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Coinbase from YC to DPO

blog.ycombinator.com

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Re: Coinbase from YC to DPO

#211

Post by thinkingkong »

russellbeattie wrote: post #147

I'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.

I know lots of really smart software people who avoided crypto because it didnt and still doesnt “make sense”. But we all didnt invest on the merit of the technology. We forgot the whole “how will people behave” part and lost out on millions.

Re: Coinbase from YC to DPO

#212

Post by vmception »

colesantiago wrote: post #168
nuclx wrote: post #31

Earlier quoted context omitted.

They're listing a scam that is XRP though.

why is XRP a scam?

the reasons that XRP is considered a scam involves an ambiguous new standard that would require all securities and everything in the equities market to also be called scam. Things like there being a centralized issuer (like all assets except for physical commodities), things like all of the asset being created in advance which is called a premine (like all assets before crypto, except newly authorized shares which are then sold)

as XRP aspires not to be within the securities framework, there is still a desire of the market for more forthcoming disclosure and many people (including myself) don't like prior - but extremely successful - marketing of XRP/Ripple that didn't separate Ripple Inc activities from XRP use

but in the crypto space, scam is not defined at all and has complete dilution of any meaning. it is typically rooted in ignoring market sectors, in favor of a general all encompassing single cryptocurrency attracting all capital in the world at all times in perpetuity, so any crypto asset that dilutes some of that capital is called a scam because it slows down the desired world view. obviously people outside of the crypto space consider all of that to be an absurdity. the "middle" view is that there are assets that share a technology feature set that are simply bearable by the market, like any commodity or equity they can attract trillions of value even while a different technology matures that better matches an ideology of elitist enthusiasts.

Re: Coinbase from YC to DPO

#213

Post by Nursie »

adventured wrote: post #193
Nursie wrote: post #162

Earlier quoted context omitted.

> Sure, first mover advantage counts for something, but come on - how has superior tech not yet left it in the rearview. To me it demonstrates perfectly that this market is largely speculation based on brand recognition and number-go-up-tech rather than any use of the currency. If it was based on use and capabilities then yes, we would expect BTC to be superseded by its more capable cousins. But it's not.

I largely agree. It's specifically because Bitcoin is perceived to be a place to hide capital from inflation - and the world is comically flooded with capital right now, chasing anything and everything - while all the central banks are busy vaporizing their garbage fiat. Bitcoin is not a currency. It's bizarre that people keep calling it that, years after it became obvious that it's not. If it were a currency, Bitcoi…

Which seems to me exactly like the sort of thing that will work out great, until it doesn't.

Best of luck.

Re: Coinbase from YC to DPO

#214

Post by rednerrus »

fumblebee wrote: post #93
Fede_V wrote: post #35

I'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…

Couldn't agree more. I struggle to comprehend how an energy obliterating and (relatively speaking) primitive technology like Bitcoin is the top dog in this space. Sure, first mover advantage counts for something, but come on - how has superior tech not yet left it in the rearview. In a space that moves at such rapid pace with heavy investment and buckets of innovation, at some point the crowd surely will migrate en m…

Tether is how BTC stays at the top.

Re: Coinbase from YC to DPO

#215

Post by burlesona »

mempko wrote: post #177
russdpale wrote: post #165

Earlier quoted context omitted.

The problem is that you are solving the issue from the wrong direction. Like getting people to stop littering, the answer is to regulate the producers of the waste, not the end users doing the wasting. The answer is to lobby governments for green energy, not rail against people doing PoW. People who fold at home are using a lot of energy also.

Yet the Producer of Waste here is coinbase no?

Not Coinbase, the miners. The arms race dynamic makes electricity cost the only real limit on mining, and unfortunately the more a single BTC is worth the more kWh you can profitably burn to mine one.

Re: Coinbase from YC to DPO

#216

Post by dd36 »

aeternum wrote: post #153
skeeter2020 wrote: post #115

Earlier quoted context omitted.

broad-based consumption taxes are the best theoretical response, but politically no one is going to impose them at the levels needed to discourage consumption, and they almost always get perverted in their application with carve-outs and exemptions. Plus where does that money go? At best it's an inefficient recycling paradigm when what we really need is an at-source reduction in consumption in the first place.

The goal should not be to discourage consumption, the goal should be carbon neutrality. Any industry such as fossil fuel power plants must buy carbon offset credits/tokens from industries or companies that sequester carbon. Then let the market solve the problem. The credits/tokens may turn out to be very cheap.

The goal should perhaps even be carbon negativity. Structure our economic systems such that removing pollution pays.

Re: Coinbase from YC to DPO

#217

Post by supernova87a »

Fede_V wrote: post #35

I'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…

Does a Bitcoin (for the $ value it represents) cost more to manufacture than an equivalent US $1? After all, a $1 of US currency represents some creation of work too, doesn't it?

Capital/currency represents someone doing work, something being dug out of the ground, something being created -- because these things cannot be created out of thin air. When the Fed creates money, it is doing so in tandem with some physical output of the economy (unless they are purely inflating unbacked by actual goods/services activity).

A US $ is not without cost as well, isn't that right? Currency is based on scarcity of something. Is it possible to have scarcity limited currency without some kind of work involved?

Re: Coinbase from YC to DPO

#218

Post by gdubs »

Fede_V wrote: post #35

I'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…

There’s an article in the NYTimes today on the environmental impact of NFTs and I personally find the whole thing deeply upsetting. I care a lot about the climate. It’s maybe my number one concern long-term, especially as my kids are concerned.

I saw the buzz around NFTs, and thought - “hey, cool! A new way for artists to make some money directly from their fans.” Sounds great. Minted a few NFTs to learn how it all works.

And then I read incredibly distressing figures - some comparing the cost to a years’ worth of family carbon emissions. From clicking a button and waiting a few minutes!

I haven’t been able to get a straight answer on how true these stats are. But the possibility that minting a few tokens caused that much damage frankly makes me want to cry.

You might say, well, that’s stupid — but honestly, when you care about something deeply like the climate and you take pains to reduce emissions and do things to try and help — well, it’s incredibly upsetting.

Re: Coinbase from YC to DPO

#219

Post by dd36 »

tovej wrote: post #206
aeternum wrote: post #153

Earlier quoted context omitted.

The goal should not be to discourage consumption, the goal should be carbon neutrality. Any industry such as fossil fuel power plants must buy carbon offset credits/tokens from industries or companies that sequester carbon. Then let the market solve the problem. The credits/tokens may turn out to be very cheap.

No credible way to decouple production/consumption from emissions has been found. So no, we do need to start curbing consumption, especially among people in the top wealth quantiles (because they consume the most).

Cap-n-trade was a very successful program for reducing nox and sox emissions. If you create the right incentives, markets tend to find a way.

Re: Coinbase from YC to DPO

#220

Post by christkv »

Fede_V wrote: post #35

I'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 more worried about a hostile state actor like China using its dominance in Bitcoin and other crypto coins weaponizing it against our economies. Say crash the coins wiping out big actors causing domino effects in the markets.
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