So much BTC FUD on HN - it's kind of disgusting.
Coinbase from YC to DPO
141–150 of 883 posts
Re: Coinbase from YC to DPO
#142Coinbase will be in every fund that needs crypto exposure. I can’t see how this thing doesn’t reach 1k, and splits a few times by end of year.
There are at least 14 applications right now to operate crypto ETFs.
Re: Coinbase from YC to DPO
#143I'm horrendously worried about crypto gaining more marketshare as long as proof of work crypto remains mainstream. It has significantly worse externalities than just about any company I can think of (including defense contractors/vaping companies), and, if it grows larger before we have clean energy, then we virtually guarantee we won't be able to tackle global warming. We are going to bestow a world that will be sig…
>I'm horrendously worried about crypto gaining more marketshare as long as proof of work crypto remains mainstream. It's not really remaining mainstream. Bitcoin is soon going to be the only big project (in terms of electricity used) with it. The industry as a whole is moving away from it quite fast at this rate, with ETH (second biggest) moving to PoS within a year, and almost every new project being a or on a non-P…
Eth is always moving to POS ---> THIS YEAR.\
Believe it when I see it.
Re: Coinbase from YC to DPO
#144Earlier quoted context omitted.
PoW is on it’s way out - Ethereum is moving away from it and there is no reason for other cryptos to not follow. The major player in PoW will remain Bitcoin, which won’t change. But as soon as solar/wind become cheaper than coal, it will switch to green without a blink of an eye. A random thought - I’m genuinely surprised Bitcoin folks didn’t yet crowdfund building a nuclear reactor for mining purposes ;) They crowdf…
BTC is already mostly powered by green
lol no.
Just no.
Re: Coinbase from YC to DPO
#145I'm horrendously worried about crypto gaining more marketshare as long as proof of work crypto remains mainstream. It has significantly worse externalities than just about any company I can think of (including defense contractors/vaping companies), and, if it grows larger before we have clean energy, then we virtually guarantee we won't be able to tackle global warming. We are going to bestow a world that will be sig…
And I still have yet to understand why should the rest of society who hasn't bought into Bitcoin shoulder higher energy costs because Bitcoin are driving up demand?
Re: Coinbase from YC to DPO
#146I'm horrendously worried about crypto gaining more marketshare as long as proof of work crypto remains mainstream. It has significantly worse externalities than just about any company I can think of (including defense contractors/vaping companies), and, if it grows larger before we have clean energy, then we virtually guarantee we won't be able to tackle global warming. We are going to bestow a world that will be sig…
Complaining about externalities of PoW cryptocurrencies is like complaining about the fastest function that exists in your code and is magnitudes more efficient than anything else.
Externalities that pollute the ocean, air, rivers and cities are not present in crypto at all in the amounts that other industries and human activities produce.
There will be more people jumping on carnivorous and meat heavy diets than there will be people using electricity powered cryptocurrencies. Keto is trending more than cryptocurrencies.
The amount of destruction that factory farming will inflict on this world and is inflicting will never be reached by cryptocurrencies. There will be no deforestation, no waste mismanagement, no fertilizer drain, nothing.
Re: Coinbase from YC to DPO
#147I'm not sure what I'm more amazed at: The foresight of Coinbase's founder starting the company so early on, or my personal total lack of foresight having read with interest about Bitcoin from the beginning and yet not bothering to buy a single coin at any point over the past decade.
Re: Coinbase from YC to DPO
#148Earlier quoted context omitted.
Like a lot of bubbles, there is FOMO and lack of understanding of the technology. It is easy to compare crypto to the internet. When the internet first started out a lot of people didn't invest in GOOG because it was not obvious where the revenue would come from. People are afraid of making the same mistake here as well. "I don't know how BTC will generate cashflow outside of being a Ponzi scheme, but I assume the te…
GOOG was a good investment because nobody invested in it. If everyone had invested in GOOG, it would not have been as good an investment since its success would already be priced in. If the number has already gone up, you are too late. If everyone is talking about it, you are too late.
I don't know what BTC will do, but this is a banality and mostly wrong in any way that's important.
"The number has gone up" for Google almost since it has gone public.
If you bought BTC at $1 and it went to $10 - is $10 too late? The number went up.
The hard part is it's hard to know the underlying value of things and a lot of value is socially determined by how others value something.
Why is gold traded as an expensive commodity? It has some tiny practical uses, but is that why the price fluctuates? People trade it because they think other people will trade it and use it as a store of value when other stuff is volatile.
Some people think BTC's scarcity guarantees provide a similar digital version of that. It's volatile now because it's still early and uncertain, but if that's true then BTC's price could be very high and it's hard to know if you're too late.
For other Non-BTC coins unlikely to get the same level of social buy-in their value is a lot more questionable imo. ETH has some real underlying applications (uniswap decentralized exchange, powering contracts, other tokens etc.). The privacy coins maybe can leverage that for a reason for people to use them. The others seem like even more fringe bets and more likely to be FOMO bubbles.