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What the Crypto Crowd Doesn’t Understand About Economics

bloomberg.com

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Re: What the Crypto Crowd Doesn’t Understand About Economics

#81

Post by dang »

DethNinja wrote: post #72
Syzygies wrote: post #60

I'm an author cited by the original bitcoin paper. I considered becoming an economist rather than a mathematician. Cryptocurrencies are a carbon-load environmental crime. Figuring a way around this is the major unsolved problem in the field. Are you a vegetarian in the crypto-crowd? You'd be doing the planet a favor to start eating meat and abandoning cryptocurrencies. National currencies used to be backed by gold; n…

[flagged]

Please don't take HN threads into ideological flamewar. It makes discussions more predictable and nastier, and we're trying for the opposites here.

If you wouldn't mind reviewing https://news.ycombinator.com/newsguidelines.html and taking the intended spirit of the site more to heart, we'd be grateful. Note these ones:

"Please don't use Hacker News for political or ideological battle. It tramples curiosity."

"Please respond to the strongest plausible interpretation of what someone says, not a weaker one that's easier to criticize. Assume good faith."

Re: What the Crypto Crowd Doesn’t Understand About Economics

#82

Post by dang »

runbathtime wrote: post #8

Most people in crypto do not understand anything about economics. They understand ponzi/ greater fool theory and how to obfuscate to the public and regulators to pull the wool over someone's eyes.

Ok, but please don't post unsubstantive comments to HN and especially not flamewar comments. They're predictable and they make the threads nasty.

https://news.ycombinator.com/newsguidelines.html

Re: What the Crypto Crowd Doesn’t Understand About Economics

#83

Post by dang »

walkedaway wrote: post #63
TheFreim wrote: post #26

Earlier quoted context omitted.

I'd go farther and take the Taleb route that NOBODY understands economics due to its random nature.

Thomas Sowell seems to have a solid grasp on economics. Too bad people don't study his work. Maybe if he wasn't black people in the US would listen to him.

Please stop taking HN threads further into ideological flamewar. We don't want that here; it's tedious, predictable, and regularly turns nasty.

https://news.ycombinator.com/newsguidelines.html

Re: What the Crypto Crowd Doesn’t Understand About Economics

#84

Post by shawnb576 »

endisneigh wrote: post #66

The problem with cryptocurrencies is very simple. At some point X-COIN will reach a maximum price, $MAX. Why would anyone buy X-COIN at $MAX? By definition it will lose you money. You can repeat this argument with any amount, because ultimately you're just going to subject someone else to the same situation. Regress this to its logical extreme and you see there's no point of buying it at all, unless crypto itself has…

Isn't this just the Greater Fool Theory [1]

[1] https://www.investopedia.com/terms/g/greaterfooltheory.asp

Re: What the Crypto Crowd Doesn’t Understand About Economics

#85

Post by [deleted] »

JumpCrisscross wrote: post #61
martin1975 wrote: post #40

Earlier quoted context omitted.

Doing a stablecoin to replace something like the USD is an extremely difficult problem. Reserve.org is one company which understands the gravity of the issue and is committed to producing a stablecoin for anyone, worthy enough to replace the USD.

> a stablecoin to replace something like the USD is an extremely difficult problem It's also a solved one. There is one party on the planet that can credibly solve this problem, and it's the Fed. Walter Bagehot wrote about this effectively in 1873 [1], it's still comprehensible, and it is to the Federal Reserve Act what the Declaration is to the Constitution. Every U.S. dollar stablecoin issued by someone who is not…

[deleted]

Re: What the Crypto Crowd Doesn’t Understand About Economics

#86

Post by dabed »

JumpCrisscross wrote: post #61
martin1975 wrote: post #40

Earlier quoted context omitted.

Doing a stablecoin to replace something like the USD is an extremely difficult problem. Reserve.org is one company which understands the gravity of the issue and is committed to producing a stablecoin for anyone, worthy enough to replace the USD.

> a stablecoin to replace something like the USD is an extremely difficult problem It's also a solved one. There is one party on the planet that can credibly solve this problem, and it's the Fed. Walter Bagehot wrote about this effectively in 1873 [1], it's still comprehensible, and it is to the Federal Reserve Act what the Declaration is to the Constitution. Every U.S. dollar stablecoin issued by someone who is not…

Could you elaborate about how does the impossible trinity follows from (a) and (b)?

Re: What the Crypto Crowd Doesn’t Understand About Economics

#87

Post by marcus_holmes »

lamestream wrote: post #80
marcus_holmes wrote: post #78

Earlier quoted context omitted.

I used to run a newspaper. The business model question is very hard. There's basically a choice: You can write clickbaity ad-revenue-optimised shite, which draws people in, gets them to open the article (and get served the ads). But once they've done that then there's no point in getting them engaged further - from a business point of view there's nothing gained by getting them to read stuff once the ads have been se…

I know, my first question was a joke; you're causing clickbaity headlines and inline ads by bypassing their paywall. You still haven't explained why it was worth your time to manually edit the frontend in Inspector when the article is such poor quality it's not worth paying for. Google and Facebook ate the ad market. It doesn't matter if you win Pulitzer prizes or not, you need another source of revenue. There's plen…

> I'm a geek, I enjoy messing with this stuff. The enjoyment of the technical challenge of "hacking" their paywall was more than worth the time it took. The article was probably not. Not sure I'd do it again.

I kinda did. You're obviously more interested in making "jokes" than reading the replies.

I do make a distinction between straight "news" sites and the more niche sites like the Economist, Wired, etc. I wasn't aware that NYT was now profitable via paywall - last I heard it was still struggling and laying off journalists, but I could be wrong.

Re: What the Crypto Crowd Doesn’t Understand About Economics

#88

Post by qshaman »

qshaman wrote: post #30
runbathtime wrote: post #8

Most people in crypto do not understand anything about economics. They understand ponzi/ greater fool theory and how to obfuscate to the public and regulators to pull the wool over someone's eyes.

they do have figured out the pump and dump part

why the downvoting, isnt that what most crypto influencers do? Anyway, have fun.
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