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Bitcoin Is Time

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Re: Bitcoin Is Time

#411

Post by Igelau »

oliv__ wrote: post #401
boredpandas777 wrote: post #348

Let me fix that title. Happy to be downvoted into negative territory. I only have 11 points. Go ahead. "Bitcoin Is A Waste of Time (and Resources)" What Bitcoin has done is that it taught people they can come together in a sustained flash mob (like an on-the-fly hedge fund operation) and manipulate the price of speculative assets by creating artificial short-term pump-n-dump type demand. Bitcoin has trained our colle…

I'm genuinely amazed at how you're able to take such an in-depth, thoughtfully written article, and reduce it into a mere "bitcoin is a waste of time, people are gamblers".

I'm not sure if you're trying to dismiss the parent comment, or if this is a damning observation on "thought" regarding bitcoin. Probably some of both, right?

Re: Bitcoin Is Time

#412

Post by tootahe45 »

SkipperCat wrote: post #68

Bitcoin is only popular because tech workers get paid a lot and have the ability to speculate, we live in a world of massive asset bubbles created by government fiscal policies and Bitcoin is excellent for buying drugs on-line. Most people want security in their assets, which is why a majority of folks read articles about bitcoin but never touch one. All of these articles are great examples of creative writing. I do…

I'm pretty sure it's primarily poor people buying into crypto, not tech workers. Go to r/cryptocurrency and read the posts, does it look like HN (primarily tech people)? are there any technical discussions, or is it just full of get-rich-quick hopers?

hint: posts mostly consist of " tweeted about , this is good for the price of ".

Re: Bitcoin Is Time

#413

Post by duskwuff »

swagonomixxx wrote: post #315
fwiwm2c wrote: post #313

Earlier quoted context omitted.

Stop shilling. And to have the galls to say something like Nano has the ability to take on Bitcoin just indicates that you very new to this market - and thus want to make a quick buck by shilling your random shitcoin. The thing which Bitcoin has, and that few others can match, is acceptability from a large swatch of investors and predictable security/emission schedule. And, just fyi, Nano is not made of users. Go to…

> And, just fyi, Nano is not made of users. Go to its reddit and you will see everyone shilling it and having price targets on it. Not saying you're wrong, but this feels like every subreddit dedicated to a crypto.

That's because the problem is endemic to the cryptocurrency space. There has been very little serious work done on making any cryptocurrency usable as a medium of exchange, even for projects which claim to have that as a goal. Speculation is about the only activity that's possible for most coins, so that's what people do.

Re: Bitcoin Is Time

#414

Post by renewiltord »

rtrdea wrote: post #408
renewiltord wrote: post #396

Earlier quoted context omitted.

It's a very effective meme. Like most such memes, it worms itself inside, and the vehicle doesn't consciously know of its presence. These people aren't thinking "I'll do this. It'll get me votes". It is unconscious mimetic memetics, if you will :) Some of these memes become elevated into conscious actions. For instance, people cynically exploit "Linux can't do X" to get help for X. But some memes are unconscious and…

I was with you til the last sentence. Have an upvote

Haha, that was unnecessarily controversial on my part. I can totally accept that other people disagree on that.

Re: Bitcoin Is Time

#415

Post by olalonde »

anthropodie wrote: post #370
boredpandas777 wrote: post #348

Let me fix that title. Happy to be downvoted into negative territory. I only have 11 points. Go ahead. "Bitcoin Is A Waste of Time (and Resources)" What Bitcoin has done is that it taught people they can come together in a sustained flash mob (like an on-the-fly hedge fund operation) and manipulate the price of speculative assets by creating artificial short-term pump-n-dump type demand. Bitcoin has trained our colle…

> Happy to be downvoted into negative territory. I see another comment on top doing the same. Why do people start with this? If you don't bother you should not even brought that up. Seems like an underhanded way of getting more points. Do people even fall for this?

It's against HN's guidelines. I systematically downvote any comment that does it.

Re: Bitcoin Is Time

#416

Post by Erlich_Bachman »

SideburnsOfDoom wrote: post #246
Erlich_Bachman wrote: post #220

Earlier quoted context omitted.

On a somewhat related note, I just wonder for my personal interest, why do you write it that way? "BitCoin". You are just signalling everyone that you haven't done any deep research, you have not read any meaningful amount of articles or books or studied it in depth... It is spelled "bitcoin". "BitCoin" is how a housewife would spell it (no disrespect or negativity towards housewives, it is simply an example of a per…

> "BitCoin" is how a housewife would spell it (no disrespect Did you understand me? Then the spelling was good enough. Please don't attempt to derail with gender role trolling.

