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I wasted years of my life in crypto

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Re: I wasted years of my life in crypto

#711

Post by TZubiri »

ojr wrote: post #698

Crypto helped me step up my cybersecurity skills forever, when someone was exploiting a race condition in my AI app, I only knew how to prompt AI to do atomic operations because of popular smart contract hacks. I wish I got funded to make a Coinbase bitcoin wallet competitor or Dropbox competitor leveraging blockchain for storage. Pivoting to AI has better unit economics and I have a handcrafted app architecture beca…

>Crypto helped me step up my cybersecurity skills forever, when someone was exploiting a race condition in my AI app, I only knew how to prompt AI to do atomic operations because of popular smart contract hacks.

What? Prompting AI is barely a skill, let alone a cybersecurity one.

> I wish I got funded to make a Coinbase bitcoin wallet competitor or Dropbox competitor leveraging blockchain for storage.

There's like 50000 of the former, and 1000 of the latter.

Re: I wasted years of my life in crypto

#712

Post by NoMoreNicksLeft »

underlipton wrote: post #620
FabHK wrote: post #608

Earlier quoted context omitted.

> nobody cares about good tech Indeed. For example: Chia is arguably decent tech (better than Bitcoin), built by Bram Cohen (of BitTorrent fame), innovative PoSpace+Time. But nobody cares, it's at #450 in market cap, way down below Doge (#10), $TRUMP (#72), Fartcoin (#144), Melania (#375).

The market cap obsession is part of the problem. Can I use it to buy things, easily? That's the only metric that should count if you're looking for practical use, not speculation.

A successful cryptocurrent probably has to start by first having a market that is dissatisfied with the available traditional currencies. If that market were to introduce on (with good tech), then it could immediately see the cryptocurrency used for its intended purpose. At that point, if it avoided the attention of speculators (not forever, just long enough for it to get its feet underneath itself) or could discourage those speculators somehow, what happens then?

Is there some other failure mode waiting, or does it take off?

Re: I wasted years of my life in crypto

#713

Post by KolmogorovComp »

SirMaster wrote: post #668
jakelazaroff wrote: post #629

Earlier quoted context omitted.

"So it was dumb of me to buy my lottery tickets just in the slim chance that I won? Worked out really well for me in the end and a less than $1000 gamble doesn't seem like that crazy of a gamble, at least to me." (See also: https://xkcd.com/1827/ )

I don't see how that relates to me. I made a singular choice. I am going to put in $1000 one time and leave it alone because there seems to be some potential here. I made the choice basically saying OK this $1000 I am putting in will either be worthless in 10+ years or it will be worth a lot. I am not continuing to buy, I am not dumping loads of money into it. I spent less than 1% of my yearly salary one time knowing…

The point is that, your "investment" was pure gambling. See how I can replace bitcoin with lottery ticket.

> I am going to buy $1000 in lottery tickets one time and leave it alone because there seems to be some potential here. > I made the choice basically saying OK this $1000 I am putting in will either be worthless in 10 hours or it will be worth a lot.

Re: I wasted years of my life in crypto

#714

Post by venturecruelty »

bleuuuu wrote: post #476
amelius wrote: post #384

Earlier quoted context omitted.

To add to that, crypto is also a gift from heaven for criminals who need to receive ransoms.

Not true by any means. Fiat is the tried and true way to commit crime. Having transcations on a ledger forever, works against your criminal take. You are just repeating.

"Fiat currency can be used to commit crime, too, so my solving-sudokus-for-heroin computer money is totally fine."

Re: I wasted years of my life in crypto

#715

Post by troupo »

dotancohen wrote: post #665
troupo wrote: post #448

Earlier quoted context omitted.

To make it simple to understand: For example, international conglomerate using exclusively slave labor inputs "these bananas are small farmers fair trade bananas" into blockchain. That's it. That is the "transparency".

Right. That's a forgery - a lie. No blockchain could prevent that type of lie. What a blockchain could enable is honest transparency. An attempt to pass off a lie as truth would be much more damaging to a company's reputation than would be just not addressing an issue. By addressing the issue and introducing a channel for transparency, the company is demonstrating that they are willing to put their reputation on the…

> No blockchain could prevent that type of lie.

Indeed

> What a blockchain could enable is honest transparency.

Wat?

> An attempt to pass off a lie as truth would be much more damaging to a company's reputation than would be just not addressing an issue.

Do you perhaps live in reality? When was the last time "reputation" of a company was in any way shape or form damaged by any lies?

> I would agree that as a regulatory measure, this would not solve any problem. But as a self-imposed measure, it builds consumer trust.

Indeed, it solves no problems except imaginary ones from the land of fairy tales.

Re: I wasted years of my life in crypto

#716

Post by kayamon »

gaigalas wrote: post #670
nailer wrote: post #635

Earlier quoted context omitted.

> but no actual ideological arc. Wasn’t the first thing signed an article about the collapse of the banking system?

This is the first thing: https://bitcoin.org/bitcoin.pdf It has nothing about the collapse of the banking system.

> The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

Re: I wasted years of my life in crypto

#717

Post by outside1234 »

jobs_throwaway wrote: post #696
kanbankaren wrote: post #681

Earlier quoted context omitted.

It has proven neither to be a store of value nor medium of exchange though it is being used extensively for criminal activities.

How has it not been a store of value?

It has an extremely volatile profile. You might as well stick your money in the SP 500 and call it is a currency.

Re: I wasted years of my life in crypto

#718

Post by venturecruelty »

spicyusername wrote: post #9

I've never understood the initial arguments about Bitcoin, no matter how many times they've been explained to me. The block chain is, and always was, an extremely inconvenient database. How anyone, especially many intelligent people, thought it was realistic to graft a currency on top of such a unwieldy piece of technology is beyond me. Maybe it goes to show how few people understand economics and anthropology and ho…

>How anyone, especially many intelligent people, thought it was realistic to graft a currency on top of such a unwieldy piece of technology is beyond me.

"It is difficult to get a man to understand something, when his salary depends on his not understanding it."

Re: I wasted years of my life in crypto

#719

Post by amrocha »

TZubiri wrote: post #702
earnesti wrote: post #633

Earlier quoted context omitted.

I've never understood crypto, however I'm long term Bitcoin fan and user, and don't consider it "crypto". I think Bitcoin is pretty much opposite what the typical crypto project is.

Ethereum seems useful as well. But that's about it

Tell me a single useful real world use case that Ethereum is being used in today, a decade after its creation

If I can solve that problem with another simpler, older technology it doesn’t count as useful. I don’t care if you can pay for things using ethereum when I can just use my credit card instead.

Re: I wasted years of my life in crypto

#720

Post by ForHackernews »

SirMaster wrote: post #668
jakelazaroff wrote: post #629

Earlier quoted context omitted.

"So it was dumb of me to buy my lottery tickets just in the slim chance that I won? Worked out really well for me in the end and a less than $1000 gamble doesn't seem like that crazy of a gamble, at least to me." (See also: https://xkcd.com/1827/ )

I don't see how that relates to me. I made a singular choice. I am going to put in $1000 one time and leave it alone because there seems to be some potential here. I made the choice basically saying OK this $1000 I am putting in will either be worthless in 10+ years or it will be worth a lot. I am not continuing to buy, I am not dumping loads of money into it. I spent less than 1% of my yearly salary one time knowing…

Why didn't you buy $1000 of NVDA instead? It would have paid off better. Clearly, NVDA shares are the future of currency.
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