Yes, Crypto Is All a Scam

Post by ashwagary » Tue, Feb 07, 2023, 11:30 PM UTC

steego wrote: post #276

trotro wrote: post #180

Earlier quoted context omitted.

Didn't think I'd see a "I've got nothing to hide" argument on HN. Are you also against E2E messaging apps for the same reason? Being able to anonymously transfer value should be a fundamental right, as part of our fundamental right to privacy. In the past, cash could be used for that, but with society going increasingly cashless and some governments trying to make large cash transfers illegal, crypto is now the only…

When has anonymously transferring large values of money ever been a right? It’s never been a right. It’s like saying money laundering should be a right or evading taxes should be a right. Cash transactions and commerce has been regulated for most of human history, whether it’s been for tax collection purposes or to regulate certain types of transactions. People who work in cash businesses have never had a right to an…

Post by ashwagary » Wed, Feb 08, 2023, 12:01 AM UTC

epistemer wrote: post #167

throwaway98797 wrote: post #62

Earlier quoted context omitted.

working currency that has lost 95% of its value over the last 100 years (referencing inflation of US dollar since 1920)

It is because you don't know what you are talking about when it comes to economics. A currency that doesn't inflate, doesn't get spent. It gets horded and stops acting as a medium of exchange. Exactly what we see with crypto and why the currency part is bullshit with it. It is just embarrassing how ignorant people into crypto are with economics. This is economics 101 stuff, most basic ideas.

Post by mardifoufs » Wed, Feb 08, 2023, 1:19 AM UTC

steego wrote: post #224

nebulous1 wrote: post #78

I don't really understand people trying to defend absurd positions like this. What's even the point? It doesn't seem like it's necessary for this to be true if you want to argue that crypto "should" be eliminated, all you need to do is argue that it's decisively more bad than good. When somebody makes weak arguments like this I'm just going to ignore their thoughts in the future because they've demonstrated that they…

Let’s not hand wave: Can you actually spell out the use-cases that provide value to its users without significantly adversely affecting others? The trouble with crypto is most of the use-cases it claims to solve, either aren’t solved, or they’re often better solved with more efficient and time-tested solutions. So, let’s get specific and jump into the technical details of specific use cases. What use-cases does crypt…

Post by empthought » Wed, Feb 08, 2023, 3:09 AM UTC

throwaway98797 wrote: post #58

empthought wrote: post #30

Earlier quoted context omitted.

> KYC-less Is your argument seriously that crypto shouldn't be illegal so it can remain a convenient method of payment for illegal activities?

should all money transfers be traceable by the state? should it be possible to transfer 100k to a friend without the government knowing? i support paying taxes btw i also hope that cash never goes squat but i great it will within 50 years

Post by empthought » Wed, Feb 08, 2023, 3:23 AM UTC

espadrine wrote: post #221

atdrummond wrote: post #179

Be grateful you live in the EU or the US and don’t need crypto. It has been a major lifeline for my family and friends in Lebanon and Venezuela, both of which lack fully functioning financial services. I can send Bitcoin just fine though!

Out of curiosity, could you describe the last-mile experience for those remittances? Once they receive it in their wallet, can they easily spend it at local merchants, or do they need to convert it to an account in the local currency? If the latter, what prevents the account’s bank from receiving a transfer?