11–20 of 326 posts
And too right the critics like Molly are about crypto. There is no need to kid ourselves here anymore to even entertain crypto. Crypto is a complete scam, with no legitimate or legal use case and nothing else to offer anybody. I only wish crypto died sooner and that nobody uses it. We have other systems that are more robust than crypto that is used in the order of hundreds of millions such as UPI, PIX, Wise, Mpesa, S…
And too right the critics like Molly are about crypto. There is no need to kid ourselves here anymore to even entertain crypto. Crypto is a complete scam, with no legitimate or legal use case and nothing else to offer anybody. I only wish crypto died sooner and that nobody uses it. We have other systems that are more robust than crypto that is used in the order of hundreds of millions such as UPI, PIX, Wise, Mpesa, S…
Honest question are you legitimately excited for FedNow? What problem will it solve?
What does FedNow have to do with cryptos downfall? Does FedNow fix our 120% debt to gdp ratio? Estimates of inflation required to get our debt to gdp back to 50% is 4-5 years of 12-20% inflation.
You don't want inflation? Well then I guess the US is going to default on our loans. 98% of countries in the last 120 years that had a debt to gdp of 130% has either defaulted or had massive inflation (only exception is Japan which is still in progress, currently holding off because its positive NIIP, US has negative NIIP).
For the US it's either default, print, or hope for a miracle.
And too right the critics like Molly are about crypto. There is no need to kid ourselves here anymore to even entertain crypto. Crypto is a complete scam, with no legitimate or legal use case and nothing else to offer anybody. I only wish crypto died sooner and that nobody uses it. We have other systems that are more robust than crypto that is used in the order of hundreds of millions such as UPI, PIX, Wise, Mpesa, S…
To my dismay, I found that wise doesn't do Swift transactions in USD to bank accounts in the USA. I actually thought that was the whole idea behind wise, but apparently not?
The other option was to pay my bank an additional 40€+ fee for each Swift transaction, which is too much if you need to wire money every month to the states. USDC was the cheapest option in the end (Coinbase doesn't charge for SEPA -> Coinbase and the EUR/USDC exchange rate is closely tracking EUR/USD).
I would agree that >99% of the tokens and cryptocurrencies are garbage. But I would be sad to see Bitcoin and Monero dying.
And too right the critics like Molly are about crypto. There is no need to kid ourselves here anymore to even entertain crypto. Crypto is a complete scam, with no legitimate or legal use case and nothing else to offer anybody. I only wish crypto died sooner and that nobody uses it. We have other systems that are more robust than crypto that is used in the order of hundreds of millions such as UPI, PIX, Wise, Mpesa, S…
Slightly off-topic rant: it seems (at least in hn circles) all the crypto buzz generation has found a new target in AI. Whereas prior to GPT-3 _every_ problem's solution according to a certain crowd was a hefty dose of web3/crypto, it seems now the consensus among a comparably sized crowd is that AI is actually the answer to all of humanity's pressing issues.
I'm not sure what fraction of HN is between 15 and 35 years old, but it's probably pretty high. Lots of people want to get a career in the new and exciting thing.
(I jest, but I do think there's some truth at the core here)
And too right the critics like Molly are about crypto. There is no need to kid ourselves here anymore to even entertain crypto. Crypto is a complete scam, with no legitimate or legal use case and nothing else to offer anybody. I only wish crypto died sooner and that nobody uses it. We have other systems that are more robust than crypto that is used in the order of hundreds of millions such as UPI, PIX, Wise, Mpesa, S…
No legal use case? Really? Honest question are you legitimately excited for FedNow? What problem will it solve? What does FedNow have to do with cryptos downfall? Does FedNow fix our 120% debt to gdp ratio? Estimates of inflation required to get our debt to gdp back to 50% is 4-5 years of 12-20% inflation. You don't want inflation? Well then I guess the US is going to default on our loans. 98% of countries in the las…
I've crossed swords with Molly a couple of times. I was the release coordinator for Ethereum, and I've been active in the space a long long time. Here's what it boils down to: freedom is messy. The early days of the dotcom space were filled with carnage of a type which makes crypto look pretty normal. Amazon stock dropped >90% and a trillion and a half in value vanished from the market overall. https://en.wikipedia.o…
I've crossed swords with Molly a couple of times. I was the release coordinator for Ethereum, and I've been active in the space a long long time. Here's what it boils down to: freedom is messy. The early days of the dotcom space were filled with carnage of a type which makes crypto look pretty normal. Amazon stock dropped >90% and a trillion and a half in value vanished from the market overall. https://en.wikipedia.o…
IE if you think you are just "tech being tech" but lots and lots of tech is like "uh, no, we aren't like you at all, please don't lump us in with you", that should tell you something.
Beyond that, your take seems so divorced from reality i'm not even sure where to begin.
I don't agree at all with your view of crypto's goals being bigger than tech's[1] , and even if i did, that the level of mess is proportionality similar, that this is a normal/good thing, etc.
These are sort of fundamental issues so it's gonna be hard to get somewhere.
I guess i'll just say if this is the best defense you've got of why what's going on is okay and good for the world, then you deserve everything crypto is getting and will get in the future.
[1] Crypto has always been a subset of tech's goals, and is even framed that way 99% of the time in presentations/etc. It's very hard for me to see how you can even argue otherwise.
Earlier quoted context omitted.
Slightly off-topic rant: it seems (at least in hn circles) all the crypto buzz generation has found a new target in AI. Whereas prior to GPT-3 _every_ problem's solution according to a certain crowd was a hefty dose of web3/crypto, it seems now the consensus among a comparably sized crowd is that AI is actually the answer to all of humanity's pressing issues.
https://www.goodreads.com/quotes/39828-i-ve-come-up-with-a-s... I'm not sure what fraction of HN is between 15 and 35 years old, but it's probably pretty high. Lots of people want to get a career in the new and exciting thing. (I jest, but I do think there's some truth at the core here)
I just find it so funny, almost like someone did a s/crypto/ai in the uberelite techie hivemind.
And too right the critics like Molly are about crypto. There is no need to kid ourselves here anymore to even entertain crypto. Crypto is a complete scam, with no legitimate or legal use case and nothing else to offer anybody. I only wish crypto died sooner and that nobody uses it. We have other systems that are more robust than crypto that is used in the order of hundreds of millions such as UPI, PIX, Wise, Mpesa, S…
Slightly off-topic rant: it seems (at least in hn circles) all the crypto buzz generation has found a new target in AI. Whereas prior to GPT-3 _every_ problem's solution according to a certain crowd was a hefty dose of web3/crypto, it seems now the consensus among a comparably sized crowd is that AI is actually the answer to all of humanity's pressing issues.
Media surfaces to the top any subject which draws attention.