Crypto in 2026: Oh, This Is the Bad Place • Hacker News Board

Re: Crypto in 2026: Oh, This Is the Bad Place

#251

Post by handle584 » Tue, Jun 23, 2026, 2:36 PM UTC

zmgsabst wrote: post #116

alehrs wrote: post #50

I've been deep into crypto for years and I was a big stablecoin supporter. I was fascinated by the tech and I still am. But everything outside the tech itself is just trash, scams, and gambling. I've come to believe that "pure" decentralization is neither practical nor particularly convenient. The only real use case that makes sense to me is giving people in developing countries access to a stable currency they can a…

I use crypto for exchange between friends (US + EU) and myself (SE Asia). Our options are IBAN (slow!), WesternUnion (fees, denials, hassles) or crypto (10min, cheap). We chose crypto - because it’s the practical path from their bank to mine. CashApp and Coinbase interface with my actual bank accounts, on my end. If you don’t do international banking, then much of the utility is diminished — so I’m not surprised by y…

This actually applies to the US as well. Anytime you need to send $1k+ to a stranger the process is a pain in the ass.

> ACH, most bank does not allow send to stranger, and it takes 1~3 days for settlement among those which allow.

> Wire, expensive ~$30 per transaction.

> Paypal/Venmo/CashApp, Schrödinger's fraud trigger you never know it's gonna work or not. Plus they report to IRS so more paperwork during tax season.

> A lot of banks report every transaction of your checking account to credit bureaus.

So stable coin is my preferred way, and luckily among my circle it is widely accepted. Any amount is instant with a few cents fee at most.

Re: Crypto in 2026: Oh, This Is the Bad Place

#252

Post by snarfy » Tue, Jun 23, 2026, 2:37 PM UTC

alehrs wrote: post #50

I've been deep into crypto for years and I was a big stablecoin supporter. I was fascinated by the tech and I still am. But everything outside the tech itself is just trash, scams, and gambling. I've come to believe that "pure" decentralization is neither practical nor particularly convenient. The only real use case that makes sense to me is giving people in developing countries access to a stable currency they can a…

As an outsider not paying too much attention, how do you beat the ledger problem? Crypto only works if there is a ledger. I don't want a ledger of every transaction I made. Seems like an insurmountable fundamental privacy issue.

Re: Crypto in 2026: Oh, This Is the Bad Place

#253

Post by cgh » Tue, Jun 23, 2026, 2:37 PM UTC

nytesky wrote: post #51

Isn’t this related to financial nihilism where normal people can’t invest or earn enough to grow money for basic life costs like housing and college with standard investments or jobs. They need a moonshot, hence gambling has become normalized. It isn’t even about the White House or crypto per se, it’s a desperate embrace of risk to catch up.

The phrase “financial nihilism” is explicitly mentioned and discussed in the article.

Re: Crypto in 2026: Oh, This Is the Bad Place

#254

Post by toenail » Tue, Jun 23, 2026, 2:38 PM UTC

bunderbunder wrote: post #240

epochbtc wrote: post #177

Two things can be true at the same time: - Bitcoin was and is a massive, historic accomplishment in creating digital scarcity for the first time and the long term effects are still playing out. - Virtually all of the "crypto" or Bitcoin 2.0 schemes in the 15 years since have been scams. Essentially a way for a tech founder to mint tokens out of thin air, and then try to convince others to treat them as money so he ca…

Though, there’s a part of me thinking that the basic idea of creating artificial scarcity for profit is hard to separate from scamminess. It’s giving De Beers.

The entertainment industry tried for decades to achieve artificial scarcity for profit. All scammers?

Re: Crypto in 2026: Oh, This Is the Bad Place

#255

Post by tryptophan » Tue, Jun 23, 2026, 2:39 PM UTC

snarfy wrote: post #252

alehrs wrote: post #50

I've been deep into crypto for years and I was a big stablecoin supporter. I was fascinated by the tech and I still am. But everything outside the tech itself is just trash, scams, and gambling. I've come to believe that "pure" decentralization is neither practical nor particularly convenient. The only real use case that makes sense to me is giving people in developing countries access to a stable currency they can a…

As an outsider not paying too much attention, how do you beat the ledger problem? Crypto only works if there is a ledger. I don't want a ledger of every transaction I made. Seems like an insurmountable fundamental privacy issue.

