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U.S. Secret Service Launches Cryptocurrency Awareness Hub

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

#281

Post by Isamu »

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…

> I hadn’t realized how negative the prevailing sentiment is on Hacker News.

I think cryptocurrency is polarizing. While the technology is interesting, the current landscape of related businesses is discouraging.

> One argument seems to be that cryptocurrency is purely speculative

With stock you get part ownership. Buying gold relies on the inherent demand for and usefulness of gold as a metal.

Cryptocurrency is like exchanging your country’s paper money for other paper money that is hard to counterfeit but is not backed by any country. It might be okay if your country’s money is crap.

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

#282

Post by Consultant32452 »

jeremyjh wrote: post #276
Consultant32452 wrote: post #160

Earlier quoted context omitted.

Speculation is just an emotional word used to throw you off the scent. You are also speculating about the future value of the dollar.

Its true that fiat money's value is somewhat speculative, but speculation still has a specific meaning. It means you are investing not because you believe in the future value proposition of the asset (such as dividend payments, or liquidity value increase if all fixed assets of an enterprise were sold), but only because you expect the market price to increase. Often you expect the market price to increase for no reas…

What are your thoughts on the US Mint issuing official/legal currency in the form of gold and silver coins?

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

#283

Post by vietthan »

mlac wrote: post #213
SilasX wrote: post #196

Earlier quoted context omitted.

Again: being widespread is not the same as being a systemic risk. That just means it's a casino everyone wastes money in. Who is defaulting on critically important obligations because of a crypto crash? What creditworthy business isn't getting a loan to cover cash flows for the quarter because BTC fell to 10k?

If it gets bad enough, it will increase the number of consumers who are defaulting on credit cards, mortgages, auto loans, and student loans.

likely not, the dotcom bubble was a big deal but it wasn't catastrophic like 2008 was and that's because of the greater coupling with financial institutions.

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

#284

Post by tastyfreeze »

jeremyjh wrote: post #275
tastyfreeze wrote: post #246

Earlier quoted context omitted.

I am just hoping to maintain purchasing power of money I have earned by getting out of fiat currencies however I can. I shouldn't need to invest in anything to maintain the value of my money.

Staying ahead of - or keeping pace with - inflation is actually a primary purpose of investments and why many people invest in stable bond and money market funds.

Until the creation of the Fed and the destruction of gold money holding your money was how you maintained value. Investing was to grow your wealth. We are now forced to invest to maintain value and for most it is a losing proposition. If your investments cant beat inflation every year you are losing value.

By saying that investment is how you maintain value you are saying that the dollar is a bad store of value. Stability, which USD doesn't have, is a property of good money.

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

#285

Post by Karunamon »

ramesh31 wrote: post #254
Karunamon wrote: post #175

Earlier quoted context omitted.

Do you have a single fact to back up this extraordinary claim?

>Do you have a single fact to back up this extraordinary claim? Name one single use of Bitcoin that legitimizes the trillion dollar market cap, and that fiat currency doesn't provide in a safer, more legitimate way. The "sneaking across the border with my life savings" scenario doesn't count. That has nothing to do with the current market cap of Bitcoin.

Taking that as a 'no', then. Please back your own claims.

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

#286

Post by sirspacey »

mjburgess wrote: post #268
vzcx wrote: post #262

Earlier quoted context omitted.

I recently sent a low-fee, nearly instantaneous payment over the lightning network with exactly zero trusted intermediaries. LN may or may not be ready for wider-scale adoption, but it was incredibly cool. It gave me that same feeling of power and possibilities as when I first learned to program a computer. I'm not sure if I can convince you but there is actually some there there. If, as I predict, volatility goes do…

Sure, this is the defence. Some basic questions that would be asked in any (ordinary) policy proposal conversation: * What are the major problems with existing currency systems? * Which of these specific problems does crypto solve? * What problems does crypto create? Are these less serious than the existing ones? * How well/reliably does crypto solve them? * Who are the stakeholders that will determine crypto adoptio…

Genuinely curious - what forcing function will create this collapse in a decade?

