It's time for us in the tech world to speak out about cryptocurrency
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Re: It's time for us in the tech world to speak out about cryptocurrency
#2Yeah it's an end run around financial regulation. Run crypto run!
Re: It's time for us in the tech world to speak out about cryptocurrency
#3for me the key tweet here is:
> The two things people need to know about cryptocurrency are completely non-technical:
> 1. If it doesn't work, it's just an easy to lose casino chip
>2. If it works, it creates an end run around all financial regulation, and will be dominated by uses those regulations try to stop
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Re: It's time for us in the tech world to speak out about cryptocurrency
#4What an original and thoughtful take on a topic that really hasn't gotten enough attention on HN up until now.
Re: It's time for us in the tech world to speak out about cryptocurrency
#5I'm so happy we have these enlightened people that can intuit the truth we, the delusional can not.
Re: It's time for us in the tech world to speak out about cryptocurrency
#6It’s “not decentralized” and also it’s used to move “billions in crime money around.”
Hmm.
It’s a fraudulent “con” and also very dangerous because it subverts regulations.
Hmm.
Seems pretty contradictory, no?
You can either criticize bitcoin for not working or for working too well but Maciej seems to be trying to do both at once.
I’m not a Bitcoin user or particularly a fan but these self contradicting attack lines don’t seem likely to be politically effective. Just choose one. I’d go with “mostly used for crime.” And then add “environmentally ruinous” for good measure.
Re: It's time for us in the tech world to speak out about cryptocurrency
#7It’s hyperbole to say Bitcoin has no social benefit. It, at least, allows individuals to exchange payments between each other online without needing the consent of any private corporation or monopoly. Maybe it’s not the most efficient way of doing it but decentralization has a cost. I think we are all patiently waiting for better alternatives.
Re: It's time for us in the tech world to speak out about cryptocurrency
#8> Cryptocurrency is sustained by a mix of money laundering, vaporware, fraud, ransomware, gambling, and delusion. It has no social benefit except helping end first dates fast
> What we especially need to stress to regulators is that there's no relationship between the technical claims of cryptocurrency and our now over 13 years of experience. It's not decentralized, it's not a currency, it's not a store of value, and it's not a promising technology
> Cryptocurrency solves no problems that it didn't first create, and most of those it doesn't solve. Smart contracts are neither of those things—at worst they're an API for fraud, or as @qrs put it, self-funding bug bounties at best
Those are a lot of hasty statements made without indisputable evidence.
Edit: I'll take any evidence if indisputable evidence is too high a bar.
Re: It's time for us in the tech world to speak out about cryptocurrency
#9It’s hyperbole to say Bitcoin has no social benefit. It, at least, allows individuals to exchange payments between each other online without needing the consent of any private corporation or monopoly. Maybe it’s not the most efficient way of doing it but decentralization has a cost. I think we are all patiently waiting for better alternatives.
>> without needing the consent of any private corporation or monopoly
I'd say we all subsidize bitcoin and the likes indirectly and unwillingly through the price hikes in HW directly or indirectly attributed to something of dubious (to put it mildly) tangible value.
Re: It's time for us in the tech world to speak out about cryptocurrency
#10It’s hyperbole to say Bitcoin has no social benefit. It, at least, allows individuals to exchange payments between each other online without needing the consent of any private corporation or monopoly. Maybe it’s not the most efficient way of doing it but decentralization has a cost. I think we are all patiently waiting for better alternatives.
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