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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

#981

Earlier quoted context omitted.

Most token holders use exchanges, where freezing accounts and just keeping the tokens is a daily occurrence. That's not something solved by cryptocurrency in its current form.

You do realize that they get frozen only because of the fiat system regulations/laws? These exchanges freeze accounts in fear of what governments might do to them if they weren't cautious/suspicious enough. They have no economical interest in freezing account otherwise, that's one less customer trading and paying them fees.

> You do realize that they get frozen only because of the fiat system regulations/laws?

Well, sometimes. Sometimes they get frozen because the exchange operator decides to take the money and run.

Re: I wasted years of my life in crypto

#982
post #589

Crypto is NOT a casino. In a casino the house always wins. In crypto, every single player that's sat down for 5 years is a winner.

It’s true that 'the house always wins' in the long run because of game mathematics. Yet a casino that runs on secure, certified software and focuses on player retention doesn’t profit from a single big loss - it builds income through long-term relationships with its players. Here’s an article explaining how casinos generate revenue: https://www.rosloto.net/en/what-online-casino-revenues-depen...

Re: I wasted years of my life in crypto

#983
post #946

Earlier quoted context omitted.

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…

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

Guess what both fall under umbrella of cybersecurity. Please consult with your favorite LLM to break it down to you.

I can't continue having a conversation with a beginner posturing as a security veteran, who thinks rate limiting and having atomic operations in things that involve money is not cybersecurity.

blockchain smart contracts I wrote 8 years ago: https://github.com/Slidebits/ethereum-smart-contracts

iOS app, that "good faith" hackers try to constantly abuse through what you call "random conditions": https://apps.apple.com/us/app/slidebits-ai-playground/id1138...

Maybe you can share some of things that form your opinion?

Re: I wasted years of my life in crypto

#984
if blockchain is used for anything related to currency or "source of value", i am very bearish on its real utility.

the core theme of establish trust in a trustless environment will truly remain the potential we are yet to fully achieve in a usable way, but i hope it comes.

Re: I wasted years of my life in crypto

#985

Earlier quoted context omitted.

There are multiple countries in the world where issues like hyperinflation have pushed day-to-day transactions to crypto for everyday people.

No, there actually aren’t. People just assume there are but the majority of desperate people turn to the barter system before crypto helps them.

Yes there are. It is well documented in other countries such as Venezuela or Argentina and some vendors even prefer cryptocurrency because compared to their national currency it is more stable. In addition, there are significant remitance and cross-border payments done in crypto where banking or FX controls make dollars hard to access in countries like Venezuela and certain regions in Africa.

Day-to-day transactions at the street level may not be dominated by crypto or even a majority, but it is a growing nontrivial minority in a lot of places especially emerging markets.

[1] https://www.trmlabs.com/reports-and-whitepapers/2025-crypto-...

[2] https://www.chainalysis.com/blog/2025-global-crypto-adoption...

[3] https://www.statista.com/statistics/1362104/cryptocurrency-a...

Re: I wasted years of my life in crypto

#986

Earlier quoted context omitted.

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…

You are the lottery winner, extolling the virtues of the lottery. There are many other people who also made singular choices, that — by pure chance — did not pan out. It's good that you were in a financial position such that you could easily spend $1000 on a dumb investment, but that doesn't make it less of a dumb investment.

I guess my argument is that turning $1000 into 1 million was probably a significantly more probable outcome than winning 1 million in a lottery which is specifically why I decided to put my money into bitcoin instead of lottery tickets.

I just don't see the equivalence in comparing it to buying a lottery ticket.

There are way way way more bitcoin winners than there are lottery winners.

Re: I wasted years of my life in crypto

#988
post #885

Earlier quoted context omitted.

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, halvin…

You are not considering the fundamental monetary qualities of bitcoin, only the current market.

Re: I wasted years of my life in crypto

#989
post #700

Earlier quoted context omitted.

It pretty easy. I personally think it’s much easier than in traditional banking. The hard part is that for day to day things you still need an on ramp and off ramp, but that is changing as merchants accept crypto directly.

Messing with crypto is in no way easier than traditional banking. And traditional banking has guarantees that crypto does not.

Sending funds overseas is much easier with crypto than with traditional banking.

For the most part all I need is an address. That’s it. Then it takes a couple minutes to transfer - done!

Re: I wasted years of my life in crypto

#990
I'm amazed by the degree of hate and bitterness around here the last few years toward Bitcoin and the like.

Regardless of anything else, it's money I can email. Without having to rely on almighty permission from whatever country or company controls the currency or platform (and all the corresponding bullshit that often entails, like user-hostile terms of service which nobody in their right mind would agree to if they actually read, overreaching indemnities, arbitrary limits, and in some places risks arising from which way the political winds happen to be blowing).

I've used it to buy real things (that aren't drugs or contraband) where it offered less friction than competing forms of payment, and still feel the magic of that.

Have the finance leeches clawed their fangs into it? Yes of course!

But they did the same thing to regular currency and stocks decades ago (eg. with tangled webs of Nth order derivatives eventually crashing entire economies). Does that mean you don't use cash or credit cards or stocks?

I share the tweeter's frustration with the accretion of scams and other illegal actors, but not their surprise. Technology can't fix human nature.

(Although personally I see regulation catching up - for better or worse - and over time I expect feature improvements will mitigate more of the toxicity, eg. baked-in decentralized dispute resolution mechanisms that are less costly than the traditional judicial system but fairer and more efficient than arbitration alternatives you see today).

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