91–100 of 268 posts
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> give it another 100 years We have. We learned to ban what crypto does and put people promoting it in jail.
Eh? When did they ban cash?
We monitor large cash transactions, and don’t let randos print. We also restrict who can facilitate transmitting it and under what rules. We further made securities fraud, wire fraud and money laundering illegal, a trifecta of crimes most people working in crypto facilitate.
Cryptocurrency in its purest is money not issued or controlled by a government. Instead the supply inflation is controlled by transparent rules that are plain to see. “Protocol-based finance” vs. the existing government-based finance. Now there are all manner of divergences from the above paragraph. Coins that are totally controlled and issued by a small group or company. Black box rules rather than transparent. Ther…
Crypto doesn't even excel at buying drugs online. The fact that it's a permanent ledger of transactions means the purchase could be trivially linked to you by law enforcement, unless you jumped through all the necessary hoops to also anonymize it. Which most people don't.
Cryptocurrency in its purest is money not issued or controlled by a government. Instead the supply inflation is controlled by transparent rules that are plain to see. “Protocol-based finance” vs. the existing government-based finance. Now there are all manner of divergences from the above paragraph. Coins that are totally controlled and issued by a small group or company. Black box rules rather than transparent. Ther…
If anything a bigger part of the chaos in the cryptocurrency-space comes from people who want to believe.
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Either this is sarcasm or you don’t understand where the money you ‘made’ came from.
at the end of the day it all comes from the same place, web3 just democratizes the path there are a small amout of scams that are overblown by people trying to control the narrative which won't work because the blockchains are decenteralized and free for all to investigate
> it all comes from the same place
Which is?
> a small amout of scams
A small number by which metric? Is FTX collapse small? Was Bitconnect small?
> the blockchains are decenteralized and free for all to investigate
What does this have to do with anything? How can you prevent a scam by looking at the decentralized blockchain? At a maximum you can try to read contract source code, but even then only a tiny number of experts would be able to catch potential issues.
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I don’t think that is true at all. There is economic value in a piece of equity in google. The price someone is willing to pay for it changes frequently. Crypto is closer to art than anything else. I get less value from a rothko than someone else may
There is economic value in inflation resistance, censorship resistance, and privacy. The fact most get-rich-traders do not care about these things and -also- speculate is irrelevant to the fundamental value.
If you bought at 60 000 and are now at 16 000, your cost of goods has gone way up. (That is, if you could exchange bitcoin for goods anywhere).
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Did you reply to the wrong comment? > Obvious enough to anyone who actually understands how bitcoin, or eth work, it does not fit the definition of a ponzi scheme. This is indeed obvious to anyone who knows what both of those things are. He very clearly explained where they got it wrong.
I don't believe I did. And he doesn't. The article is pretty clear in it's thesis and argumentation. Saying "you don't understand something" is not an argument.
Same applies here.
> Saying "you don't understand something" is not an argument
It's a statement of fact.
Edit: I can't reply below due to HN ratelimits, so I will do so here.
>Saying "it's not" is not an argument, particularly when a good argument has just been laid out in front of you.
It's pretty clear that you haven't actually read the article we're discussing, it does not at any point attempt to explain how cryptocurrencies would meet the definition of a Ponzi scheme.
The part which comes closest is this, but you'd be delusional to call it a "good argument"
>There's already substantial evidence that the crypto space is infested with frauds, scams and ponzis. But I would go further. The entire crypto ecosystem is ponzi. The whole thing depends on ever more people parting with their savings and wages to pay the lunatic returns promised by the platforms to people who can provide the liquidity they so desperately need.
That's just not what a Ponzi scheme is!
This is a terrible argument, and clickbait. Obvious enough to anyone who actually understands how bitcoin, or eth work, it does not fit the definition of a ponzi scheme. Most tech stocks fit the definition better. Just because a few centralized banks, (FTX, centralized crypto exchanges are banks) have failed, means nothing, since the original idea of cryptocurrency was to do away with centralized institutions like th…
This is a terrible argument, and clickbait. Obvious enough to anyone who actually understands how bitcoin, or eth work, it does not fit the definition of a ponzi scheme. Most tech stocks fit the definition better. Just because a few centralized banks, (FTX, centralized crypto exchanges are banks) have failed, means nothing, since the original idea of cryptocurrency was to do away with centralized institutions like th…
Proclaiming that your intellectual opponents are ignorant without pointing out where they're wrong is a pretty common response from bitcoin maximalists these days.
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I'm not sure he is able to understand blockchain concepts like proof of work etc.
You didn’t need to be a botanist to realize the market for tulip bulbs was going to crash.
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I don’t think that is true at all. There is economic value in a piece of equity in google. The price someone is willing to pay for it changes frequently. Crypto is closer to art than anything else. I get less value from a rothko than someone else may
Interesting analogy. It is true that much, if not most, high end art is purchased as a speculative investment, just like crypto.