Ethereum based research projects are addressing this. There is a currently active and usable project called Railgun which allows for hidden balances and transactions. Aztec network is launching soon which is a fully private L2 chain. It has taken a really long time but it seems the next few years will bring real privacy.

Re: Crypto in 2026: Oh, This Is the Bad Place

#256

Post by louprado » Tue, Jun 23, 2026, 2:39 PM UTC

over_bridge wrote: post #146

danielvaughn wrote: post #117

Earlier quoted context omitted.

I got into crypto in 2017 when I came across the phrase "money is a technology". That idea fascinated me. But fast forward several years later, and it's obvious that money might be a technology in the sense that it's a tool, but more importantly, money is a culture .

Or if you read Sapiens you'll know money is a story we tell each other. You can't literally do much with a coin or bank note or numbers on a screen but as long as we all believe it has value, it does. It becomes part of the culture, as you say. Crypto also has to tell a story about why it's valuable. There was a lot of anti government rhetoric and fear mongering (from libertarians) but the public never really believe…

"but as long as we all believe it has value, it does".

Would one argue that an airplane is a _story_ ? If no one believed in the technology and lost faith in all pilots no one would fly. But that doesn't change the reality of the technology and competence of the pilots.

I get the sentiment, but I am not sure _story_ is the right word.

Re: Crypto in 2026: Oh, This Is the Bad Place

#257

Post by [deleted] » Tue, Jun 23, 2026, 2:41 PM UTC

stevenjgarner wrote: post #210

toomuchtodo wrote: post #174

Earlier quoted context omitted.

I use Wise often to move money between USD, EUR, and AUD, and it plugs right into my US credit union and brokerage accounts. International transfers settle in under a minute to Australian and European bank accounts in my experience.

When you send USD to an AUD account via Wise, no money actually travels between the US and Australia. Wise maintains massive pools of local currency in bank accounts all over the world. When you deposit USD, it goes into Wise’s US bank account. Wise's software detects the deposit and instantly triggers an internal payout from Wise's Australian bank account to the recipient's AUD account. Because Wise is using local b…

[deleted]

Re: Crypto in 2026: Oh, This Is the Bad Place

#258

Post by deadbabe » Tue, Jun 23, 2026, 2:41 PM UTC

For me, the price of bitcoin represents some kind of index for how gullible retail investors currently are.

Re: Crypto in 2026: Oh, This Is the Bad Place

#259

Post by lxgr » Tue, Jun 23, 2026, 2:42 PM UTC

stevenjgarner wrote: post #210

toomuchtodo wrote: post #174

Earlier quoted context omitted.

I use Wise often to move money between USD, EUR, and AUD, and it plugs right into my US credit union and brokerage accounts. International transfers settle in under a minute to Australian and European bank accounts in my experience.

When you send USD to an AUD account via Wise, no money actually travels between the US and Australia. Wise maintains massive pools of local currency in bank accounts all over the world. When you deposit USD, it goes into Wise’s US bank account. Wise's software detects the deposit and instantly triggers an internal payout from Wise's Australian bank account to the recipient's AUD account. Because Wise is using local b…

Neither does money "travel between the US and Australia" for a regular old SWIFT and correspondent banking based international bank transfer. When you send money internationally, your bank also "taps into pools of local currency" of their various correspondent bank(s). All of this could also happen instantly if they wanted it to; SWIFT is a real-time messaging network.

Wise's innovation was to provide their service "over the top", i.e. unbundle wire transfers from your bank's default offering. This has driven down both speed and pricing, in the same way that dial-through (e.g. calling card based) long distance carriers created massive competition and drove prices down in long distance calling, while under the hood it was all still just regular phone calls.

Re: Crypto in 2026: Oh, This Is the Bad Place

#260

Post by abathologist » Tue, Jun 23, 2026, 2:42 PM UTC

toenail wrote: post #254

bunderbunder wrote: post #240

Earlier quoted context omitted.

Though, there’s a part of me thinking that the basic idea of creating artificial scarcity for profit is hard to separate from scamminess. It’s giving De Beers.

The entertainment industry tried for decades to achieve artificial scarcity for profit. All scammers?

All the ones trying to do that, yes.