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South Korea justice ministry prepares to ban cryptocurrency trading

reuters.com

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Re: South Korea justice ministry prepares to ban cryptocurrency trading

#121

Post by root_axis »

sodafountan wrote: post #107
prodtorok wrote: post #94

"In an official announcement, South Korean government reaffirms there will be NO TRADING BAN" https://twitter.com/iamjosephyoung/status/951428854085689344

but you won't find this at the top of HN because vast majority of HN hates crypto-currency, most likely because it was once cool now it's more mainstream so it's not cool anymore. What a shame.

The real shame is that you decided to litter the comments with passive-aggressive complaining about how the community regards a particular technology. The most insulting part is your glib dismissal of the critics as shallow-thinking trend followers rather than actually engage the body of legitimate criticism in an intellectually honest manner.

Comments like the one you've posted here are a key factor in the negative reaction to blockchain posts on this site (and in general).

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#122

Post by newsbinator »

alphonsegaston wrote: post #91
newsbinator wrote: post #75

Earlier quoted context omitted.

If anybody knew what the Amazon of cryptocurrency is, we'd all be investing into it. For all we know that crypto is here, it just hasn't been evenly distributed yet.

I’m pretty sure that’s what Ripple is trying to position themselves as. Whether they pull it off, who knows.

Every crypto is trying to position themselves as the survivor (by way of real world 'utility') for when the bubble bursts. They all want to be Amazon, rising from the ashes of a crashed market.

Ripple's underdog challenger, Stellar XLM, is trying to claim the same mantle. So are thousands of other 'utility coins', of course, including ETH, XRB, VEN, ICX, and even the "privacy" coins, like Monero.

The fact is this is uncharted territory. We don't know for sure whether we're at the leading or trailing edge of a bubble, and we don't know for sure that any, some, or most crypto will still be around in 5-10 years.

Interesting times!

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#123

Post by mkirklions »

teekert wrote: post #117
mkirklions wrote: post #109

Earlier quoted context omitted.

We got our first 0.01 bitcoin in 2011. Libertarian conference, wife gave her email, got crypto. I literally was stealing Gary Johnson's nametag during this time. Bought my first whole bitcoin in 2015. Until the end of last year, I had a good feeling about crypto. The alt-coin madness has me scared for family and friends. They arent listening when I tell them Bitcoin and diversify. They go all-in on pump and dump new…

I see it too, I even have family asking for spare accounts on exchanges! All exchanges are overloaded, not allowing for new accounts, it's crazy.. I just keep telling them: treat it like a casino, don't put money in you can't live without, say goodbye to your money at day 1. That said, IOTA is actually pretty interesting from a technical standpoint, you should read about the Tangle ;)

IOTA would be fine, but how many other coins have 0 transaction fees now?

While I dont own any Raiblocks, they are using like 7 severs to confirm. Supposedly fixes all fee/speed problems.

I worry most about the ownership of non-mined coins. The founders nearly always pre-mine or grant themselves significant amounts of coins. The faucet that is crypto mining is all based on work/energy.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#124

Post by snerbles »

le-mark wrote: post #92
usrusr wrote: post #65

Earlier quoted context omitted.

> What if it just stays a niche market for 50 years? That would still be a collapse, just a silent one. Niche market means that everybody has on some subconscious level accepted that a large stack cannot be liquidated and plays along by "hodling" so that they can continue feeling rich. This is what is eventually happening to most collector's items: trading volume drops faster than the price and before you know it, th…

Did you just "coin" HODL as a verb, hodling? Because I gotta say I have not read that usage before. Hodling is my new word of the day.

"HODL" originated from a drunken rant on Bitcointalk during the 2013-14 bubble and MtGox exchange collapse.

https://bitcointalk.org/index.php?topic=375643.0

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#125

Post by zach43 »

aussie1233 wrote: post #113
konschubert wrote: post #102

Earlier quoted context omitted.

