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Neal Stephenson doesn't seem keen on crypto anymore

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Re: Neal Stephenson doesn't seem keen on crypto anymore

#161

Post by drewcoo »

legrande wrote: post #19

We all started off enthused about cryptocurrency and then the Wolf of Wall Street types co-opted it and ruined it for everyone pulling off the most sophisticated Ponzi schemes in history. The only use-case for it now is for the criminal underworld (who have to somehow convert to fiat privately using novel techniques, and that gets harder with regulation and sanctions and outright banning of tumbler systems).

Well there's been no real porn use for crypto, so the tech had no hope of really catching on like the VCR or the World Wide Web did.

Re: Neal Stephenson doesn't seem keen on crypto anymore

#163

Post by red-iron-pine »

rednerrus wrote: post #24
legrande wrote: post #19

We all started off enthused about cryptocurrency and then the Wolf of Wall Street types co-opted it and ruined it for everyone pulling off the most sophisticated Ponzi schemes in history. The only use-case for it now is for the criminal underworld (who have to somehow convert to fiat privately using novel techniques, and that gets harder with regulation and sanctions and outright banning of tumbler systems).

Criminal Underworld was its best value add. It should have been the selling point all along. The idea that it's a store of value, and argument I've heard my smartest friends make, is testament to the adage "Greed makes man blind and foolish, and makes him an easy prey for death."

It was the main selling point. The Silk Road was a thing long before we started seeing celebrities shill crypto ads on TV.

That and moving cash out of China / Russia / Saudi. You can see changes in the price to BTC (and housing in Vancouver, etc.) every time big moves like that happen, such as MBS taking over in Saudi, and Xi's anti-corruption purges in China.

Re: Neal Stephenson doesn't seem keen on crypto anymore

#164

Post by rco8786 »

JohnFen wrote: post #141
rco8786 wrote: post #136

Earlier quoted context omitted.

On an individual basis maybe, but on a macro statistical scale there is no way you can classify transactions as illicit or not with any remote degree of accuracy.

Oh, what a good point. There are different kinds of anonymity, I think. There's anonymity of the identity of people, and anonymity of the nature of the transaction. Most cryptocurrency is bad at the former and good at the latter.

Like heck, tradfi banks can't even do this and they have oodles of regulations and KYC laws and fraud/money laundering prevention mechanisms.

Re: Neal Stephenson doesn't seem keen on crypto anymore

#165

Post by SideburnsOfDoom »

CM30 wrote: post #110
rocket_surgeron wrote: post #12

Crypto solves no problems for ordinary users. Literally and actually, with no exceptions, no consumer cares about a public ledger or any of its other features. They do care about being able to dispute a transaction if they are scammed or unhappy. Crypto solves tons of problems for paranoiac techbros and get-rich-quick schemers.

Crypto only solves problems for ordinary users in cases where the society around them has collapsed or is on the verge of doing so. As you say, this doesn't help most people in normally functioning societies, unless they're doing something where any sort of regulation is dangerous to them (often criminal activities and get rich quick schemes). On the other hand I can see it being useful if the country is in complete…

> On the other hand I can see it being useful if the country is in complete meltdown,

Oh really? So when there's no laptops or phones to buy, or electricity to make them work, Cryptocurrency will be, you say, at it's most useful?

That's certainly a point of view.

Re: Neal Stephenson doesn't seem keen on crypto anymore

#166

Post by [deleted] »

smoldesu wrote: post #115
leppr wrote: post #97

Earlier quoted context omitted.

If anything, crypto at least seems to indirectly put food on your table, articbull. I would find it hard to believe you don't get any compensation from religiously covering every HN comment sections about crypto with misinformation. Surely your motives can't simply be the fear of being out of a job if bigtech fades into irrelevance. AI would logically be a way bigger threat to your occupation. Here are some stats for…

If talking shit about cryptocurrency is a more reliable job than supporting it, I'd argue its time to move on. There was never a hope for Bitcoin replacing or even competing with regulated currencies. It had its fun in the sun, but now it (and just about every altcoin) will bleed their values from the layman's wallet while opportunists and whales exploit an already-broken economy. Depending on who you ask (or what ch…

[deleted]

Re: Neal Stephenson doesn't seem keen on crypto anymore

#167

Post by dopidopHN »

rco8786 wrote: post #136
dopidopHN wrote: post #67

Earlier quoted context omitted.

They are pseudo-anonymous at best.

On an individual basis maybe, but on a macro statistical scale there is no way you can classify transactions as illicit or not with any remote degree of accuracy.

What about “normal” financial illegal trades? Like wash trade and layered trade ?

Those are detectable by analyzing the order book of exchanges for instance. No identity is needed

Re: Neal Stephenson doesn't seem keen on crypto anymore

#168

Post by WeylandYutani »

EL_Loco wrote: post #107
noodlesUK wrote: post #61

Earlier quoted context omitted.

I’m curious, what countries are you trying to send money between? I’ve only ever really transacted with big countries’ currencies (EUR, USD, GBP, etc.), and I’ve found that the ordinary banking systems (especially with fintech like Wise) serve me quite well for this use case. I’d love to hear more about the flipside of that.

What countries, you ask?? Try being an immigrant from a poor South American/African country and then try the traditional methods wiring money to your rural family who stayed behind. I despise the crypto hype, but sending money via cryptocurrencies is A LOT easier for the poorest people, since cellphones are so widespread now. I know plenty, plenty of poor people in my country who don't have bank accounts but have sma…

Yeah with cryptocurrency they would rely on unregulated tech douchebag scum. And they'd still have to exchange those internet coins to real currency.

Re: Neal Stephenson doesn't seem keen on crypto anymore

#169

Post by WeylandYutani »

quickthrowman wrote: post #127
leppr wrote: post #97

Earlier quoted context omitted.

If anything, crypto at least seems to indirectly put food on your table, articbull. I would find it hard to believe you don't get any compensation from religiously covering every HN comment sections about crypto with misinformation. Surely your motives can't simply be the fear of being out of a job if bigtech fades into irrelevance. AI would logically be a way bigger threat to your occupation. Here are some stats for…

> Here are some stats for any passerby who might be convinced to think crypto really has ~zero non-criminal usage [1]. Surely calling 5-25% of many countries' populations criminals (including the US), should be relegated to a fringe extremist view. Simply owning digital tokens is not a real world usage of those tokens, full stop. That being said, I can fully accept that 5-25% of a countries population is gullible eno…

I'm sure that a lot of people tried out crypto in the boom.

The number of people actually using it on a daily basis is probably somewhat lower.

Re: Neal Stephenson doesn't seem keen on crypto anymore

#170

Post by WeylandYutani »

CM30 wrote: post #110
rocket_surgeron wrote: post #12

Crypto solves no problems for ordinary users. Literally and actually, with no exceptions, no consumer cares about a public ledger or any of its other features. They do care about being able to dispute a transaction if they are scammed or unhappy. Crypto solves tons of problems for paranoiac techbros and get-rich-quick schemers.

Crypto only solves problems for ordinary users in cases where the society around them has collapsed or is on the verge of doing so. As you say, this doesn't help most people in normally functioning societies, unless they're doing something where any sort of regulation is dangerous to them (often criminal activities and get rich quick schemes). On the other hand I can see it being useful if the country is in complete…

When society has collapsed a currency based on 24 hour electricity and internet infrastructure seems counterintuitive.
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