You feel old when you read "crypto" and your first tought is about cryptography.
I wasted years of my life in crypto
81–90 of 1001 posts
Re: I wasted years of my life in crypto
#82I'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…
Someone called J.Powell decides the price of US dollar. Bitcoin fixes this by inserting an algorithmic monetary policy, never seen in human history before.
How does Jerome Powell decide the price of a dollar? How does an algorithm fix that? What is being fixed?
Re: I wasted years of my life in crypto
#83> I have zero doubt that BTC will hit $1m one day. Well, there's your problem. Here is a potentially interesting math paper that comes to very different conclusions: https://www.fooledbyrandomness.com/BTC-QF.pdf
They didn't think it would get to 120k either.
Re: I wasted years of my life in crypto
#84I'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…
The blockchain is an excellent distributed storage system for anything that should be immutable, such as contract hashes like notarial deeds, vehicle sales, and digital identities, which are not controlled by any central authority (if the blockchain is truly distributed) and are verifiable and tamper-proof. NFTs are the toy experiment that demonstrates this path.
It is therefore also usable as a currency, with fungible tokens, where the transactions per second (TPS) are sufficiently high, not for Bitcoin, therefore, but for example, Solana is already adequate; its performance and economic model are sufficient to pay for your local café.
That, without widespread acceptance, they have limited use, initially for crime, then for speculation, is another matter, but it is not a technical issue. The technical issues are quite different: https://blog.dshr.org/2025/09/the-gaslit-asset-class.html
Re: I wasted years of my life in crypto
#85I'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…
The anonymity aspect of it always confused me. If anything, bitcoin and almost all other cryptos are the ultimate surveillance state currency. Every single bitcoin, no matter how many fractions it is broken into, is traceable through every single transaction it has ever participated in, all the way back to when the coin was first mined.
But you (theoretically) cannot know who mined the coin, or who is actually the holder of the coin, thus the anonymity. Though currently this is getting restricted as governments require more ID verification from businesses dealing with crypto, which links up your coin to a real person.
Re: I wasted years of my life in crypto
#86Earlier quoted context omitted.
Someone called J.Powell decides the price of US dollar. Bitcoin fixes this by inserting an algorithmic monetary policy, never seen in human history before.
How does Jerome Powell decide the price of a dollar? How does an algorithm fix that? What is being fixed?
Dude, you might not belong to our civilization. Sorry.
Re: I wasted years of my life in crypto
#87I'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…
read the original Satoshi paper all the 3rd party summaries/interpretations of this paper are problematic. Read the original.
I’m not sure the paper or the character Satoshi himself matter anymore. Once you have a preeminent coin with fiat power behind it, the details of a paper and the wherewithal to reinvent that coin more purely are irrelevant. Once a particular political family signaled that control starting in Sept 2024, keeping close to that family reassured you of a bailout or pardon.
Re: I wasted years of my life in crypto
#88Eight years ago was 2017.
Everything you figured out about crypto was known then. You had to choose to disregard that information and continue on. And you did, and it took you eight years to figure it out. And now that you have money, you think you have special insight others did not. Sorry, you don’t. There’s going to be a significant portion of people reading this saying, “No shit”. But congrats on winning at the casino I guess.
Re: I wasted years of my life in crypto
#89I'm sorry this guy feels like that, and I agree that there are tons of fraudsters and casino players in the current crypto scene.
It also doesn't surprise me to read the reactions in here, as most of HN users are from the US or other first world countries.
For people like me who were born and have lived in developing countries or countries were we cannot fully trust our banking/monetary systems, Bitcoin IS a tool to escape possible problems. I'm old enough to have been in 3 monetary crises in my country: 1985, 1994 and 2008. I'm old enough to have seen countries like Argentina, Venezuela, Spain, Lebanon, Greece experience bank runs. And when that happens, only the rich and connected can do something, while individuals like us are left holding the bag and paying for the errors of others (Americans may remember the 1% movement, occupy wall street).
So, no. Bitcoin is and still will be a useful thing for me and a lot of people. First word.country citizens may not understand it, until it becomes too late .
Re: I wasted years of my life in crypto
#90Earlier quoted context omitted.
Blockchain is a very inconvenient database, for sure, but there is a good reason Bitcoin uses it. It had to solve to double spend problem and create a trustless p2p digital cash, while being censorship resistant and having no central authority. Some people around a decade ago started using blockchain for everything where a SQLite db would have been better, because blockchain was the buzzword around that time, and the…
> and they were charlatans who wanted funding and hype, or signal how cutting edge they are Interesting that those same hucksters and shysters who spread the gospel of the blockchain immediately jumped on th AI bandwaggon when this was the shiny new thing. Or, maybe, 40 years working in IT turned me slightly cynical.
LLM has more tangible benefits for companies and consumers.
If you mentioned NFTs though you’d be spot on