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What does HN think about Bitcoin and other cryptocurrencies?

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What does HN think about Bitcoin and other cryptocurrencies?

#1
I'm diving deep into the weeds of Bitcoin and it's very clear that it is at a nascent stage. There is a lack of easily accessible learning material and it seems like there are only a few developers in the space because you keep on seeing the same faces repeatedly.

I've been surrounded by Bitcoiners with the content I consume and study so I may be in a bubble. I'm curious what HN's opinion on the cryptocurrency space and particularly Bitcoin is. Do you think it's a sound judgement steering one's career in that direction?

Re: What does HN think about Bitcoin and other cryptocurrencies?

#4

idk about all of HN, but imo blockchain tech in general could potentially solve some problems related to distribution, but rarely do i see projects that justify needing a blockchain. NFTs are mostly a scam.

What problems related to distribution?

Re: What does HN think about Bitcoin and other cryptocurrencies?

#6
post #4

idk about all of HN, but imo blockchain tech in general could potentially solve some problems related to distribution, but rarely do i see projects that justify needing a blockchain. NFTs are mostly a scam.

What problems related to distribution?

Distributing content. I hate the idea, but I can see blockchains being used with apps like Spotify to force someone to buy music before listening to it. Would also sidestep some of the practical issues of DRM. Heard snoop doggs label is going all in on smth like this.

Re: What does HN think about Bitcoin and other cryptocurrencies?

#7

Monero is what Bitcoin was supposed to be.

I don’t know if I would agree — I think monero is what people thought Bitcoin should be; however Satoshi spoke of psuedonymity and transparency.

Don’t get me wrong, monero is an awesome protocol pushing ahead with some great constructions but it is highly experimental. The low order group bug, and the recent bulletproofs frozen vuln demonstrates that a zero-knowledge system is very fragile. Bitcoin is very robust.

Re: What does HN think about Bitcoin and other cryptocurrencies?

#8
Many on HN seem to be suspicious or have a negative view of blockchain development in general. Then again something I notice is that a large part of HN consistently doesn't understand economics, so there's that.

>I'm diving deep into the weeds of Bitcoin and it's very clear that it is at a nascent stage.

Is this one of those time traveler messages made 10 years ago? There might be very good reasons to steer your career in the direction of cryptocurrencies but the Bitcoin boat has sailed. What interesting development do you see happen in the Bitcoin space? It's all moved on to other projects and chains that can be used for more than just storing and moving money around. Not that this in itself wasn't revolutionary, it's very much worth learning about Bitcoin and understanding why it became so popular.

Re: What does HN think about Bitcoin and other cryptocurrencies?

#9
Bitcoin might well be the biggest invention in open internet protocols since BitTorrent. BT was a society changing tech, i consume most of my content via this protocol today.

Before that was probably email; In that one could send an instant post card to any address on a decentralized network of mail servers, bypassing the USPS, etc.

BTC been on HN since the launch, and the community has been mostly negative — most users didn’t see the point compared to the incumbent technologies. But I have live it, and watched the corruption and theft of savings by bank and government in multiple jurisdictions; when I saw that you could store value over time using the same technology as public key cryptography — a core privacy technology, I knew this would reshape society, in the same way that public key cryptography reshaped communication in the 90s. It was such a powerful tech that governments of the world wanted to stop it! Ban large keys under export law! Illegal numbers! Outlawed algorithms!

We see the same thing decades later at a different layer of the human stack, the economic layer.

Nothing is truly new, just a mix of that which came before.

We are now seeing lots of people building software and protocols to try to recreate this, but they miss certain key points of why the protocol works. Bitcoin is a special protocol, in that nothing has been able to recreate the mindshare, effort and energy since it’s creation.

Re: What does HN think about Bitcoin and other cryptocurrencies?

#10

Monero is what Bitcoin was supposed to be.

It's not. Bitcoin was supposed to have a capped and fully auditable supply, to take 4 years to emit half the supply (Monero emitted 40% in the first year alone), to have a simple and instantly verifiable PoW, to have a UTXO set that's a small fraction of all TXOs (crucial for scalability), and to be scriptable, just to name a few.
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