It appears the “greater fool” + deflationary currency creates a sustainable feedback loop for rebound.

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

#287

Post by ianai »

sirspacey wrote: post #286
mjburgess wrote: post #268

Earlier quoted context omitted.

Sure, this is the defence. Some basic questions that would be asked in any (ordinary) policy proposal conversation: * What are the major problems with existing currency systems? * Which of these specific problems does crypto solve? * What problems does crypto create? Are these less serious than the existing ones? * How well/reliably does crypto solve them? * Who are the stakeholders that will determine crypto adoptio…

Genuinely curious - what forcing function will create this collapse in a decade? It appears the “greater fool” + deflationary currency creates a sustainable feedback loop for rebound.

Why would anybody continue operating nodes once all the pre-programmed bitcoins are minted? It's currently minted over 18 million and the max is a little over 21 million. It rewards its miners with new btc every so often. If it loses miners then transactions take longer to complete. Paraphrasing from this: https://www.quora.com/What-if-everyone-stop-mining-Bitcoin

If the main developers decide, no, we can mint more coins then the premise gets even more muddy.

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

#288

Post by taberiand »

mjburgess wrote: post #200

Despite other comments, I'm concerned there isnt enough anti-crypto here. Let's be clear: this is what a graph of the values of currencies looks like: https://www.xe.com/currencycharts/?from=GBP&to=USD&view=10Y . Micro-value adjustments up-and-down, and if you comapred to the price of bread, midly inflationary. This is what all (necessarily deflationary) crypto "currencies" look like: https://www.xe.com/currencychart…

I'm concerned that there isn't nearly enough concern over the incredible environmental and energy waste that is core to crypto, and the already enormous wealth disparity on display within the Ponzi scheme.

It seems many adherents are starry eyed about some vague prospect of crypto somehow replacing the status quo, with little clarity over how that will be better for society - how it could replace the current structure with something that is less exploitative, less damaging, and more fair.

Quite frankly I get the impression that many are just salivating over the chance to be the new elite in a parallel system, new technology but in all other respects the same, and damn the consequences to the earth and humanity.

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

#289

Post by mjburgess »

taberiand wrote: post #288
mjburgess wrote: post #200

Despite other comments, I'm concerned there isnt enough anti-crypto here. Let's be clear: this is what a graph of the values of currencies looks like: https://www.xe.com/currencycharts/?from=GBP&to=USD&view=10Y . Micro-value adjustments up-and-down, and if you comapred to the price of bread, midly inflationary. This is what all (necessarily deflationary) crypto "currencies" look like: https://www.xe.com/currencychart…

I'm concerned that there isn't nearly enough concern over the incredible environmental and energy waste that is core to crypto, and the already enormous wealth disparity on display within the Ponzi scheme. It seems many adherents are starry eyed about some vague prospect of crypto somehow replacing the status quo, with little clarity over how that will be better for society - how it could replace the current structur…

> I get the impression that many are just salivating over the chance to be the new elite

No impression. It's pretty much written in the comments elsewhere in this thread.

That's what makes them exploitable.

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

#290

Post by mjburgess »

sirspacey wrote: post #286
mjburgess wrote: post #268

Earlier quoted context omitted.

Sure, this is the defence. Some basic questions that would be asked in any (ordinary) policy proposal conversation: * What are the major problems with existing currency systems? * Which of these specific problems does crypto solve? * What problems does crypto create? Are these less serious than the existing ones? * How well/reliably does crypto solve them? * Who are the stakeholders that will determine crypto adoptio…

Genuinely curious - what forcing function will create this collapse in a decade? It appears the “greater fool” + deflationary currency creates a sustainable feedback loop for rebound.

I think people holding the major amounts know it's a scam. They're waiting for enough liquidity to exit.

Perhaps at some point it'll "go to the moon", and people will start to cash-out. In many ways, the more popular crypto becomes, the less stable/usable/sensible it will be.

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