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Bitcoin Is a Hideous Monstrosity Made Out of Computers and Greed

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Re: Bitcoin Is a Hideous Monstrosity Made Out of Computers and Greed

#21

Post by NoticeMeSenpai »

hardmoney99 wrote: post #13

Bitcoin is the solution to the fundamentally broken debt-driven economy. Critics don't get it because they lump it together with "cryptocurrency". While technically a cryptocurrency, Bitcoin does not exhibit any of the ponzi, scam-like shenanigans that are easily observable in shitcoins. Yes, there is a lot of crazy stuff happening with wash trading - but this is a byproduct of lack of regulation and has nothing to d…

>Bitcoin is the solution to the fundamentally broken debt-driven economy.

Sorry this is all too vague. How do you define "broken" and what does this post-debt-driven economy look like?

>They don't need articles like this one to tell them why their needs are unmet by the traditional finance system.

Whats the use case here exactly?

Re: Bitcoin Is a Hideous Monstrosity Made Out of Computers and Greed

#22

Post by ChicagoDave »

hardmoney99 wrote: post #13

Bitcoin is the solution to the fundamentally broken debt-driven economy. Critics don't get it because they lump it together with "cryptocurrency". While technically a cryptocurrency, Bitcoin does not exhibit any of the ponzi, scam-like shenanigans that are easily observable in shitcoins. Yes, there is a lot of crazy stuff happening with wash trading - but this is a byproduct of lack of regulation and has nothing to d…

So basically, criminals that love the idea of hiding their illicit transactions from government oversight so they can traffic humans and drugs.

Re: Bitcoin Is a Hideous Monstrosity Made Out of Computers and Greed

#23

Post by behringer »

ChicagoDave wrote: post #22
hardmoney99 wrote: post #13

Bitcoin is the solution to the fundamentally broken debt-driven economy. Critics don't get it because they lump it together with "cryptocurrency". While technically a cryptocurrency, Bitcoin does not exhibit any of the ponzi, scam-like shenanigans that are easily observable in shitcoins. Yes, there is a lot of crazy stuff happening with wash trading - but this is a byproduct of lack of regulation and has nothing to d…

So basically, criminals that love the idea of hiding their illicit transactions from government oversight so they can traffic humans and drugs.

Or anyone that wants to travel without having their 5 or 10k in savings confiscated under asset forfeiture laws.

Re: Bitcoin Is a Hideous Monstrosity Made Out of Computers and Greed

#24

Post by SideburnsOfDoom »

hardmoney99 wrote: post #17
achow wrote: post #14

Earlier quoted context omitted.

> Bitcoin is a financial freedom tool for billions of people, the likes of which do not browse Hacker News These people are most vulnerable of the lot. They live hand to mouth, don't posses computing devices (may be cheap China smartphone). I cannot fathom how this demography manages bitcoin assets, manages to purchase their basic needs (which is all they can afford) using coins and not to mention this market crash w…

What you describe here is grouping of thousands of different types of demographics into one. The reality is very different depending where you live, and your level of technology access varies. A fleeing Ukrainian is very well versed in Bitcoin - Ukraine has one of the highest levels of adoption. A Nigerian is also very versed in Bitcoin - despite their government's attempt at curtailing use, they still find a way. A…

> A kid in Congo may or may not have access to a smart phone - that I have no way of knowing, ... a bank that you and I take for granted is a luxury in many of Africa's nations.

What do you know about the existing problems, that you want to solve? When were you last in the region?

Re: Bitcoin Is a Hideous Monstrosity Made Out of Computers and Greed

#25

Post by hardmoney99 »

ChicagoDave wrote: post #22
hardmoney99 wrote: post #13

Bitcoin is the solution to the fundamentally broken debt-driven economy. Critics don't get it because they lump it together with "cryptocurrency". While technically a cryptocurrency, Bitcoin does not exhibit any of the ponzi, scam-like shenanigans that are easily observable in shitcoins. Yes, there is a lot of crazy stuff happening with wash trading - but this is a byproduct of lack of regulation and has nothing to d…

So basically, criminals that love the idea of hiding their illicit transactions from government oversight so they can traffic humans and drugs.

