Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

I was wrong, we need crypto

world.hey.com

Post reply on HN
Print view View original

271–280 of 336 posts

Re: I was wrong, we need crypto

#271

Post by woodruffw »

greyface- wrote: post #266
woodruffw wrote: post #151

Earlier quoted context omitted.

When a conversation starts with accusations of "martial law," you don't get to wiggle out of that by wringing over "semantics": "martial law" means something specific , and using it in the first place belies either an incorrect understanding or a dishonest attempt to portray the Canadian government's actions in terms that nobody can disagree with. > The ability for a government to unilaterally lock people out of thei…

> SARs[1] Link? I found https://en.wikipedia.org/wiki/Suspicious_activity_report but this describes a process where a bank makes a report to the feds, not a process where the feds make a report to the bank. And account closure is not mentioned.

The federal government does not make a report to the bank. They mandate that the bank makes reports on any currency transaction over $10,000 USD, including special activity reports when the transaction is flagged for other reasons. The liability associated with maintaining a bank account after submitting an SAR is high, which is why banks immediately freeze those accounts.

Re: I was wrong, we need crypto

#272

Post by jqpabc123 »

datadata wrote: post #260
jqpabc123 wrote: post #65

Earlier quoted context omitted.

Smart people recognize that the base premise is simply unworkable. The idea that anyone can create money out of electrons is really no better than the idea that anyone can create money out of paper. There is no real reason to believe the first will be any more successful than the second. There are close to 10,000 different cryptocurrencies currently in use. And the number is increasing all the time. You don't have to…

Why do you see the large number of cryptocurrencies an argument supporting their value going to zero? This is like saying that the number of websites is still going up, therefore the value of the internet will go to zero. A more charitable analysis would look at the number of users of cryptocurrency, and especially the number of users of the most prevalent cryptocurrencies, which is indisputably rising.

Why do you see the large number of cryptocurrencies an argument supporting theoretical value going to zero?

If too many people can easily make the product, the market quickly becomes saturated and the value starts to tend toward zero and people losing interest in it.

Also, in this particular case the product is defective. It doesn't actually function as stated --- as a currency that is widely accepted to buy a huge variety of things both large and small with minimal fees, high transaction volume and low wait times?

These are basically just instruments for speculation and fraud. History shows that such schemes can't and won't be sustained over time.

Re: I was wrong, we need crypto

#273

Post by [deleted] »

bryanlarsen wrote: post #187
disambiguation wrote: post #182

Earlier quoted context omitted.

Source on 300M in damages? Is this real damage or "opportunity cost"?

Thousands of people were out of work for most of a month. For example, the Rideau Centre, which employs 1500, was shut down. Thousands of people had to move out of their homes because they couldn't sleep with the continuous honking. One idiot even brought a train horn. And that was just Ottawa. The ambassador bridge shutdown was much worse. For instance, Ford shut down an Ohio plant employing 1600 due to lack of part…

[deleted]

Re: I was wrong, we need crypto

#274

Post by datadata »

jqpabc123 wrote: post #272
datadata wrote: post #260

Earlier quoted context omitted.

Why do you see the large number of cryptocurrencies an argument supporting their value going to zero? This is like saying that the number of websites is still going up, therefore the value of the internet will go to zero. A more charitable analysis would look at the number of users of cryptocurrency, and especially the number of users of the most prevalent cryptocurrencies, which is indisputably rising.

Why do you see the large number of cryptocurrencies an argument supporting theoretical value going to zero? If too many people can easily make the product, the market quickly becomes saturated and the value starts to tend toward zero and people losing interest in it. Also, in this particular case the product is defective. It doesn't actually function as stated --- as a currency that is widely accepted to buy a huge v…

> If anyone can make it, the market quickly becomes saturated and the value tends toward zero and people losing interest in it.

You just restated your previous claim, you still didn't give any reason why the value must go to zero-- By the same logic, the market for websites is also saturated, therefore the value of the internet is going to zero.

Re: I was wrong, we need crypto

#275

Post by jqpabc123 »

datadata wrote: post #274
jqpabc123 wrote: post #272

Earlier quoted context omitted.

Why do you see the large number of cryptocurrencies an argument supporting theoretical value going to zero? If too many people can easily make the product, the market quickly becomes saturated and the value starts to tend toward zero and people losing interest in it. Also, in this particular case the product is defective. It doesn't actually function as stated --- as a currency that is widely accepted to buy a huge v…

> If anyone can make it, the market quickly becomes saturated and the value tends toward zero and people losing interest in it. You just restated your previous claim, you still didn't give any reason why the value must go to zero-- By the same logic, the market for websites is also saturated, therefore the value of the internet is going to zero.

