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Is this the end of crypto?

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Re: Is this the end of crypto?

#261

Post by TacticalCoder »

danans wrote: post #107
devoutsalsa wrote: post #81

Earlier quoted context omitted.

The US dollar is used for shady stuff all over the world, but we’re not trying to ban it.

> The US dollar is used for shady stuff all over the world, but we’re not trying to ban it. That is because it is overwhelmingly used for standard non-shady stuff, like trading legal goods and services. Crypto can't make a similar claim.

3% to 5% of the world's GDP is linked to criminal activities [1]. Cryptocurrencies are a drop in the bucket here. It doesn't even register.

[1] And it's highly likely the CIA is still, in 2022, deeply tied in drug trafficking and drug money laundering.

Re: Is this the end of crypto?

#262

Post by arcticbull »

bnralt wrote: post #191
P5fRxh5kUvp2th wrote: post #106

Earlier quoted context omitted.

When bitcoin first came onto the scene I personally knew a guy who was running a website to act as an exchange. It was small because bitcoin itself at that time was very small. Then bitcoin had its very first dip and it became unprofitable to mine bitcoins. When that happened he shuttered the website and kept everyone's bitcoins. I knew of bitcoin early on due to this guy, but even then I had no interest and consider…

> If the value of gold crashes it still has an inherent value because it's a useful physical good (looking pretty is not the only application of gold). The value of gold is protected by the fact that the majority of it's holdings (at least, according to this[1]) aren't used for speculation. Still, a good chunk of them are, which means there can be pretty huge swings and it's considered a poor investment. Have tried t…

Gold is priced way higher than it's worth due to speculation, yes, but it does have intrinsic value in industrial processes and electronics. I wouldn't invest in shiny pebbles personally but there is a very real, fundamental difference.

Re: Is this the end of crypto?

#263

Post by dang »

P5fRxh5kUvp2th wrote: post #226
dang wrote: post #220

Earlier quoted context omitted.

Please don't post HN threads flameward. It's not what this site is for, and destroys what it is for. https://news.ycombinator.com/newsguidelines.html

One could argue that the complete and utter strawman by the other poster is more likely to start a flamewar than someone asking if they understood the actual point. But let me guess, if I press you on this I'm going to get banned in a week or so for such and such reason. something something assume good faith?

> One could argue that

Sure, but it always feels like the other person started it and did worse—so everybody always argues that.*

Let's assume you are right and the other person is wrong. Posting an unsubstantive snark is the worst way to respond. It poisons the atmosphere, evokes worse from others, and ultimately discredits your own position (which, if you're right, means you're discrediting the truth—and that hurts everyone**).

What you should do instead is one of the following:

(1) respectfully provide correct information, so we can all learn; or

(2) chalk it up to the internet being wrong about everything and just move on.

* https://hn.algolia.com/?dateRange=all&page=0&prefix=false&qu...

** https://hn.algolia.com/?dateRange=all&page=0&prefix=true&sor...

Re: Is this the end of crypto?

#264

Post by sacrosancty »

bnralt wrote: post #191
P5fRxh5kUvp2th wrote: post #106

Earlier quoted context omitted.

When bitcoin first came onto the scene I personally knew a guy who was running a website to act as an exchange. It was small because bitcoin itself at that time was very small. Then bitcoin had its very first dip and it became unprofitable to mine bitcoins. When that happened he shuttered the website and kept everyone's bitcoins. I knew of bitcoin early on due to this guy, but even then I had no interest and consider…

> If the value of gold crashes it still has an inherent value because it's a useful physical good (looking pretty is not the only application of gold). The value of gold is protected by the fact that the majority of it's holdings (at least, according to this[1]) aren't used for speculation. Still, a good chunk of them are, which means there can be pretty huge swings and it's considered a poor investment. Have tried t…

No post body was provided.

Re: Is this the end of crypto?

#265

Post by cypress66 »

onion2k wrote: post #78
lupire wrote: post #55

Earlier quoted context omitted.

Good government is a luxury many lack.

Is there any crossover in a Venn diagram of "government is so bad you need crypto" and "government is good enough that they won't shut off the internet to control the people"? If there isn't then crypto isn't very useful in those places.

Yes. Argentina is an example.

Re: Is this the end of crypto?

#266

Post by jobs_throwaway »

aww_dang wrote: post #137
cooljacob204 wrote: post #11

When Crypto was young it was this cool new technology that mostly interesting because of the underlying tech. But even back then it was mostly valuable for buying drugs online and other illegal stuff. Now it's that and a way to scam people of their life savings. I do hope it dies out, it should have been heavily regulated from the get go. Way too many people saw these high production commercials with their favorite c…

The great part about this is that you are not forced to use cryptocurrency. It is entirely voluntary. I like cryptocurrency as an open platform. I don't have a problem with the market clearing out the speculative mania. I do disagree with detractors who admit that they have no use for cryptocurrency demanding regulation. If you like regulated markets, stick to them. If you love the security of the petrodollar, good o…

no one should be allowed to use a system I don't like!!!

Re: Is this the end of crypto?

#267

Post by j0hnyl »

lend000 wrote: post #247
web3isgoing wrote: post #243

Earlier quoted context omitted.

I can’t think of anything else that China is attempting to restrict that the rest of the developed world is open to. Edit: perhaps need a /s tag here.

Being an Uyghur? Freedom of speech? Encryption? The coronavirus (still)?

I believe that was sarcasm.

Re: Is this the end of crypto?

#268

Post by anonymousiam »

P5fRxh5kUvp2th wrote: post #106
cooljacob204 wrote: post #11

When Crypto was young it was this cool new technology that mostly interesting because of the underlying tech. But even back then it was mostly valuable for buying drugs online and other illegal stuff. Now it's that and a way to scam people of their life savings. I do hope it dies out, it should have been heavily regulated from the get go. Way too many people saw these high production commercials with their favorite c…

When bitcoin first came onto the scene I personally knew a guy who was running a website to act as an exchange. It was small because bitcoin itself at that time was very small. Then bitcoin had its very first dip and it became unprofitable to mine bitcoins. When that happened he shuttered the website and kept everyone's bitcoins. I knew of bitcoin early on due to this guy, but even then I had no interest and consider…

Although I agree with almost everything you said, under certain conditions it would be possible for certain prices of gold to go to zero, or even negative.

See: https://www.marketwatch.com/story/oil-prices-went-negative-a...

Re: Is this the end of crypto?

#269

Post by gizajob »

randomdata wrote: post #245
P5fRxh5kUvp2th wrote: post #106

Earlier quoted context omitted.

When bitcoin first came onto the scene I personally knew a guy who was running a website to act as an exchange. It was small because bitcoin itself at that time was very small. Then bitcoin had its very first dip and it became unprofitable to mine bitcoins. When that happened he shuttered the website and kept everyone's bitcoins. I knew of bitcoin early on due to this guy, but even then I had no interest and consider…

> It's not possible for the value of gold to go to zero The price might go to zero, though. The price of oil, which is arguably more useful than gold, went negative a couple of years back. Having intrinsic value doesn't necessarily mean it is exchangeable, especially if it needs to be exchanged at a given moment in time.

The exchange value might fluctuate but the use value remains, in the case of oil and gold. Bitcoin has no use value. Could say that about other financial instruments and derivatives, but they serve a purpose to those who use them. There's a big difference to exchange value and use value though, Marx made a career out of defining it.
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