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

In Defense of Bitcoin Maximalism

vitalik.ca

Post reply on HN
Print view View original

81–90 of 234 posts

Re: In Defense of Bitcoin Maximalism

#81

Post by Sebb767 »

bluepnume wrote: post #69
ALittleLight wrote: post #57

Earlier quoted context omitted.

Literally the only way you can profit with crypto is if people keep buying in at higher prices. It's the perfect instantiation of a pyramid scheme.

Literally the only way you can profit with real estate is if people keep buying in at higher prices. It's the perfect instantiation of a pyramid scheme. Literally the only way you can profit with stocks is if people keep buying in at higher prices. It's the perfect instantiation of a pyramid scheme.

> Literally the only way you can profit with real estate is if people keep buying in at higher prices. It's the perfect instantiation of a pyramid scheme.

Except, of course, if you live in it, rent it out or use it as businesses asset. Good luck doing that with crypto.

> Literally the only way you can profit with stocks is if people keep buying in at higher prices. It's the perfect instantiation of a pyramid scheme.

Except, of course, that you as a shareholder can influence the direction of the company and earn dividends. Good luck doing that with crypto.

Re: In Defense of Bitcoin Maximalism

#82

Post by rethab »

motohagiography wrote: post #71

I'm seriously considering a career pivot to being a freelance editor for cryptocurrency bloggers as not-having one appears to be one of the few things crypto millionaires can no longer afford. Given it's April Fools day, I think this may be GPT-3 trained on crypto subreddits and rationalist blogs.

Reads very much like written by GPT-3

Re: In Defense of Bitcoin Maximalism

#83

Post by kragen »

bluepnume wrote: post #69
ALittleLight wrote: post #57

Earlier quoted context omitted.

Literally the only way you can profit with crypto is if people keep buying in at higher prices. It's the perfect instantiation of a pyramid scheme.

Literally the only way you can profit with real estate is if people keep buying in at higher prices. It's the perfect instantiation of a pyramid scheme. Literally the only way you can profit with stocks is if people keep buying in at higher prices. It's the perfect instantiation of a pyramid scheme.

You can live in real estate and get dividends from stocks. Cryptocurrencies are more similar to commodities: gold, wheat, coal. (You can consume wheat and coal, yes, but that consumes them and then you don't have them anymore; that's not profit.)

Re: In Defense of Bitcoin Maximalism

#84

Post by prohobo »

People still don't understand cryptocurrencies, and at this point it seems more like intentional obtuseness for political reasons.

At the same time, cryptocurrencies still haven't provided a killer app that shuts everyone up. So, IMO that's the only real thing that matters. Either you build something with it that's useful - or it isn't useful.

I understand that it's difficult because of all the infrastructure required (much of which still doesn't exist), but that's where all efforts should be. Create a consumer service that people want.

Otherwise, if the idea is that it's simply a trade-off of the speed/efficiency for otherwise mundane services in order to make them decentralized, then stop hyping it and let it become a parallel structure - or underground system that some people use.

Re: In Defense of Bitcoin Maximalism

#85

Post by game_the0ry »

popcorncowboy wrote: post #45
buildbuildbuild wrote: post #3

It's no coincidence that some of the strongest criticism against cryptocurrency happens here, in a community mostly of banked, relatively prosperous people in stable countries. May you never personally experience being unbanked or otherwise financially oppressed.

Not that you're wrong about anything that you've said, but your implication (and that of the blockchain punditry) is that somehow crypto is the solution here, without ever exaplaining "how". The idea that crypto is "out of reach" of governments, regulators, law and oppressive regimes is one of the fairy tales that crypto pundits believe that is simply not true. In a country that is unbanked and financially oppressed,…

> no-one explains how they'll just "bypass" the financial system, tax system, government regulators or the people with guns

Here's one explanation - when the people with guns realize they are paid in a fiat currency that their bosses keep inflating for their own benefit, what do you think they will do?

Another - who will the people with guns shoot at when they can't identify an anonymous crypto wallet?

Re: In Defense of Bitcoin Maximalism

#86

Post by Aunche »

buildbuildbuild wrote: post #3

It's no coincidence that some of the strongest criticism against cryptocurrency happens here, in a community mostly of banked, relatively prosperous people in stable countries. May you never personally experience being unbanked or otherwise financially oppressed.

The unbanked and financially oppressed don't want Bitcoin. They want dollars because that's what the rest of the world uses and it's not crazy volatile. It happens that cryptocurrency services are the best intermediary between dollars and the local currency because they're subsidized by crypto enthusiasts.

Re: In Defense of Bitcoin Maximalism

#87

Post by [deleted] »

bluepnume wrote: post #69
ALittleLight wrote: post #57

Earlier quoted context omitted.

Literally the only way you can profit with crypto is if people keep buying in at higher prices. It's the perfect instantiation of a pyramid scheme.

Literally the only way you can profit with real estate is if people keep buying in at higher prices. It's the perfect instantiation of a pyramid scheme. Literally the only way you can profit with stocks is if people keep buying in at higher prices. It's the perfect instantiation of a pyramid scheme.

[deleted]

Re: In Defense of Bitcoin Maximalism

#88

Post by game_the0ry »

vel0city wrote: post #24
game_the0ry wrote: post #11

Earlier quoted context omitted.

My friend, I worked in the tech side of a big bank that you might have an account with, so I have seen how the sausage is made. I would trust Google, Apple, and many other tech companies with my money. A better analogy - tech improves the hammer, it does not have to re-invent it. Example: open your phone and marvel at how easily you can send and receive funds from you banking app; 10+ years ago, you would have to go…

> 10+ years ago, you would have to go to a bank to do that I've been doing 100% online/mail banking for >20 years. I've never actually set foot inside a bank that I was a routine customer of.

I meant on a phone app, specifically.

Re: In Defense of Bitcoin Maximalism

#89

Post by bitxbitxbitcoin »

Sebb767 wrote: post #81
bluepnume wrote: post #69

Earlier quoted context omitted.

Literally the only way you can profit with real estate is if people keep buying in at higher prices. It's the perfect instantiation of a pyramid scheme. Literally the only way you can profit with stocks is if people keep buying in at higher prices. It's the perfect instantiation of a pyramid scheme.

> Literally the only way you can profit with real estate is if people keep buying in at higher prices. It's the perfect instantiation of a pyramid scheme. Except, of course, if you live in it, rent it out or use it as businesses asset. Good luck doing that with crypto. > Literally the only way you can profit with stocks is if people keep buying in at higher prices. It's the perfect instantiation of a pyramid scheme.…

Actually you can rent out crypto (to short sellers).

Re: In Defense of Bitcoin Maximalism

#90

Post by ekianjo »

ineedasername wrote: post #80
bluepnume wrote: post #66

Earlier quoted context omitted.

You don't like it because it's possible to lose? Are all of your other physical possessions immune from being lost?

Bitcoin is not a physical possession. My money right now is (mostly) not a physical possession either. It exists as a non-blockchain ledger entry in bank's computer system, and cannot be lost as easily as crypto currency, even if I make a mistake like forgetting my password.

Dont worry it will be slowly lost to inflation anyway without you doing anything about it
Post reply on HN