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

U.S. Secret Service Launches Cryptocurrency Awareness Hub

secretservice.gov

Post reply on HN
Print view View original

21–30 of 312 posts

Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub

#21

Post by vmception »

The state could use public resources better by providing uniform education on cryptocurrencies. Most of the terms aren't standardized and even their use isn't.

For example, if you put up a Google Form and asked for people's Ethereum addresses, many will provide the 0xAbc123 version and many others will provide the Abc123 version without the 0x. Both audiences may not realize that the 0x is purely cosmetic and addresses and transaction IDs can be resolved without it.

Furthermore the state could go further and have examples of smart contracts that help trade, business and commerce function well, instead of malicious contracts that undermine confidence in that system. Similar to the role OpenZeppelin has taken with standardized smart contracts. The US Federal Government has created multiple federal agencies before, specifically to provide confidence and order to markets where there wasn't. So just take some inspiration from 100 years ago and apply the same standard here, as opposed to a CNBC article about the value of scams justifying your aversion to this market.

The state could go even further by writing and collaborating on smart contracts, even submitting pull requests or other equivalent contributions to OpenZeppelin contracts or other smart contracts. This would make it easy for market participants to quickly evaluate a smart contract and see how closely it conforms.

Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub

#22

Post by Consultant32452 »

jeremyjh wrote: post #17
danuker wrote: post #12

Earlier quoted context omitted.

I argue that they strengthen the "state apparatus". Through competing with the national currency, cryptos force it to innovate and become faster, more resilient, more inclusive, and less prone to inflation. The fact that more and more capital is directed towards them is a symptom of the fact the national currencies have shortcomings.

> The fact that more and more capital is directed towards them is a symptom of the fact the national currencies have shortcomings. I literally laughed out loud. People buy crypto because they think it will rise in value, nor because it has any relevance as a currency (outside of certain illicit markets).

Deflationary currency encourages savings, inflationary currency encourages spending. We're just so accustomed to a world where our money is steadily becoming worthless that sometimes we forget there are other options.

Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub

#23

Post by azernik »

mercy_dude wrote: post #5

Curious isnt the role of the secret service to protect the president and other elected officials/representatives? Why are they charged with launching crypto currency awareness? It almost feels like the executive branch is pushing for cryptocurrency crackdown through sketchy agencies.

For historical reasons, the Secret Service does both VIP protection and prevention of financial fraud.

They were originally the Treasury Department's enforcement arm. After Lincoln's assassination, the federal government realized it needed bodyguards, and the Treasury Department police were the only federal civilian police force that existed at the time.

Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub

#24

Post by lupire »

howmayiannoyyou wrote: post #16

> safeguarding the integrity of the nation’s economy Without question crypto, now +2 trillion in market cap, is a systemic risk to the US economy, notwithstanding serious policy mistakes the Congress, Treasury & the Fed have made since QE1. I'm hoping USSS and other entities cleans house. USDT fully diluted market cap is about equal to that of PNC Bank, America's 7th largest bank. If PNC Bank's reserves and market ac…

> market cap is about equal to that of PNC Bank, America's 7th largest bank.

PNC Market cap, or assets they hold? A currency is not the same as the bank that holds it.

Also, how big is PNC compared to #1?

Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub

#25

Post by lupire »

vmception wrote: post #21

The state could use public resources better by providing uniform education on cryptocurrencies. Most of the terms aren't standardized and even their use isn't. For example, if you put up a Google Form and asked for people's Ethereum addresses, many will provide the 0xAbc123 version and many others will provide the Abc123 version without the 0x. Both audiences may not realize that the 0x is purely cosmetic and address…

From the USG perspective, no good smart contracts exist, because good contracts are impossible to create on the existing Blockchain architecture. From USG perspective, a good blockchain requires all nodes to be registered banks with KYC. But that's not important because no one is really interested in those, because the purpose of Blockchain is to avoid regulation.

Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub

#27

Post by jeremyjh »

Consultant32452 wrote: post #22
jeremyjh wrote: post #17

Earlier quoted context omitted.

> The fact that more and more capital is directed towards them is a symptom of the fact the national currencies have shortcomings. I literally laughed out loud. People buy crypto because they think it will rise in value, nor because it has any relevance as a currency (outside of certain illicit markets).

Deflationary currency encourages savings, inflationary currency encourages spending. We're just so accustomed to a world where our money is steadily becoming worthless that sometimes we forget there are other options.

Deflation has nothing to do with it, its purely driven by speculation.

Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub

#28

Post by UncleMeat »

lupire wrote: post #24
howmayiannoyyou wrote: post #16

> safeguarding the integrity of the nation’s economy Without question crypto, now +2 trillion in market cap, is a systemic risk to the US economy, notwithstanding serious policy mistakes the Congress, Treasury & the Fed have made since QE1. I'm hoping USSS and other entities cleans house. USDT fully diluted market cap is about equal to that of PNC Bank, America's 7th largest bank. If PNC Bank's reserves and market ac…

> market cap is about equal to that of PNC Bank, America's 7th largest bank. PNC Market cap, or assets they hold? A currency is not the same as the bank that holds it. Also, how big is PNC compared to #1?

In the cryptocurrency world, there is minimal distinction between the token and the "bank." This is by design. USDT can go to zero in a flash in a way that dollars cannot.

Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub

#29

Post by danuker »

jeremyjh wrote: post #17
danuker wrote: post #12

Earlier quoted context omitted.

I argue that they strengthen the "state apparatus". Through competing with the national currency, cryptos force it to innovate and become faster, more resilient, more inclusive, and less prone to inflation. The fact that more and more capital is directed towards them is a symptom of the fact the national currencies have shortcomings.

> The fact that more and more capital is directed towards them is a symptom of the fact the national currencies have shortcomings. I literally laughed out loud. People buy crypto because they think it will rise in value, nor because it has any relevance as a currency (outside of certain illicit markets).

Isn't any asset held because people think it will rise in value?

Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub

#30

Post by andruby »

lupire wrote: post #24
howmayiannoyyou wrote: post #16

> safeguarding the integrity of the nation’s economy Without question crypto, now +2 trillion in market cap, is a systemic risk to the US economy, notwithstanding serious policy mistakes the Congress, Treasury & the Fed have made since QE1. I'm hoping USSS and other entities cleans house. USDT fully diluted market cap is about equal to that of PNC Bank, America's 7th largest bank. If PNC Bank's reserves and market ac…

> market cap is about equal to that of PNC Bank, America's 7th largest bank. PNC Market cap, or assets they hold? A currency is not the same as the bank that holds it. Also, how big is PNC compared to #1?

For USDT, you could make the case that it is comparable to the assets banks hold from customers.

The creators of USDT claim that every holder can exchange it back to 1USD each.

Although legally this is very different from a bank, I would argue that economically, it’s similar.

Post reply on HN