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Is this the end of crypto?

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Re: Is this the end of crypto?

#431

Post by tromp »

rafaelero wrote: post #429
tromp wrote: post #416

Earlier quoted context omitted.

> which doesn't allow anyone to change its emission rate Bitcoin changes its emission rate every 4 years. A fixed emission rate is far more desirable. Something like 1 coin per second forever looks more attractive and immutable than bitcoin's arbitrary capped emission, that doesn't guarantee security in the long term when block subsidy runs out.

No. The policy is set in stone. 100% predictable. That's what I am talking about; it doesn't matter if that policy implies a 4 year halving.

The emission curve is set in stone. But you talked about emission rate, which in Bitcoin's case halves every 4 years.

Re: Is this the end of crypto?

#432

Post by HN_is_for_gemes »

acdha wrote: post #368
luddit3 wrote: post #294

Earlier quoted context omitted.

And if we turned off the internet how many companies would be worthless, because that is about as likely to happen as all mining stopping.

Normal people would notice and agitate for the internet to be restored. Most people’s daily lives would be significantly impacted. In contrast, only speculators would notice bitcoin going offline. They might laugh at the guys who told them they weren’t going to make it but that’d be it. Nothing would break, nobody would be in line ahead of them failing to buy something, etc. That matters because bitcoin’s floor value…

The floor value of EVERY company is $0, but what is your point in saying that?

You can be mad that people paid $$$ for Beanie Babies but that does mean that there value is nothing.

Re: Is this the end of crypto?

#433

Post by HN_is_for_gemes »

feet wrote: post #241
tim333 wrote: post #236

Earlier quoted context omitted.

Nitpicking but >if we turned off all bitcoin miners today, bitcoin would go to zero instantly isn't true. You couldn't trade them normally with the miners off but you could start mining up the day after - it only takes a couple of computers really.

Turning mining back on is entirely changing the parent's statement. "Well yea you could do that change to tank the value, but imagine if you just undid it huh???" The point was without mining entirely, there is no value

And if you turned off all the electricity in the world a lot of companies would go bankrupt. What's the point? It's not going to happen.

Re: Is this the end of crypto?

#434

Post by dang »

P5fRxh5kUvp2th wrote: post #427
dang wrote: post #401

Earlier quoted context omitted.

Perhaps it could, and I was careful not to do that.

It's never been clear to me why some people think implication cannot be considered an accusation. You jumped the gun and have caused more issues than you've avoided. Your warning was more about preparation to ban me than anything related to the actual conversation. I get it. I understand. Just do it now if you're so inclined, it will save both our time.

I wasn't preparing to ban you! I looked at your history quickly and what I saw was mostly pretty good. I'm just asking you not to post things like https://news.ycombinator.com/item?id=33643127 for what ought to be obvious reasons.

Re the word 'troll', the link I provided points to a thwack of explanations of how precisely we use that word. It doesn't have to do with impugning someone's intent (which we have no way of knowing); it has to do with the impact that certain kinds of posts tend to have on the threads (which we have plenty of ways of knowing, as they are externally observable). I'm not accusing you, by implication or otherwise, of anything more than making such a post. That's why I asked you not to do that!

Re: Is this the end of crypto?

#435

Post by acdha »

HN_is_for_gemes wrote: post #432
acdha wrote: post #368

Earlier quoted context omitted.

Normal people would notice and agitate for the internet to be restored. Most people’s daily lives would be significantly impacted. In contrast, only speculators would notice bitcoin going offline. They might laugh at the guys who told them they weren’t going to make it but that’d be it. Nothing would break, nobody would be in line ahead of them failing to buy something, etc. That matters because bitcoin’s floor value…

The floor value of EVERY company is $0, but what is your point in saying that? You can be mad that people paid $$$ for Beanie Babies but that does mean that there value is nothing.

> The floor value of EVERY company is $0, but what is your point in saying that?

