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U.S. Secret Service Launches Cryptocurrency Awareness Hub

secretservice.gov

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

#61

Post by danuker »

lupire wrote: post #25
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.

> the purpose of Blockchain is to avoid regulation

Citation needed.

I use Blockchain as resilient storage for the accounting of a scarce digital asset.

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

#63

Post by danuker »

Vespasian wrote: post #39
scanr wrote: post #26

Assuming crypto is or becomes a systemic risk to the world economy, anyone predict what happens in the event of a crash? I suspect bailing crypto speculators out will be relatively unpalatable.

Regulation will happen. Some Crypto people may believe that they are immune to the governments of the world but they really aren't. Whoever can kick down your door has the ability to make some rules and especially after a significant economic crash rules will be demanded. Since crypto doesn't do anything fundamentally new I predict that most of those rules will look like current financial laws "but on the blockchain"…

> Since crypto doesn't do anything fundamentally new

Bitcoin, for instance, merely reverts to a scarce accounting standard, like the gold standard, preventing the overburdening of future generations with interest payments incurred by the government, owed to the national bank.

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

#64

Post by lawn »

afpx wrote: post #56
nrzd wrote: post #52

I’m blown away by how anti-crypto this discussion is. I hadn’t realized how negative the prevailing sentiment is on Hacker News. One argument seems to be that cryptocurrency is purely speculative, which is apparently a dirty word. What about the stock market? What about any kind of investment? If you truly believe that cryptocurrency is the basis for a superior economic system, isn’t it rational and wise to put some…

Bitcoin was some neat tech. But, in case you haven’t noticed it’s been taken over by finance bros. Now, it’s just a scam to prey on the poor and ignorant.

Yes, most of the loud discussion is by crypto bros that want to get rich and don't care and don't understand the technology.

I understand that the negative sentiment is a counter-reaction to the crypto bros, but a little more nuance would be welcome.

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

#65

Post by joshjdr »

nrzd wrote: post #52

I’m blown away by how anti-crypto this discussion is. I hadn’t realized how negative the prevailing sentiment is on Hacker News. One argument seems to be that cryptocurrency is purely speculative, which is apparently a dirty word. What about the stock market? What about any kind of investment? If you truly believe that cryptocurrency is the basis for a superior economic system, isn’t it rational and wise to put some…

“Purely speculative” is what makes it more akin to gambling than investing in income generating assets.

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

#66

Post by danuker »

thrwyoilarticle wrote: post #59
nrzd wrote: post #52

I’m blown away by how anti-crypto this discussion is. I hadn’t realized how negative the prevailing sentiment is on Hacker News. One argument seems to be that cryptocurrency is purely speculative, which is apparently a dirty word. What about the stock market? What about any kind of investment? If you truly believe that cryptocurrency is the basis for a superior economic system, isn’t it rational and wise to put some…

>What about the stock market? What about any kind of investment? You mean the kind that pay dividends?

There are companies paying dividends, and companies reinvesting profit. What difference does it make?

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

#67

Post by dangoor »

nrzd wrote: post #52

I’m blown away by how anti-crypto this discussion is. I hadn’t realized how negative the prevailing sentiment is on Hacker News. One argument seems to be that cryptocurrency is purely speculative, which is apparently a dirty word. What about the stock market? What about any kind of investment? If you truly believe that cryptocurrency is the basis for a superior economic system, isn’t it rational and wise to put some…

> One argument seems to be that cryptocurrency is purely speculative, which is apparently a dirty word. What about the stock market? What about any kind of investment?

I recommend not using the "what about the stock market?" tactic to defend cryptocurrencies. Crypto is more speculative than the stock market because companies have physical assets, ongoing revenue and profits, dividends that they pay out to their shareholders.

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

#68

Post by lawn »

ianai wrote: post #62

What would happen to crypto values if the number of miners decreased significantly? Increased significantly?

Nothing much honestly.

Mining in Bitcoin (and the other cryptos) adapter to the amount of miners, and will still produce a similar amount of coins and work as normal.

Sure, there are extreme cases like if a very significant amount of miners would suddenly stop, then the blocks would come in at a much reduced rate until the algorithm adapts itself.

And if too many stops mining though, then the chain becomes too easy to attack, which would (err, should) destroy its value.

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

#69

Post by chrisseaton »

nrzd wrote: post #52

I’m blown away by how anti-crypto this discussion is. I hadn’t realized how negative the prevailing sentiment is on Hacker News. One argument seems to be that cryptocurrency is purely speculative, which is apparently a dirty word. What about the stock market? What about any kind of investment? If you truly believe that cryptocurrency is the basis for a superior economic system, isn’t it rational and wise to put some…

> If you truly believe that cryptocurrency is the basis for a superior economic system, isn’t it rational and wise to put some of your savings there?

Presumably the people you’re talking about don’t think that, so no it wouldn’t be rational for them.

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

#70

Post by PretzelPirate »

joshjdr wrote: post #65
nrzd wrote: post #52

I’m blown away by how anti-crypto this discussion is. I hadn’t realized how negative the prevailing sentiment is on Hacker News. One argument seems to be that cryptocurrency is purely speculative, which is apparently a dirty word. What about the stock market? What about any kind of investment? If you truly believe that cryptocurrency is the basis for a superior economic system, isn’t it rational and wise to put some…

“Purely speculative” is what makes it more akin to gambling than investing in income generating assets.

Crypto can be an income-generating asset just like any stock that pays dividends. You can use lending protocols or act as a liquidity provider and, in many cases, have your income earned in a stable coin (such as USDC).
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