Bitcoin swings as civil war looms

Post by cloakandswagger » Thu, Jul 20, 2017, 4:36 PM UTC

zamalek wrote: post #55

cloakandswagger wrote: post #16

Earlier quoted context omitted.

Nope, it still seems as hostile as ever. Every top voted comment on a thread concerning crypto will be people cheering its inevitable demise and mocking its naive supporters. I can only imagine it's a mixture of jealousy and sour grapes from missing out on crypto's rise, but it feels strange that a forum dedicated to tech is so angry and dismissive towards a really interesting new technology.

Opposing opinions make for good discussion and having such opinions does not make you a jealous sour grape. Yours is likely the first hostile comment I've seen surrounding cryptocurrency on HN.

Post by Retric » Thu, Jul 20, 2017, 4:38 PM UTC

cloakandswagger wrote: post #56

Retric wrote: post #30

Earlier quoted context omitted.

The central problem is non reversible transactions and storage on PC's. Computer security means the value can drop to zero at any time and using a 3rd party to store your value means you A lose any benefit of coinX vs. WoW gold or whatever, and B run the same risks as their security can fail at any time. Now sure people can and have made (and lost) a lot of money, but in terms of actual usage it's never going to see…

The vast majority of fiat currency are 1s and 0s stored on computers, the only difference being: 1) Bitcoin is tracked by a global, immutable ledger, whereas you have no idea what kind of potentially krufty, in-house software your bank is tracking your money with. 2) There is a finite number of Bitcoins that can ever exist, whereas 100 trillion new units of your fiat could be created at the push of a button.

Post by owebmaster » Thu, Jul 20, 2017, 4:45 PM UTC

leereeves wrote: post #54

wyldfire wrote: post #35

Earlier quoted context omitted.

shrug , difficulty adjusts, asics get smaller, cooler, enclosures designed differently, miners hide them in drywall or wherever we hide prohibited stuff these days.

If Bitcoin becomes such a fringe currency that only criminals use it, what value will it have? Even criminals need to trade for legitimate goods.

Post by t0mbstone » Thu, Jul 20, 2017, 4:49 PM UTC

MarkPNeyer wrote: post #52

and0 wrote: post #37

Earlier quoted context omitted.

I didn't name the obvious problems because they've been talked over to death at this point, typically in that most-upvoted first post you mentioned initially. I think the largest issue with Bitcoin is precisely what you probably admire it for, judging by your description of its detractors: I don't think the average consumer wants an unregulated currency. People like having a central authority that enforces laws aroun…

> People like having a central authority that enforces laws around their currency. I think most people don't give a damn about this or think about it one way or the other. It's too abstract for them to think about. Most people use dollars without thinking about what they are or where they come from. > People enjoy the benefits of a dollar that doesn't fluctuate wildly in value Yes, this much is true. Of course, if yo…

Post by shallot_router » Thu, Jul 20, 2017, 5:33 PM UTC

cloakandswagger wrote: post #16

LAMike wrote: post #2

Has anyone noticed a paradigm shift in the way Bitcoin and Ethereum are treated on HN?

Nope, it still seems as hostile as ever. Every top voted comment on a thread concerning crypto will be people cheering its inevitable demise and mocking its naive supporters. I can only imagine it's a mixture of jealousy and sour grapes from missing out on crypto's rise, but it feels strange that a forum dedicated to tech is so angry and dismissive towards a really interesting new technology.