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The Handwavy Technobabble Nothingburger of Crypto

stephendiehl.com

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Re: The Handwavy Technobabble Nothingburger of Crypto

#391

Post by louwrentius »

cwkoss wrote: post #375

This is the second time this week I've seen an article from Diehl on the front page that is critical of cryptocurrency but has next to zero substance. Weird that people regard him as a crypto expert, he doesn't seem to understand the space very well. - Comparing Bitcoin to doge and shiba is laughable - Re progcoins, he says "After twelve years of these technologies existing" - Ethereum is only 6 years old... - Like m…

> This is the second time this week I've seen an article from Diehl on the front page that is critical of cryptocurrency but has next to zero substance. Weird that people regard him as a crypto expert, he doesn't seem to understand the space very well.

What is stated without evidence can be dismissed without evidence. These unfounded personal attacks is not what HW was about, I remember.

> Comparing Bitcoin to doge and shiba is laughable

such insight!

> - Re progcoins, he says "After twelve years of these technologies existing" - Ethereum is only 6 years old...

Damn, you got him! By reading the text as literally as possible... I'm impressed!

> - Like most other crypto skeptics, this author doesn't understand the value of decentralized value transfer, so his analysis entirely misses the pro's of these technologies. It's like someone trying to understand why candy is popular by only looking at the nutritional information - never tasting it.

Didn't you get the memo of his article(s) that crypto is anything but decentralised? The good thing is that you yourself didn't proclaim to be a crypto expert. Fair enough!

> I'd bet 1000 SHIBA that one of Diehl's friends tried to convince him to buy in years ago, and now the cognitive dissonance of that rejection costing him hundreds of thousands of dollars in potential gains is forcing him to double down: his ego cannot tolerate crypto success - or else he'd have to admit to himself he was naive and short sided by discounting it years ago.

Is this just psychological projection? Is that really all you have to offer?

Re: The Handwavy Technobabble Nothingburger of Crypto

#392

Post by beervirus »

llimos wrote: post #301

Most people on HN are rational people who look at the world in a rational way. Bitcoin and friends are not operating in a rational market, therefore we don't understand them, and most of us would probably be pretty lousy investors since we would try to make decisions rationally instead of memeing and YOLOing. But, and this is a key point, that doesn't make us right and them wrong . It's just a different kind of marke…

Yes, rationality is better than irrationality.

Re: The Handwavy Technobabble Nothingburger of Crypto

#393

Post by verdverm »

PantaloonFlames wrote: post #339
llimos wrote: post #301

Most people on HN are rational people who look at the world in a rational way. Bitcoin and friends are not operating in a rational market, therefore we don't understand them, and most of us would probably be pretty lousy investors since we would try to make decisions rationally instead of memeing and YOLOing. But, and this is a key point, that doesn't make us right and them wrong . It's just a different kind of marke…

The issue is not whether a person can make money in a Ponzi scheme. We know it is possible. The issue is, is it a good idea?

It's really more of MLM than Ponzi at this point.

Re: The Handwavy Technobabble Nothingburger of Crypto

#394

Post by horsawlarway »

BTCOG wrote: post #309
throwaway21332 wrote: post #228

Earlier quoted context omitted.

You're conflating two issues with each other. One is having a decentralized currency with a fixed monetary policy. Another issue is the counterparty risk. Bitcoin is not designed to solve the counterparty risk, it's just a digital cash that has a fixed emission schedule. It can be stolen just like regular physical cash can be. Smart Contracts try to solve the counterparty risk issue, but it's just an extra layer arou…

Not sure why you're being downvoted for providing a good answer here. When you use Bitcoin, or cash it is solely your responsibility to protect that counterparty risk via your own means. Without a contract and receipt, the same would happen to your cash if you walked into a business and the owner decided to keep a small sum of your money with no record of transaction. If you gave a shop owner or autobody mechanic $50…

Except you just wrote a long comment telling me that I should be using government intervention if I want to actually trade bitcoins for goods or services.

You hinted that somehow a general user of bitcoin might have the power to influence or extort a third party to offset risk - but the reality of the situation is that the only entity I'm in contact with that can provide the resources to influence or extort a 3rd party is my government (doubly so if we assume I'm still bound by my local laws and rote violence isn't an answer).

