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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

#971

Post by kikimora »

ninkendo wrote: post #947
kikimora wrote: post #919

Earlier quoted context omitted.

>credit card chargebacks, escrow, and fraud departments exist and work every day without requiring a perfect government Nope, chargebacks in Russia do not work the way they do in US, not even close. The reason - government does not represent consumers, it represent bank owners. Also primary reason why scams in Russia are so widespread (and why internet is so cheap) is telecoms freely selling personal data (again, gov…

I honestly couldn’t care less how things (don’t) work in Russia. It’s a complete non-sequitur. Sucks that your country sucks. Maybe work on fixing your country. Sorry you’re too caught up invading your neighbors to fix basic things like your financial system. Your fallacy is in saying “government isn’t perfect therefore crypto is better”. This makes no sense. Crypto dials down the protections to zero. It’s worse than…

>government isn’t perfect _(it actively extracts value from you using monetary methods)_ therefore crypto is better _(by giving you alternative)_ This makes no sense.

Ok, fine with me.

Re: I wasted years of my life in crypto

#972

Post by bawolff »

npoc wrote: post #885
bawolff wrote: post #749

Earlier quoted context omitted.

Fiat currency. (So-called petro dollar) Gold. There is a reason why no countries are using bitcoin as a reserve currency.

Fiat currency: Why would I hold a currency that another nation sucks the value out of by printing it? Even the dollar has half its value stolen every decade. Gold stock above ground doubles every 40ish years, halving it's value each time. Think how difficult it is to safely move and assay billions of dollars worth. The reason nations aren't publicly using bitcoin as a reserve is that it's still only the year 2025

> Fiat currency: Why would I hold a currency that another nation sucks the value out of by printing it? Even the dollar has half its value stolen every decade.

Because the entire point of a reserve currency is to spend it in emergencies. Store of value is second to liquidity.

You can also usually recover some of that loss depending on how you are holding it.

> Gold stock above ground doubles every 40ish years, halving it's value each time. Think how difficult it is to safely move and assay billions of dollars worth.

Sure, that's a potential issue (although you are overstating it a bit). The main point is that due to historical reasons it is generally really easy to sell gold even if the world is falling apart their will always be a buyer.

> The reason nations aren't publicly using bitcoin as a reserve is that it's still only the year 2025

Sure, and part of the reason is that bitcoin doesn't have a track record of providing the properties countries need in a reserve currency. Reserve currencies aren't the place to try radical experiments. A lack of track record makes bitcoin a poor choice in and of itself.

Re: I wasted years of my life in crypto

#973

Post by winternett »

ecocentrik wrote: post #672
saalweachter wrote: post #619

Earlier quoted context omitted.

My advice is always: invest in the assets I hold, and never sell. It really makes the value of my holdings rise.

My advice: There's always at least one crypto scammer telling you to hold through the dip.

My advice... Take a time machine back to 2009-2012 & only invest %100.

Otherwise it's too late.

Re: I wasted years of my life in crypto

#974

Post by winternett »

jmathai wrote: post #803
saalweachter wrote: post #619

Earlier quoted context omitted.

My advice is always: invest in the assets I hold, and never sell. It really makes the value of my holdings rise.

You're correct if you own some BTC. FTA: > I have zero doubt that BTC will hit $1m one day.

An Ai robot named BTC will hit an Ai robot named $1m on Battle Bots perhaps...

Totally plausible.

Re: I wasted years of my life in crypto

#977

Post by TZubiri »

ojr wrote: post #946
TZubiri wrote: post #912

Earlier quoted context omitted.

atomic operations are not a cybersecurity skill in particular, it's a generic programming concept that more often guards against bugs rather than attackers. Although it is the case that attackers often exploit bugs, it's more likely that you are just learning to program and don't know the difference between both. Congrats on making money though.

Security is built out of generic programming concepts, rate limiting, input validation, authorization, encryption, etc. When you apply these programming concepts like atomic operations to something that control moneys it becomes security engineering. Atomicity is literally the foundation of preventing double spending in a financial system. If people can spend bitcoin twice the price crashes to $0. Understanding atomi…

>Security is built out of generic programming concepts, rate limiting, input validation, authorization, encryption, etc.

With the exception of rate limiting, those are indeed security techniques.

The generic programming concepts, like Atomicity and rate limiting are generic because, although maybe relevant to security, they would exist even without malicious actors. Atomicity for example is used on disk and database writes to avoid ilegal states in the case of power outages or crashes. Rate limiting on the other hand would still exist without malicious actors, to distribute limited resources when demand exceeds supply. And it often is used in the context of paid apis with different pricings based on different limits.

So in essence some concepts strictly exist to protect against malicious actors, while others protect against random conditions or good faith actors.

>With more programming experience you’ll understand the mapping of studying crypto smart contract vulnerabilities and applying lessons to a non-blockchain database.

If I'm not mistaken you started learning about programming and security very recently (which is why you can't distinguish between the two) and mostly through chatgpt? Might pay off to be less cocky, or maybe it's a good strategy so that veterans correct you, either way, all the best.

Re: I wasted years of my life in crypto

#978

Post by TZubiri »

amrocha wrote: post #719
TZubiri wrote: post #702

Earlier quoted context omitted.

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.

Tether

Re: I wasted years of my life in crypto

#979

Post by TZubiri »

mozarella wrote: post #933
TZubiri wrote: post #703

Earlier quoted context omitted.

That's a very nice categorization, but it seems orthogonal to the categories of: [scammers and hackers that want an untraceable and unrefundable payment method], [scammers that use cryptos themselves to scam and rugpull], ...

He was talking about actors who contribute to the system. See my other reply : https://news.ycombinator.com/item?id=46202319

I don't see how the article you linked is relevant at all to the OP and the topic of scams in general.

If anything it just shows how the leadership and allegedly well-meaning leadership chooses to ignore the issue.

Isn't it very likely that the malicious actors are part of the ecosystem and they contribute with funding? I'm not convinced that the scams and the casinos are an entirely separate fifth group (as opposed to a spectrum pyramid which might place say the Eth or Sol devs at the top). But even if they were, it's possible that the whole ecosystem and developers are benefitting from it?

It seems that the very nature of banks is associating and trading deposits and debts, so if more than half of the ecosystem consists of scams and theft, the other 'good' half is both benefitting and enabling the 'bad' half. Legislation is very clear on this, which is why we have KYC, money laundering laws, which are curiously enough the very social features that the supposedly "technological" innovations seem to do without.

In any case just ignoring the issue as a whole is a bit damning by itself, ignorance at best.

Re: I wasted years of my life in crypto

#980

Post by m00dy »

DANmode wrote: post #976
m00dy wrote: post #54

Earlier quoted context omitted.

If it is like 1999, we should see a bull market till FED starts QE then I don't know.

When and why is the Fed expected to do QE?

It should start around Q1 2026, because treasury short terms yields too high
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