Don't look now but the market value of most web sites is zero. People pay nothing to use them.

Re: I was wrong, we need crypto

#276

Post by louloulou »

jqpabc123 wrote: post #254
louloulou wrote: post #231

Earlier quoted context omitted.

> What happens if the biggest player has an unlimited supply of money they can just mint at will and use it to drive up the price that you pay? That's the situation we are in with fiat currency. That's what central banks do.

With one big difference --- centrals banks are motivated by overall economic benefit rather than private, personal gain.

Certainly that's what they want you to think.

Re: I was wrong, we need crypto

#277

Post by john_petrucci »

MichaelZuo wrote: post #207

Discussing the politics of a country that the vast majority of HN readers do not understand in-deth in response to a rant by someone else who also only has cursory understanding is adding useless noise to HN. Canada has never been about ‘life, liberty, and the pursuit of happiness’, bar a small minority. In many areas it is closer to the EU than the U.S. In fact these rants are self-defeating as they convince ever mo…

Bitcoin is needed because it is decentralized, transparent, traceable and a lot of other good properties

OR

Hey we need bitcoin because a convoy of large trucks led by a bunch of white supremacist anarchists ( https://mrsbrittanybested.com/2022/02/03/rotten-to-the-core/) whose MOU was to literally overthrow the democratically elected government, who chose to block the core of the capital and disturb other citizens' peace by honking constantly, harass masked first line workers and cause businesses to shut down for 3 weeks, block major land borders causing billions in economic damages, who were asked repeatedly by order of court to leave, when the very public data leak showed an overwhelming amount of so-called donations to a government-toppling movement came from outside of Canada, and when all levels of law enforcement from municipal to provincial were inadequate in dealing with this that forced the federal government to step in (an action supported by 66% of Canadians) in order to actually restore peace in the city of Ottawa, a motion that has to be supported by a majority in the parliament every 30 days to be renewed....

Sure, that sounds like a compelling argument for Bitcoin. Lets funnel bitmonies to every "peaceful movements" around the world to destabilize nations, overthrow governments and cause anarchy.

Re: I was wrong, we need crypto

#278

Post by arcticbull »

koonsolo wrote: post #203
arcticbull wrote: post #116

Earlier quoted context omitted.

> Did someone say otherwise? I will say otherwise. We do not need crypto.

Just because you don't, doesn't mean someone else doesn't. Or are you going to speak for everyone on this earth?

This is not a rebuttal.

Re: I was wrong, we need crypto

#279

Post by imtringued »

erulabs wrote: post #74
dylkil wrote: post #55

Earlier quoted context omitted.

The second problem is some of the smartest people in the world rather point out its flaws than recognise the potential and help fix the flaws

I've long stopped believing the smartest people in the world accomplish much at all besides doing extremely well in systems others have designed. Certainly the vast amount of time I've spent thinking about monetary policy offers me no real gains in my life. I know a group of medical doctors and they are brilliant, but they are brilliant critics . They are smarter than me - they focus on what matters. Small things, th…

If your accounting point of reference is permanence in a world that has a limited lifespan due to entropy you are going to make a lot of absurd conclusions and decisions. From the perspective of someone whose accounting reference has a limited life span you might even be considered insane and psychopathic.

For example, gold is a store of value so firing an employee lets you avoid associated with that employee and you can still hire that employee as long as the gold exists, right?? Right?? Everyone knows that gold stops aging and fired peoplee don't need food or shelter.

Re: I was wrong, we need crypto

#280

Post by imtringued »

jqpabc123 wrote: post #65
dylkil wrote: post #55

Earlier quoted context omitted.

The second problem is some of the smartest people in the world rather point out its flaws than recognise the potential and help fix the flaws

Smart people recognize that the base premise is simply unworkable. The idea that anyone can create money out of electrons is really no better than the idea that anyone can create money out of paper. There is no real reason to believe the first will be any more successful than the second. There are close to 10,000 different cryptocurrencies currently in use. And the number is increasing all the time. You don't have to…

Smart people recognize that money can never be anything but a consensual agreement between humans.

How you symbolize that agreement is actually irrelevant.

There is no limit to the agreements that humans can make so the idea of limiting them by decree is absurd.

The most problematic part is that holding onto money is a onesided arrangement that requires no consent or agreement. You can literally leave the other party hanging.

It is kinda like doing homework in a group and waiting on the results of the second guy so you can work on your part. You will eventually stop waiting and just borrow the homework from another group so you can finally get started with your damn part of the homework.

Post reply on HN