Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Yes, Crypto Is All a Scam

stephendiehl.com

Post reply on HN
Print view View original

391–396 of 396 posts

Re: Yes, Crypto Is All a Scam

#391

Post by empthought »

ashwagary wrote: post #384
empthought wrote: post #378

Earlier quoted context omitted.

Incorrect. The reason fraud was rare was because of the general insistence on documentation. Court challenges were rare because people did in fact KYC.

False. What Hammurabi's code describes is a customer keeping proof of agreement for settling disputes which is Know Your Seller (KYS) not KYC, and it was not required.

Wrong. The transactions everyone is talking about here (whether Bitcoin or conventional financial transactions) fall under the banking laws, not the ones about simple purchases.

Re: Yes, Crypto Is All a Scam

#392

Post by falcrist »

dmitriid wrote: post #348
falcrist wrote: post #345

Earlier quoted context omitted.

I think it would be more accurate to say his companies are doing great work. He's an idea guy, but mostly he's just an investor. A toxic, thin-skinned, sometimes fraudulent investor, but it's hard to argue with the work being done by companies like SpaceX and Tesla (not just what's being promised, but what has actually been done). IMO it's important to understand both sides of that coin.

> I think it would be more accurate to say his companies are doing great work. SpaceX? Undoubtedly Tesla? Very very arguably. Even though it did kickstart the modern EV era, it is now propelled by lies, deflection and bullshit All others are scams or provably bad.

Nah. Tesla is doing good work. They're far from perfect, but it's an interesting product, and they were first to market in many ways. I can't see it lasting that much longer in it's current form, but that doesn't undermine the work they've already done.

It's also important to note that Musk isn't the founder of that one. He just has a contract that gives him the title "founder".

And there's definitely a trend where his earlier companies were less likely to be scams. Zip2 and Paypal were both successful AFAIK. Boring Company is a bust unless it's radically reorganized (without underground vacuum tunnels), OpenAI is probably BS too. It's a little hard to say right now.

Re: Yes, Crypto Is All a Scam

#393

Post by dmantis »

serko wrote: post #374
dmantis wrote: post #214

Earlier quoted context omitted.

As well as thousands of Russians outside of Russia got their banks accounts blocked and sanctions restricted our money to be 100_000 EUR max per person. Hundreds of years of liberal ideas of individual rights just crushed below collective responsibility idea for some dictator actions. People moved billions out of Russia with bitcoin and other currencies. They saved their money after sanctions with passports based dis…

I hardly think you cared about the dictatorship before the "partial" mobilization began. And if something had collective approval (even through silence), then it must also have collective responsibility. Don't try to play a victim card here, Russian, we all saw what you did and continue doing. And some of us even experienced it.

If you are interested, me, personally, was partially affiliated with libertarian party and left Russia after first police visit in early 2021 (so a year before the war, even better in your terms). But that's just an ad hominem and doesn't matter in fact.

Talking generally, that's true that most people didn't leave, and that's totally fine. People don't deserve to play heroes and suffer in prisons because they were unlucky enough to born in wrong place in wrong time. Everybody deserve to have a peaceful life with their families, hobbies and jobs. Wanna play hero - get a visa, go to Russia, give your life, get shit done, if that's so easy. Humanity will be grateful for you.

If you don't - don't say people to do that just because they have different color of passport or speak other language. There is nothing wrong in being a "coward", people just want to live their lives, it's not a game, there is no savepoints.

Each person in the world can be only judged by his own actions, not by others'. Simple, but extremely important, idea which was an outcome of 2 world wars. If you create more hate by nationality or citizenship - you are just like Putin with his "bandera" fetish. Just different objects, really.

Re: Yes, Crypto Is All a Scam

#394

Post by ashwagary »

empthought wrote: post #391
ashwagary wrote: post #384

Earlier quoted context omitted.

False. What Hammurabi's code describes is a customer keeping proof of agreement for settling disputes which is Know Your Seller (KYS) not KYC, and it was not required.

Wrong. The transactions everyone is talking about here (whether Bitcoin or conventional financial transactions) fall under the banking laws, not the ones about simple purchases.

It seems you have abandoned your original argument.

How long do you believe KYC has existed? How long do believe believe banks have existed?

When Mansa Musa decimated the global gold market for atleast a century by distributing large sums of money to millions of people on his Hajj (possibly the single largest event of anonymous value transfer in human history), what regulation or law did he violate?

This was a relatively recent event where human history is concerned.

Re: Yes, Crypto Is All a Scam

#395

Post by nicholasbraker »

linuxftw wrote: post #286
nicholasbraker wrote: post #116

Earlier quoted context omitted.

Quant Networks. The token is used as a license key for using the Overledger network. Clients pay in FIAT, Quant network uses this to buy the token and secure the use of the Overldger functionality. Overledger enables interoperability between distributed ledgers (permissioned and permissionless like BTC, ETH etc.) in use by banks today. IMHO this is a legitimate and specific use case and very very rare in the crypto w…

> Overledger enables interoperability between distributed ledgers That sounds fancy, but who's actually using it in production? All these blockchain companies are highly self referential. It all sounds like 1) Build Block chain. 2)???? 3) Overledger.

Quant is a private company with NDA's limiting the freedom of communication they have with their partners. But LACCHAIN (https://www.lacchain.net/home?lang=en) uses Overledger nodes (see the dashboard at https://dashboard.lacchain.net) Oracle uses the Overledger product as part of their Oracle Blockchain proposition which is offered via Oracle Cloud. The use of their token is not a means to an end, it's only used for licensing of use of their software. Clients do not know nor care that it's a ERC-20 token, they pay their licenses in FIAT.

Re: Yes, Crypto Is All a Scam

#396

Post by b3nji »

DonHopkins wrote: post #272
b3nji wrote: post #243

Earlier quoted context omitted.

Some would go far as to say all fiat currency is a total scam. "Fake money", as I think Robert T. Kiyosaki, author of "Rich Dad Poor Dad" describes it.

So a totally fake and bankrupt scammer and anti-vax spammer who advises investing in MLM scams and who is aptly described as a racist idiot Trump supporter himself describes all fiat currency as a total scam and "fake money", huh? Do you also have high praise for the book he wrote with Donald J Trump about "Why We Want You to Be Rich?" Who you choose to worship and parrot says so much about you and the quality of you…

What is the aim of your comment here?

Kindly, I'm not from your country, and I didn't ask about your politics, or ideology.

I've just offered a quote from a book I read a few years ago, and thought it was an interesting concept. From what I've recently read, it doesn't seem to be an idea that rests purely at the feet of Kiyosaki, either. Many others seem to have good evidence backing it up.

Do you have a counter argument, or enhancement to offer to the idea that fiat currency could be fake money?

Post reply on HN