Re: The Handwavy Technobabble Nothingburger of Crypto

#396

Post by cormacrelf »

pphysch wrote: post #314
llimos wrote: post #301

Most people on HN are rational people who look at the world in a rational way. Bitcoin and friends are not operating in a rational market, therefore we don't understand them, and most of us would probably be pretty lousy investors since we would try to make decisions rationally instead of memeing and YOLOing. But, and this is a key point, that doesn't make us right and them wrong . It's just a different kind of marke…

Rational/irrational is a vacuous distinction. Everyone has their own perspective on time and value. This doesn't address any of the OP's arguments, however.

If you misquote just a little, their argument can be just as useless at supporting any shitty or illegal industry.

> But, and this is a key point, that doesn't make us right and [the people who scam old ladies by extremely pushy sales tactics for vacuum cleaners] wrong. It's just a different kind of market, one that I am not very good at, but it is for sure possible to make money in it. You just need to be a different kind of person. We can say our way is "better", but who are we to decide that?

Re: The Handwavy Technobabble Nothingburger of Crypto

#397

Post by vnchr »

sjtindell wrote: post #354
llimos wrote: post #301

Most people on HN are rational people who look at the world in a rational way. Bitcoin and friends are not operating in a rational market, therefore we don't understand them, and most of us would probably be pretty lousy investors since we would try to make decisions rationally instead of memeing and YOLOing. But, and this is a key point, that doesn't make us right and them wrong . It's just a different kind of marke…

HN’s attitude is very surprising to me. I would think that they could get very excited about flash loans, decentralized exchanges (automated market makers), daos, and other concrete innovations coming out of crypto asset projects. I think it’s mostly jealousy and a feeling that they missed the boat, so they want to see it sink. I think that because I’ve had the feeling many times. They may not realize these are early…

There’s astroturfing on HN, like every other open social media platform. The tilted dissonance around crypto, whether it’s the counterintuitive market behavior or climate change advocacy, is one of lacking curiosity, a hallmark of innovative cultures.

Re: The Handwavy Technobabble Nothingburger of Crypto

#398

Post by pphysch »

mlcrypto wrote: post #340
pphysch wrote: post #314

Earlier quoted context omitted.

Rational/irrational is a vacuous distinction. Everyone has their own perspective on time and value. This doesn't address any of the OP's arguments, however.

Bitcoin is smart engineered gold. It's perfectly rational compared to the endless printing in fiat. Most engineers just accept keynesian economics because that's what they were taught. They have a narrow world view beyond their tech expertise. I saw somebody criticize BTC because they couldn't imagine using so much energy "just to secure money". I was like what you just took for granted is perhaps society's most impo…

"Smart engineered gold" is an oxymoron. Gold is a terrible platform for economic activity, because it is expensive to create and difficult to move/transact with.

Just because it was the best financial technology hundreds of years ago does not make gold, artificial or not, the best financial technology for today.

"Faster horses"...

Re: The Handwavy Technobabble Nothingburger of Crypto

#399

Post by louwrentius »

koonsolo wrote: post #361
louwrentius wrote: post #312

Earlier quoted context omitted.

We are perfectly capable to decide what is better because it isn't magic. For every gain, somebody literally has to lose. All crypto money is just other people's money. The people who win are vocal. The people who lose, stay silent, often in shame And even if you disagree, those gains are not worth the destruction of our planet.

Have you seen the price of bitcoin evolve? We recently had 2 all time highs again. You must be really stupid to lose money on that.

hindsight is 20/20

Re: The Handwavy Technobabble Nothingburger of Crypto

#400

Post by rzanella »

IggleSniggle wrote: post #266
rzanella wrote: post #218

Earlier quoted context omitted.

Not being pegged to a state-controlled currency means your devalued currency competes with stronger ones, at least on the fictitious transitional period, you're sure you want that ? Assuming a stateless money, when/if someone then steals your crypto coin, which gov't backed law/judicial system are you gonna turn to ?

I think you misread their comment. They said that not being pegged to state-controlled currency is a dealbreaker , whereas you seem to be thinking they said it was something they wanted.

> I think the author lives in a country with a trustworthy government because that's not the case for many people including me.

Well, given OP distrusts his government...

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