You literally have to go through a regulated exchange to onboard and unload your illicit transactions. Not to mention your entire transaction history is public up to the exchange event. The biggest money launderers of today are literally the world's biggest banks. Go look up Deuche Bank money laundering fines.

Re: Bitcoin Is a Hideous Monstrosity Made Out of Computers and Greed

#26

Post by Nursie »

hardmoney99 wrote: post #13

Bitcoin is the solution to the fundamentally broken debt-driven economy. Critics don't get it because they lump it together with "cryptocurrency". While technically a cryptocurrency, Bitcoin does not exhibit any of the ponzi, scam-like shenanigans that are easily observable in shitcoins. Yes, there is a lot of crazy stuff happening with wash trading - but this is a byproduct of lack of regulation and has nothing to d…

> Bitcoin is the solution

It's the solution to nothing. Nothing.

This is pretty hilarious though, Bitcoin is exactly the same as a variety of other cryptocurrencies, which are carbon copies of it. Identical. But right on cue here come the bitcoin maximalists to explain that theirs is special.

Here's the only reason it's special - brand recognition. That's it. That's what you have over the various forks and clones. First mover advantage.

And this is what tells me that the technology isn't really solving anything, and nobody actually gives a fuck about it - other coins fix problems with BTC, they either make it more anonymous, or resolve transactions faster, or more of them, or all sorts of other things. But BTC still rules the roost because the whole thing is built on hype and sentiment and nothing more.

Re: Bitcoin Is a Hideous Monstrosity Made Out of Computers and Greed

#27

Post by macinjosh »

Humans are so funny. Blaming the flawed tools we create for the problems caused by using them in all of our flawed manners.

Bitcoin is a tool, like any other. Tools can be used constructively or destructively. The ease and affordability of transferring remittances internationally is the single most useful case for Bitcoin. In those instances value is not kept in BTC except for the duration of the transfer so it is not as susceptible to the market fluctuations. On top of that it is much faster and sometimes cheaper even for more local transactions like invoices for freelancers to be done via BTC.

The banking systems have failed in a lot of ways related to the above use cases. In the US it can still take days for a check or transfer to clear. Red tape and fees abound when transferring large amounts between parties. PayPal will just shutoff your account because they don't want the risk. etc. etc.

In the future I expect to see BTC to mainly utilized for these types of financial transfers and less as a long-term store of value. Of course like any item of value there will always be the speculation side.

Re: Bitcoin Is a Hideous Monstrosity Made Out of Computers and Greed

#28

Post by Nursie »

hardmoney99 wrote: post #20
iLoveOncall wrote: post #18

Earlier quoted context omitted.

> Bitcoin does not exhibit any of the ponzi shenanigans Really? How do you call something where there is no underlying product generating value, and you need to have someone else put money in to get your money out? It's literally the definition of a ponzi pyramid.

Bitcoin is voluntary. The goal is better money. If you take on that big of a challenge, you kinda need people to participate with their "old" money. It's called adoption. Just like internet would have no value if nobody participated, bitcoin has no value if nobody participates. Do you send email to yourself? No. Do you shop from a non-existing platform? no.

> The goal is better money.

Except when someone points out it's terrible at that, its goal magically becomes something else. Which it's probably terrible at, and then the goal shifts again.

Re: Bitcoin Is a Hideous Monstrosity Made Out of Computers and Greed

#30

Post by Lionga »

hardmoney99 wrote: post #20
iLoveOncall wrote: post #18

Earlier quoted context omitted.

> Bitcoin does not exhibit any of the ponzi shenanigans Really? How do you call something where there is no underlying product generating value, and you need to have someone else put money in to get your money out? It's literally the definition of a ponzi pyramid.

Bitcoin is voluntary. The goal is better money. If you take on that big of a challenge, you kinda need people to participate with their "old" money. It's called adoption. Just like internet would have no value if nobody participated, bitcoin has no value if nobody participates. Do you send email to yourself? No. Do you shop from a non-existing platform? no.

"My Ponzi" is voluntary. The goal is better money. If you take on that big of a challenge, you kinda need people to participate with their "old" money. It's called adoption. Just like internet would have no value if nobody participated, "My Ponzi" has no value if nobody participates. Do you send email to yourself? No. Do you shop from a non-existing platform? no.
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