> The cost of electricity use to produce them adds a value to it. That's not true. What makes you think so?

You should reach Satoshi' s whitepaper to understand that.

Can you provide a summary of Satoshi’s argument here? I’m failing to see how the usage of electricity, which is an entropy-losing process, leads to added value through bitcoin

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#126

Post by konschubert »

aussie1233 wrote: post #113
konschubert wrote: post #102

Earlier quoted context omitted.

> The cost of electricity use to produce them adds a value to it. That's not true. What makes you think so?

You should reach Satoshi' s whitepaper to understand that.

I think I understand Bitcoin well enough to detect that you don't know what you're talking about.

One could argue that a higher current difficulty increases trust in very recent transactions, thereby raising the unitility of Bitcoin as a medium of exchange (ha!) and thus affecting the price.

But that effect is small and we're talking about the difficulty during the last 10 blocks, at most.

Anything before that is for the past.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#127

Post by sodafountan »

root_axis wrote: post #121
sodafountan wrote: post #107

Earlier quoted context omitted.

but you won't find this at the top of HN because vast majority of HN hates crypto-currency, most likely because it was once cool now it's more mainstream so it's not cool anymore. What a shame.

The real shame is that you decided to litter the comments with passive-aggressive complaining about how the community regards a particular technology. The most insulting part is your glib dismissal of the critics as shallow-thinking trend followers rather than actually engage the body of legitimate criticism in an intellectually honest manner. Comments like the one you've posted here are a key factor in the negative…

You'd think what was once one of the most intelligent communities on the internet would be discussing the merits and potential benefits of each alt-coin, how they differ both technologically and from a theoretical standpoint. But instead the only thing this forum is riddled with is what looks to be a bunch of old, bitter nerds.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#128

Post by sodafountan »

mkirklions wrote: post #110
sodafountan wrote: post #107

Earlier quoted context omitted.

but you won't find this at the top of HN because vast majority of HN hates crypto-currency, most likely because it was once cool now it's more mainstream so it's not cool anymore. What a shame.

Newbie here, I am not getting that feeling. I think people hate the Alt-coins pump and dump schemes. With the exception of Ethereum and Monero, the rest are entirely speculation IMO. I hope crypto solves a problem, but there will be a lot of people losing money because they got caught up in the $$

I don't get that vibe at all, you look at the comments on some of these crypto-currency posts and I get a general vibe of pessimism at its best, outright hatred at its worst.

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#129

Post by usrusr »

snerbles wrote: post #124
le-mark wrote: post #92

Earlier quoted context omitted.

Did you just "coin" HODL as a verb, hodling? Because I gotta say I have not read that usage before. Hodling is my new word of the day.

"HODL" originated from a drunken rant on Bitcointalk during the 2013-14 bubble and MtGox exchange collapse. https://bitcointalk.org/index.php?topic=375643.0

And it's such a fascinating term! Holding is what Warren Buffett does, after having applied his unique evaluation skills before buying, hodling is what a True Believer does. "If you are not a True Believer and cash out early, you are not deserving of eventually entering the paradise of a bitcoin bet retirement."

And to people who self-identify with the term, I think it might also be a kind of rhetorical last line of defense for when someone criticises their trust and belief: "those may be fine arguments or not, see I don't care, I HODL which means I just don't take it as serious as you. Mind your own business and let me dream my dream". Could also be motivated as a psychological hedge for the day after, "sure, it was expensive, but look at fun we had!"

Re: South Korea justice ministry prepares to ban cryptocurrency trading

#130

Post by tankenmate »

VMG wrote: post #51
2muchcoffeeman wrote: post #37

Earlier quoted context omitted.

It’s a bit like finding a piece of code that does something crazy. If you ask around, there could be a really good reason for it. I don’t think we’re going to have a usable crypto currency until economists get involved, or we simply relearn all the lessons we’ve learnt to date.

Yes, crypto is not complete until there are synthetic CDOs!

You can do CDOs in Ethereum today if you want.
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