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Amazing that it’s impossible to tell whether you are a real crypto booster or joking at their expense.
"True crypto has never been tried"
It's odd how clear the picture is but how many people have been fooled by fakes. What other industry is 99% scams and only 1% legitimate?
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why does orange reddit always have comments like this whenever coins get mentioned
“Orange reddit” was one of the first places that Bitcoin was discussed. Consequently there’s an awful lot of people here who know exactly how much they missed out, and express this by being saltier than dead sea whenever the topic comes up. The accepted wisdom on HN, when the bitcoin price was in the single digits, was that it was a “tulip bubble” and you should absolutely not buy it under any circumstances.
But sure, in a sector where most of the biggest names are fraudsters, some people still manage to be adherents.
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why does orange reddit always have comments like this whenever coins get mentioned
“Orange reddit” was one of the first places that Bitcoin was discussed. Consequently there’s an awful lot of people here who know exactly how much they missed out, and express this by being saltier than dead sea whenever the topic comes up. The accepted wisdom on HN, when the bitcoin price was in the single digits, was that it was a “tulip bubble” and you should absolutely not buy it under any circumstances.
Happy to see this whole thing finally coming to an end, its a nice wrap to the dead market we've had for the past 2 years. I'm excited for 2024 in crypto!
I'm curious to see how BTC will fare. We've only seen the 4 year halving cycle play out during a secular bull market so far.
https://www.fidelity.com/learning-center/trading-investing/b...
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Right but gold isn't easy to steal. Bitcoin can disappear from a cosmic ray, hardware failure, remote theft, software glitch, etc.
Gold isn’t easy to steal because there are centuries worth of physical security demands that have evolved to protect it. Its relatively easy to take a chunk of metal from someone otherwise. Nothing you listed applies to bitcoin besides remote theft. The whole point of a blockchain is be fault tolerant in the face of those real failures. Remote theft occurs from a failure to secure your private keys. That’s human erro…
Also, securing physical assets is much easier than securing digital assets.
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Reflecting on how crypto once fit with the HN ethos. Hard to say where the community is now, partly because I don't spend as much time here. But it definitely seems to not be the darling it once was. Don't know if this is because it's mainstreamed in a way that makes it less "hacker"-appealing (quotes intentional), the HN community has changed, or because crypto went full crypto-bro so hard. May be some combination.
Probably because the brave new world of cryptopunk anonymity and liberation has turned into this mess of fraud and in-your-face centralisation and crime.
Perhaps this was the final takedown necessary to pave the way for BTC ETF approval.
How will the BTC ETF even work? I'm not super savvy with money but why would anybody buy an ETF and pay their fees when the assets in the ETF don't grow or give dividends? How will they secure those assets? Cold wallet in a vault? What happens if they do their audit and the backing coins aren't there (stolen) or there's a hardware failure on the cold wallet?
Coming to the security and safety part. In theory, BTC was made with a intension to be easily usable and accessible. Once you understand it, its pretty simple and straightforward (even easier than using a bank's service). No level of hardware wallet failure will compromise the funds because the funds are not in the wallet rather the record of the funds are in 100s of thousands of BTC nodes that is being run by miners and other enthusiasts. The real threat may be letting people that share OTPs to scammer handle their private key and seed phrase. Thats where custodians like coinbase comes in.
And to the point of how to make sure the fund held by ETF/Custodian is actually there or not, This can be easily verified. Tt is a public ledger and anyone with the public key can see how much funds are held in the wallet. This aspect of transparency is one of the key selling point of BTC.
I would recommend a short and interesting read - "Inventing Bitcoin".
Perhaps this was the final takedown necessary to pave the way for BTC ETF approval.
Not before Tether has been taken down
Why else would the US allow the largest counterfeit money printer to continue for long?