no adoption among people who use cryptocurrency for non-speculative purposes. Privacy-focused coins (Monero, etc) or coins with faster/better ledgers (Ethereum) are much more popular. There was a time when Bitcoin was a promising digital currency! I had some back then, around 2010. This is not that.

How much Ethereum is used for actual transactions? All things I hear from it are tech toys/demos and weird financial instruments/gambling...

No idea but if I ever wanted to pay a friend or a business in crypto, that's definitely the coin I'd use. Fast, well-known, and easy to buy and sell.

Re: Is Bitcoin a Scam?

#104

Post by worik » Wed, Jan 20, 2021, 11:59 PM UTC

worik wrote: post #97

How can bitcoin be anything other than a scam, now. It has no legal, ethical use case. The only reason to buy bitcoin is you hope some bigger fool will buy it from you later. Not quite a pyramid scheme is the best thing anybody can say about it

Ok. Donating to Wikileaks.

Re: Is Bitcoin a Scam?

#105

Post by FDSGSG » Thu, Jan 21, 2021, 12:44 AM UTC

habosa wrote: post #21

magma1983 wrote: post #14

Earlier quoted context omitted.

betamax was better tech than vhs. it's adoption that counts.

Bitcoin has basically no adoption among people who use cryptocurrency for non-speculative purposes. Privacy-focused coins (Monero, etc) or coins with faster/better ledgers (Ethereum) are much more popular. There was a time when Bitcoin was a promising digital currency! I had some back then, around 2010. This is not that.

Bullshit. The vast majority of DNM transactions are in bitcoin (yes, I know WHM is trying to change this).. Same goes for huge card shops like jstash, which tend to only accept bitcoin. On various crime forums like exploit.in and verified.sc bitcoin is definitely the currency of choice. Most ransomware payments are in bitcoin too, even if a few have tried asking for monero recently.

It's very strange to see someone choose to come up with lies like this. I would prefer widespread monero adoption too, but we're far from that.

Re: Is Bitcoin a Scam?

#106

Post by DemocracyFTW » Thu, Jan 21, 2021, 4:33 PM UTC

chemmail wrote: post #99

stuaxo wrote: post #24

- Proof of work is inherently wasteful. - The ever expanding blockchain is wasteful (in storage, computation, network). - Having every transaction recorded forever is the opposite of anonymity ("pseudonymous" - come on!). - The energy usage is insane. - The throughput is way too slow. While there may be an anonymous digital currency that doesn't use a lot of energy, it probably has to be based on something other than…

Calling something "wasteful" is merely philosophical. What exactly is wasteful? You eating anything that isn't absolutely required, maybe just some IVs, is that not wasteful? The USAs entire meat chain, is that not wasteful? Transportation when online meetings are fine, is that not wasteful? The universe itself burning out one day, is that not wasteful to existence? Wasteful is not an argument at the end of the day.

Jumping from the observation that a given term is of a philosophical nature (whatever that might mean) to the conclusion that it is "not real", hence "irrelevant" is a fallacy. Likewise, observing that not only exhibit A has property P but also exhibits C, D, and E is no proof that property P is irrelevant with respect to A.

"Democracy", "freedom", "the law", "the economy"—all of these terms are in the realm of Philosophy and are subject to philosophical discussion, as they ought; none of these is not highly relevant in a universal, everyday, hands-on sense. Likewise, that meat production is wasteful doesn't mean it's a good idea to add yet another wasteful item to a place characterized by finite resources.