There's a big difference between something like a Beanie Baby, which has a base value of whatever someone will pay for a toy (you're not getting rich, but it's not zero), a company whose shares convey fractional ownership of assets and an ongoing revenue stream, and a very weak fiat currency like Bitcoin which has value only to the degree to which your buyer believes they will be able to resell it at a profit.

With a strong fiat currency like the US dollar, that belief is anchored by the size of the related economy and the millions of people who are guaranteed to use USD to pay taxes and other government fees, sell goods and services to the government or be paid by it, and the millions of business relationships specified in dollars. Yes, that could change over time but it's not something which happens quickly except in disaster scenarios where the value of any currency is moot and you wouldn't be running Bitcoin miners in any case.

Re: Is this the end of crypto?

#436

Post by kragen »

imtringued wrote: post #423
kragen wrote: post #372

Earlier quoted context omitted.

Bitcoin has in fact lost more value than the Argentine peso (or any other fiat currency) over the last year, and this is its largest fall ever (it has fallen over 70% twice before, but I think this is the first time it's ever fallen 73%), and this is a big concern for its use as a savings vehicle, though only a minor inconvenience for its use for international remittances. Also, because the US$ has itself lost about…

If these people followed the savings logic they would have bought and sold RAI. Why would anyone want to put their savings in an extremely volatile cryptocurrency?

Maybe you mean DAI? I don't think Rai is particularly stable.

Bitcoin is widely enough used to be a viable option. In Argentina, Tether is even more widely used. DAI and Rai aren't.

Re: Is this the end of crypto?

#437

Post by imtringued »

rafaelero wrote: post #275

Bitcoin won't die. Crypto will, and hopefully soon. The community here is so oblivious to the characteristics that make Bitcoin the best monetary system we could have invented that I can only believe people haven't really thought things through. That's why we see these comparisons with Bitcoin and other cryptos. I am actually glad all this mess is happening so we can finally move on with all those crypto scams that w…

You appear to be confusing Bitcoin with RAI. RAI is a better currency than any other cryptocurrency and it is better than the vast majority of fiat currencies. It simply works. It offers extremely low volatility and is roughly comparable to the Swiss franc in how it performs over the long term.

Re: Is this the end of crypto?

#438

Post by vvpan »

mjburgess wrote: post #94
legitster wrote: post #58

> Moreover, sceptics should acknowledge that nobody can predict which innovations will bear fruit and which will not. People should be free to devote time and money to fusion power, airships, the metaverse and a host of other technologies that may never come good. Crypto is no different. As the virtual economy develops, useful decentralised applications may yet appear—who knows? The underlying technology continues to…

It's not level-headed. They've started with the classical Economist premise: gov regulation bad. Then rather than understand or research cypto, they contrast lies told by charlatans against an unmentioned "sceptical" reality. They then conclude with their premise. This is an exercise in pure ideology, conveys no information, and presents the scam sales-pitch around crypto entirely verbatim. It is that most common of…

The Blockchain Socialist would disagree with you and so would I. https://theblockchainsocialist.com/

Re: Is this the end of crypto?

#439

Post by ManuelKiessling »

georgeecollins wrote: post #391
ManuelKiessling wrote: post #354

Earlier quoted context omitted.

Just for the record (and not as a defense of crypto): using gold for protecting your money from inflation is completely nonsensical, too.

Can you teach me about this, like with a link or something? I have known wealthy people who for generations kept a portfolio like 60% equities, 35% cash and very liquid things like bonds, ~3-5% gold, usually in the form of equities that track gold. I am not saying that is good.. I don't know. Tell me why it is bad. Thank you.

Well, for one, I might be wrong: https://ideas.repec.org/a/spr/empeco/v60y2021i3d10.1007_s001...

However, I don’t get how holding gold – which doesn’t generate dividends and therefore cannot benefit from compound interest – could be a good long term invest, compared to, say, an accumulating ETF.

No financial advice.

Re: Is this the end of crypto?

#440

Post by carlosjoe22 »

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