Ask HN: Why crypto is rising so fast when its not creating value? • Hacker News Board

Re: Ask HN: Why crypto is rising so fast when its not creating value?

#151

Post by thelastgallon » Thu, Nov 11, 2021, 12:09 AM UTC

Crypto is capitalist's wet dream come true.

Capitalist 1.0: Money --> idea --> build org --> employ people --> make products (shiny new plastic toy, ends in landfill after 3 months) --> deal with marketing, fake reviews, selling, shipping, returns, logistics, customer service, cash flow, loans, HR department, compliance, legal and liabilities, rules and regulations, competitors --> profit

Enlightened Capitalist: Money (spent on electricity) --> profit

Crypto short-circuits all of this. Soon, everyone will switch to making crypto. We'll all be billionaires, but nobody makes stuff anymore. Why waste electricity on making stuff (and dealing with the 100 dimensions of a real business) when you can just make profit!

Re: Ask HN: Why crypto is rising so fast when its not creating value?

#152

Post by FranksTV » Thu, Nov 11, 2021, 7:11 AM UTC

aliswe wrote: post #120

rhizome wrote: post #30

Because it's a pyramid scheme that is powered by hype. It just so happens that the exponential requirements for the number of participants has grown to the point where you'll start to see ppl talking about it more and more and in everyday conversations.

are you sure the word pyramid scheme is actually accurate?

Yes because the only way anyone makes money is buy getting more people to buy bitcoin.

Re: Ask HN: Why crypto is rising so fast when its not creating value?

#153

Post by mohanmcgeek » Fri, Nov 12, 2021, 11:37 AM UTC

wnkrshm wrote: post #131

mohanmcgeek wrote: post #80

Earlier quoted context omitted.

> people value money that is not controlled by their government. And that's how banknotes came into being Reserve banks are banks, not their respective countries governments

That's not how a quick read of the wikipedia page on the history of bank notes reads. It reads like bank notes were the result of the shortcomings of coins, i.e. that you had to have actual precious metal to mint them. And the first bank notes as currency were used within the national governments' jurisdictions and juristically established as currency. [0] [0] https://en.wikipedia.org/wiki/Banknote#History

The current currency system that we have doesn't go back to Yuan China. It goes to 17th century Europe.

The currency that we have today in major economies _not_ controlled by the government. If the government created money, there would be no need for them to tax people/issue bonds