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Bye-bye, Bitcoin: It's time to ban cryptocurrencies

thehill.com

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Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#51

Post by api »

nscalf wrote: post #12

This is some of the worst junk writing I've seen on the hill. Some pretty wrong things in here, like insinuating that the only value of crypto is to criminals, and all but saying that the reason there are hackings to things like critical infrastructure is because crypto exists, which is just silly. Then it flags bitcoin as an environmental hazard, though estimates seem to be ~50-70% of BTC energy use is from renewabl…

Give me one Web 3.0 thing that a non-trivial number of people use that is not directly related back to cryptocurrency itself (speculation, exchanges, gambling, etc.).

A product? A service? A game? A hosting solution?

The only one I can think of is Sia and maybe FileCoin if they actually ship something useful, and those have only a tiny number of actual users.

I guess maybe Steemit if someone actually still uses that.

We are now in year 13 of the cryptocurrency revolution and I'm having trouble thinking of anything you can do with this stuff.

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#52

Post by mdoms »

nscalf wrote: post #12

This is some of the worst junk writing I've seen on the hill. Some pretty wrong things in here, like insinuating that the only value of crypto is to criminals, and all but saying that the reason there are hackings to things like critical infrastructure is because crypto exists, which is just silly. Then it flags bitcoin as an environmental hazard, though estimates seem to be ~50-70% of BTC energy use is from renewabl…

> Some pretty wrong things in here, like insinuating that the only value of crypto is to criminals, and all but saying that the reason there are hackings to things like critical infrastructure is because crypto exists

Both of these are true.

> Then it flags bitcoin as an environmental hazard

This is true.

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#53

Post by briefcomment »

Jasper_ wrote: post #33
nscalf wrote: post #12

This is some of the worst junk writing I've seen on the hill. Some pretty wrong things in here, like insinuating that the only value of crypto is to criminals, and all but saying that the reason there are hackings to things like critical infrastructure is because crypto exists, which is just silly. Then it flags bitcoin as an environmental hazard, though estimates seem to be ~50-70% of BTC energy use is from renewabl…

> though estimates seem to be ~50-70% of BTC energy use is from renewables Bullshit. When one coal mine in a remote region of China flooded, the Bitcoin hash rate measurably dropped by 30%. Keep in mind this was just one coal mine. Not all of China's production. https://fortune.com/2021/04/20/bitcoin-mining-coal-china-env... > it's more apt to call it Web 3.0 than cryptocurrency at this point. I've said this so many…

> I've said this so many times: But what does it doooooo???

Are you asking about Bitcoin or Crypto? Bitcoin doesn't do much atm, but Ethereum does stuff, and Bitcoin Cash is pretty practical as a currency at the moment. There's plenty that can be done, but the market will have to decide what to converge on.

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#55

Post by aww_dang »

api wrote: post #51
nscalf wrote: post #12

This is some of the worst junk writing I've seen on the hill. Some pretty wrong things in here, like insinuating that the only value of crypto is to criminals, and all but saying that the reason there are hackings to things like critical infrastructure is because crypto exists, which is just silly. Then it flags bitcoin as an environmental hazard, though estimates seem to be ~50-70% of BTC energy use is from renewabl…

Give me one Web 3.0 thing that a non-trivial number of people use that is not directly related back to cryptocurrency itself (speculation, exchanges, gambling, etc.). A product? A service? A game? A hosting solution? The only one I can think of is Sia and maybe FileCoin if they actually ship something useful, and those have only a tiny number of actual users. I guess maybe Steemit if someone actually still uses that.…

Think about this in the context of the discussion. Does it follow that we should ban crypto if it doesn't appeal to you? Or should you just not use it personally?

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#56

Post by rspeele »

Jasper_ wrote: post #33
nscalf wrote: post #12

This is some of the worst junk writing I've seen on the hill. Some pretty wrong things in here, like insinuating that the only value of crypto is to criminals, and all but saying that the reason there are hackings to things like critical infrastructure is because crypto exists, which is just silly. Then it flags bitcoin as an environmental hazard, though estimates seem to be ~50-70% of BTC energy use is from renewabl…

> though estimates seem to be ~50-70% of BTC energy use is from renewables Bullshit. When one coal mine in a remote region of China flooded, the Bitcoin hash rate measurably dropped by 30%. Keep in mind this was just one coal mine. Not all of China's production. https://fortune.com/2021/04/20/bitcoin-mining-coal-china-env... > it's more apt to call it Web 3.0 than cryptocurrency at this point. I've said this so many…

Crypto democratizes and decentralizes finance, banking the unbanked, debanking the overbanked, and rebanking the debanked. Using lightning network crypto eliminates middlemen and the annoying experience of transacting money between businesses and customers. With brain wallet seeds you can take your wealth with you anywhere as long as you can remember it or write it down where nobody else will see it, ever. For maximum security you can send your funds to a burner address, withdrawing them from circulation and ensuring nobody can ever steal them.

I know you said no loans, but I can't skip mentioning DeFi which enables anybody to borrow their own money from themselves, anytime, fully electronically and without centralization.

Then you have smart contracts, which are like a computer, but on everybody's computer at the same time. You can write full programs with complexity nearing that of FizzBuzz and run them worldwide for only hundreds of dollars.

Just imagine a world without crypto. It would be like a world without hackysack, or a world without mail order swords on the shopping channel. Unrecognizable and primitive.

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#58

Post by agloeregrets »

trident5000 wrote: post #42
jrm4 wrote: post #34

Earlier quoted context omitted.

Not even that there is absence of evidence -- but absence of evidence is not evidence of absence. Moreover, your cherrypicking of "Internet-type" inventions that develop very quickly are definitely outliers. By contrast, the answering machine was invented in the 1930's, and didn't take off until 50ish years later. It's absurdly and ignorantly early to declare "crypto has no utility."

You're on HN. Crypto isnt liked because it might steal jobs/shake up the status quo. More threads will be posted as user adoption continues and especially when price rises. Last temper tantrum was like 6 months ago so its probably about that time.

Crypto in general isn't liked because it generally is BS propped up by holders to others to help their position like an MLM coworker. It isn't green (in it's current form for most). It doesn't solve real world problems(in it's current form for most). And it has effectively no avenue to ever being supported by major governments because lol, shocker, they would rather regulate money.

The thing about it all is that it has use, but 98% of all who are pro-crypto are just trying to get in on the gold rush rather than actually make it useful. Diamond hands is good for your position but awful for making it an actual currency.

I'm sure I'll get some five paragraph long response to this pin pointing little bits here and there that might make it possible but the fact of the matter is that as it currently exists and is being propped up, it is just burning our planet for a potential goldrush.

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#59

Post by legulere »

nscalf wrote: post #12

This is some of the worst junk writing I've seen on the hill. Some pretty wrong things in here, like insinuating that the only value of crypto is to criminals, and all but saying that the reason there are hackings to things like critical infrastructure is because crypto exists, which is just silly. Then it flags bitcoin as an environmental hazard, though estimates seem to be ~50-70% of BTC energy use is from renewabl…

But where are cryptocurrencies used as a currency except by criminals? They offer no benefit for legal transactions except in rare edge cases.
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