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Why are we calling it crypto? Just call them private coins

snat-s.github.io

41–50 of 62 posts

Re: Why are we calling it crypto? Just call them private coins

#41
People in crypto invent new words rather than building new things all too often. I think it's a carryover practice that emerged from the whitepaper era of 2017-2018, when you had to have a massive pseudo-intellectual theoretical framework supporting your dApp to support a token raise.

Build cool things and don't hide behind jargon.

Re: Why are we calling it crypto? Just call them private coins

#42

Earlier quoted context omitted.

Degenerate and base art thou. – Shakespeare, The Two Gentlemen of Verona , Act 5, Scene 4

What are you trying to say here?

I thought for a moment maybe the noun as an insult started with the Nazis, but no, the word goes back a long way.

p.s. I notice the vast majority of your HN comments are similarly very short and low-effort, with a lot of not-very-nice jabs at people on here. Doesn't make for pleasant reading.

Re: Why are we calling it crypto? Just call them private coins

#43

> Can we just talk about the fact that airlines have private coins but they just call them points or miles? Or what about this thing that everyone hates inside of video games that is just passing money to power points or gold coins, or jewels, etc. Or even casinos with stablecoins that are just called chips. This is actually very interesting and one of the first times I have heard of practical uses of crypto. If cred…

What even is the point of "decentralization" when the intent is to have a central fiat authority (the airline in question), and typically forbid transactions (using only one's own points, etc)?

Re: Why are we calling it crypto? Just call them private coins

#44
post #30

Earlier quoted context omitted.

I just can't be bothered with miles or points, on the credit card, on the airline, nah, like the point in Super Mario World, I think a gold coin is 10 points, everything is a multiple of 10 points, and...and I don't remember a single score I ever got. Just the stupidest thing. I know I will never benefit from cashing in miles. It's too restrictive. They make sure you don't end up ahead. Their UI's are shit, it's bett…

Ok you’re not wrong that the UX of many of those apps isn’t great, but you should still try and stay on top of that stuff. Banks aren’t going to accept “bad ui” as a valid excuse for a shitty credit score when you want a mortgage, and your parents won’t when you fail out of college. Also, anecdotally, points back from things like airlines are pretty nice as long as you’re going to be flying anyway. Sure it’s not wort…

Yeah, with the mortgage...I don't know, I think I could realistically find a bank that will accommodate my religion, Christianity. Especially if I show them something really cool we could do. Or 0% interest mortgage, that'll happen in like 5 years in America. Or just buy a house for cash. It can be done.

Re: Why are we calling it crypto? Just call them private coins

#45
post #21

Earlier quoted context omitted.

Entire lack of ownership is the whole point of points. If they wanted you to have something you could own, you would get dollars .

Which is why cash back cards are very nice. Because your points are a static amount of cash that you should regularly convert.

Regularly converting some credit card points is a good idea if you need the cash and it's a terrible system when they don't let you convert for cash. I consider any card that doesn't value points at 1:1 cent as junk.

But if you can use them within the system it's almost always a better deal. When used for airlines there's a large percentage increase in their value when buying tickets. When booking a hotel the cash price can sometimes be twice as much as the points price when I transfer credit card points in for example. Chase offers pay yourself back which increases their value on purchases in certain categories, although the categories haven't been all that great lately.

I used to convert nearly all my points to cash immediately but now I sit on enough for a small vacation before considering changing them out.

Re: Why are we calling it crypto? Just call them private coins

#46
post #28

Earlier quoted context omitted.

You're suggesting that, in order to hide from people, we use a financial system where every single transaction is publicly recorded and available for all to see?

You should google monero first because that's the opposite of what it does.

I am fully aware of what Monero sets out to do, but that's the important piece - they set out to do it, but that doesn't mean they will always succeed. It's perfectly possible to trace Monero using publicly available information[1] (I realize this is an older story, but you can still employ similar methods using public data), and the success of using Monero also depends on the competency of the individual[2] (in a similar sense to how successfully obscuring your browsing via Tor is dependent upon you making sure you've dotted your i's and crossed your t's and not just simply relying on Tor alone). There are also companies out there who claim to be able to track these transactions[3].

Monero may be stronger than others, but it's not foolproof and nobody should assume that it is.

[1]https://medium.com/@nbax/tracing-the-wannacry-2-0-monero-tra...

[2]https://www.wired.com/story/bitcoin-seizure-record-doj-crypt...

[3]https://ciphertrace.com/enhanced-monero-tracing/

Edit: I mean, hell, even just obtaining access to a key essentially eliminates anonymity. You may go above and beyond in your efforts to obscure your activities, but if someone else involved gets busted and officials get access to their account, well...

Re: Why are we calling it crypto? Just call them private coins

#47
post #21

Earlier quoted context omitted.

Entire lack of ownership is the whole point of points. If they wanted you to have something you could own, you would get dollars .

Which is why cash back cards are very nice. Because your points are a static amount of cash that you should regularly convert.

You can get more if you are willing to deal with the points. For example, Chase will give you 3 points per dollar on some cards on some categories, and Amex will give you 4. Those points can be >$0.01 each transferring to airline miles (or in the case of Chase $0.015 "paying yourself back" for restaurants). No card will give you 4.5% cash back on restaurants.

Re: Why are we calling it crypto? Just call them private coins

#48
post #30

Earlier quoted context omitted.

Ok you’re not wrong that the UX of many of those apps isn’t great, but you should still try and stay on top of that stuff. Banks aren’t going to accept “bad ui” as a valid excuse for a shitty credit score when you want a mortgage, and your parents won’t when you fail out of college. Also, anecdotally, points back from things like airlines are pretty nice as long as you’re going to be flying anyway. Sure it’s not wort…

Yeah, with the mortgage...I don't know, I think I could realistically find a bank that will accommodate my religion, Christianity. Especially if I show them something really cool we could do. Or 0% interest mortgage, that'll happen in like 5 years in America. Or just buy a house for cash. It can be done.

You think a bank is going to loan you hundreds of thousands of dollars because of your religion? I'm not even sure what you mean by that.

Re: Why are we calling it crypto? Just call them private coins

#49

Earlier quoted context omitted.

What are you trying to say here?

I thought for a moment maybe the noun as an insult started with the Nazis, but no, the word goes back a long way. p.s. I notice the vast majority of your HN comments are similarly very short and low-effort, with a lot of not-very-nice jabs at people on here. Doesn't make for pleasant reading.

I asked because it's a common tactic for people who would use "degenerate" deliberately with its modern, Nazi-associated connotation but simultaneously (and dishonestly) try and hide behind the fact that it is in fact a much older word, thus protecting their dogwhistle. I was trying to suss out if that's what you were doing.

> Doesn't make for pleasant reading.

I can live with that.

Brevity is the soul of wit?

Re: Why are we calling it crypto? Just call them private coins

#50
post #21

Earlier quoted context omitted.

Entire lack of ownership is the whole point of points. If they wanted you to have something you could own, you would get dollars .

Which is why cash back cards are very nice. Because your points are a static amount of cash that you should regularly convert.

On one hand, they're nice in that the exact value of your "points" is known and guaranteed.

On the other hand, the conversion often isn't that great, typically 1-3%. Meanwhile, earning rewards in "points" or "miles" can return value in the 5-10% range if you're savvy enough. The savings can be worth it, but some might just use a cash card out of principle (refusing to allow the card issuer to dictate how points are used) or laziness (Just don't feel like optimizing the return).

For me, I use a cash card out of laziness.

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