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I Am Not Satoshi Nakamoto

schneier.com

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Re: I Am Not Satoshi Nakamoto

#31

Post by JohnJamesRambo »

I resent the implication from the person that wrote the letter that Bitcoin was made to make the rich richer. This is exactly the opposite reason I love Bitcoin and cryptocurrency in general. How can anyone look at the current extremely unequal world and think the system of endless printed money going to the people closest to the printer is working?

https://time.com/5888024/50-trillion-income-inequality-ameri...

I dream of a decentralized world currency where you can trace where the money the governments use is going, exactly how much money is being created, and where poor people have a chance to not have their money constantly lose value. This is what got me going the first time I read The Age of Cryptocurrency from Vigna and Casey from the WSJ.

https://www.amazon.com/Age-Cryptocurrency-Blockchain-Challen...

Re: I Am Not Satoshi Nakamoto

#32

Post by differentView »

spurgu wrote: post #9

Quickly skimming through the Wired piece, am I weird for not being that uncomfortable with companies like Coinbase managing your crypto? Or Namebase.io managing Handshake domains? Most people don't care about self-hosting/self-managing their stuff and just want something that works and is easy to use. With both of these (Bitcoin & HNS) you can still have 100% control over it if you choose to. So what if 90% of people…

Many are just looking for a bookie to take their bets.

Re: I Am Not Satoshi Nakamoto

#33

Post by ashtonkem »

JohnJamesRambo wrote: post #31

I resent the implication from the person that wrote the letter that Bitcoin was made to make the rich richer. This is exactly the opposite reason I love Bitcoin and cryptocurrency in general. How can anyone look at the current extremely unequal world and think the system of endless printed money going to the people closest to the printer is working? https://time.com/5888024/50-trillion-income-inequality-ameri... I dr…

Doesn't Cryptocurrency have a significantly higher gini coefficient than most developed nations?

Cryptocurrency might have not been created to make the rich richer, but that sure seems to be the outcome.

Re: I Am Not Satoshi Nakamoto

#34

Post by ekianjo »

tyre wrote: post #14
spurgu wrote: post #9

Quickly skimming through the Wired piece, am I weird for not being that uncomfortable with companies like Coinbase managing your crypto? Or Namebase.io managing Handshake domains? Most people don't care about self-hosting/self-managing their stuff and just want something that works and is easy to use. With both of these (Bitcoin & HNS) you can still have 100% control over it if you choose to. So what if 90% of people…

This is the whole thing with crypto. The only benefits thus far that have come to widespread fruition are illicit purchases and speculation. For it to be broadly accepted, it has to lose the rest. Anonymity? People are unsurprisingly very in favor of KYC so we can apply anti–money laundering and terrorism laws. For it to be trusted you have to insure deposits. Those fly-by-night exchanges going poof with everyone's c…

> For it to be used as regular currency you have to have price stability. No one wants to go to the grocery store and find out that they lost 10% of their budget on the walk over.

such an uneducated take. there is no fiat currency that lasted a hundred years without massive loss in value, or completely disappearing altogether.

Re: I Am Not Satoshi Nakamoto

#35

Post by [deleted] »

JohnJamesRambo wrote: post #31

I resent the implication from the person that wrote the letter that Bitcoin was made to make the rich richer. This is exactly the opposite reason I love Bitcoin and cryptocurrency in general. How can anyone look at the current extremely unequal world and think the system of endless printed money going to the people closest to the printer is working? https://time.com/5888024/50-trillion-income-inequality-ameri... I dr…

[deleted]

Re: I Am Not Satoshi Nakamoto

#36

Post by simonsarris »

ekianjo wrote: post #34
tyre wrote: post #14

Earlier quoted context omitted.

This is the whole thing with crypto. The only benefits thus far that have come to widespread fruition are illicit purchases and speculation. For it to be broadly accepted, it has to lose the rest. Anonymity? People are unsurprisingly very in favor of KYC so we can apply anti–money laundering and terrorism laws. For it to be trusted you have to insure deposits. Those fly-by-night exchanges going poof with everyone's c…

> For it to be used as regular currency you have to have price stability. No one wants to go to the grocery store and find out that they lost 10% of their budget on the walk over. such an uneducated take. there is no fiat currency that lasted a hundred years without massive loss in value, or completely disappearing altogether.

This is a sensible riposte only if it takes you a hundred years to get to the grocery store.

Re: I Am Not Satoshi Nakamoto

#37

Post by ekianjo »

AussieWog93 wrote: post #27
spurgu wrote: post #9

Quickly skimming through the Wired piece, am I weird for not being that uncomfortable with companies like Coinbase managing your crypto? Or Namebase.io managing Handshake domains? Most people don't care about self-hosting/self-managing their stuff and just want something that works and is easy to use. With both of these (Bitcoin & HNS) you can still have 100% control over it if you choose to. So what if 90% of people…

>Most people don't care about self-hosting/self-managing their stuff and just want something that works and is easy to use. Crypto is no different to regular currencies in this regard. There's nothing stopping you from physically withdrawing all of your cash and stuffing it under your mattress. If you're concerned about the government devaluing your cash through dodgy bailouts of financial institutions, you can even…

Buying precious metals is very regulated and not practical in numerous countries.

Re: I Am Not Satoshi Nakamoto

#38

Post by JohnJamesRambo »

ashtonkem wrote: post #33
JohnJamesRambo wrote: post #31

I resent the implication from the person that wrote the letter that Bitcoin was made to make the rich richer. This is exactly the opposite reason I love Bitcoin and cryptocurrency in general. How can anyone look at the current extremely unequal world and think the system of endless printed money going to the people closest to the printer is working? https://time.com/5888024/50-trillion-income-inequality-ameri... I dr…

Doesn't Cryptocurrency have a significantly higher gini coefficient than most developed nations? Cryptocurrency might have not been created to make the rich richer, but that sure seems to be the outcome.

https://vitalik.ca/general/2021/07/29/gini.html

Vitalik answers this much more eloquently than I could.

And I would say what is the Gini coefficient for stocks? It isn't great either. Crypto is in its infancy. Bitcoin was created in 2009. What was the Gini coefficient for the first US dollars, the Continentals, in 1775? I'm going to assume most went to those closest to and believing in that new currency.

I make no apologies or excuses for crypto. I fully admit it isn't perfect. But I only state what it could be and dream of the future. That future I dream of is a more equitable society.

Re: I Am Not Satoshi Nakamoto

#40

Post by ashtonkem »

spurgu wrote: post #9

Quickly skimming through the Wired piece, am I weird for not being that uncomfortable with companies like Coinbase managing your crypto? Or Namebase.io managing Handshake domains? Most people don't care about self-hosting/self-managing their stuff and just want something that works and is easy to use. With both of these (Bitcoin & HNS) you can still have 100% control over it if you choose to. So what if 90% of people…

> am I weird for not being that uncomfortable with companies like Coinbase managing your crypto?

Since you're neutral to crypto, no, this is not weird. There is an overwhelming chance you use a trusted intermediary for your personal finance, so accepting that for crypto is an ideologically consistent position for you to take.

The issue is that it's a bit two faced for the crypto crowd, who for years have been saying "be your own bank" and hyping crypto's ability to destroy traditional banks and financial institutions. That's why those of us who are negative on crypto (like me) will regularly point out how crypto has basically started recreating a parallel financial structure to traditional finance, only worse.

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