> Did you understand me?

I probably understood even more than you were willing to share: your level of knowledge about this topic.

> gender role trolling

What does gender has to do with anything? You brough it up, not me. Also where did I "troll" you? The word "housewife"? Not sure why you would take offence in that, for me it is not a negative or lower-value term, it simply refers to a person that has chosen and has had the possibility and privilege to spend most of their time at home taking care of their family. I could just as easily have used "hairdresser" or "bricklayer", those people have equally likely little to do with crypto and have the same level of knowledge about bitcoin that you seem (assuming by that spelling, in which I could be wrong of course) to have. That's why I wonder, where did you pick that up? That spelling? Nobody in the industry spells it that way, that's all.

Re: Bitcoin Is Time

#417

Post by gillesjacobs »

SideburnsOfDoom wrote: post #177
Erlich_Bachman wrote: post #173

Earlier quoted context omitted.

Maybe try reading the post again? I have no affiliation or even opinion about that coin, but it is painfully clear for that post only that the proposed problem of value is "valid consensus mechanism that scales of PoS and PoW networks". Half of the comments on this page complain about how Bitcoin uses too much energy and how PoW is wasteful. This is a direct (allegedly, if what they write is correct) solution to exac…

I honestly don't think that either BitCoin or CryptoCurrency in general _can_ be reformed. The whole mess is a complete write-off.

You're dismissing a whole branch of computer science on decentralised systems with no argumentation as to why. Consensus algorithms, solutions to the CAP trilemma, uncensorable decentralised applications that run as long as people are willing to use them, trustless oracles, decentralised dispute resolution, democratised loans and finance. Those are some applications that grew out the cryptocurrency space.

Re: Bitcoin Is Time

#418

Post by hfsp »

toto444 wrote: post #223
Erlich_Bachman wrote: post #136

Earlier quoted context omitted.

> That does not make it less true that money does not have magical properties and bitcoin will not create a new world order. Is anyone really claiming that? The OP's post doesn't seem to be in this spirit anyway. It's more like "Bitcoin has true usefulness, it will keep some meaningful value for a long time, enable other use cases that didn't even exist before.". Nobody is saying that it is going to replace all other…

> Nobody is saying that it is going to replace all other forms of money. To be a money it somehow has to. What is the value of a dollar ? The set of goods you can buy with a dollar. As long as the value of a bitcoin is expressed in another currency that is weird to call it a money.

There is a lot of conflation in btc threads between store of value, medium of exchange, and unit of account.

You are referring to unit of account.

https://nakamotoinstitute.org/mempool/bitcoin-as-a-store-of-...

Re: Bitcoin Is Time

#419

Post by TobyBrull »

trts wrote: post #398
gnrlst wrote: post #210

I'm ready to be downvoted to oblivion, especially by all the Bitcoin purists, but I hope my message sparks at least some curiosity. Bitcoin is getting "weaker" every year for several reasons: - emerging centralization due to economies of scale. If this trend continues the mining power will be so consolidated that a 51% attack will be likely. The Nakamoto coefficient is already at 4, and tending towards 3. - energy us…

What is the incentive for a 51% attack (on Bitcoin specifically) Wouldn't it take a large number of resources and coordinated effort to do this? And then the result of a successful attack means that the value essentially drops to zero ... so why invest the effort? Seems like the only entity to have this incentive would be central banks / fiat regimes.

Given that Bitcoin has become quite liquid, there might also be ways to short it. But yes, governments doing it for political reasons would seem like the most obvious incentive.

Re: Bitcoin Is Time

#420

Post by anthropodie »

zepto wrote: post #397
anthropodie wrote: post #380

Earlier quoted context omitted.

I see now how my comment can be labelled as whataboutism. But I am trying to point out how "Bitcoin is Bad" is the agenda here. Can the energy problem be solved? I had like a discussion on that rather than "It's bad" arguments.

> Can the energy problem be solved? I had like a discussion on that rather than "It's bad" arguments. That’s not what it looked like when you made your comment about the LHC and the moon missions. Your position then was that we should not be arguing about the energy usage. > If we had argued about energy requirements in late 60s we would have never reached Moon or built the LHC. Now you are saying you would like such…

Well you guys did a nice job in changing my position! But if you are saying I should not change my position based on discussion that goes no here then I have no idea what to say to you. The whole point of discussion is to point out flawed thinking of others.

Are we expecting people not to change their position and make them feel guilty if they did? No wonder communities are more polarized than ever.

Edit: Besides if you read my original comment it already says

>We should be discussing about how to efficiently harness that big fiery ball in space instead of shutting down technological advancements.

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