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Why is HN negative against crypto?

• vinchuco 9y ago
  Critical against speculation and mindless hype. I'm sure many learned about crypto(currencies, you mean) precisely from sources like HN.
• mindcrime 9y ago
  First of all, there is almost nothing you can say about "the HN community" as a whole, which will be true. HN is pro-bitcoin, HN is anti-bitcoin. Both false. HN is very libertarian, HN is very socialist. Both false. HN is pro-capitalism, HN is anti-capitalist. False and false. HN is pro-Trump, HN is anti-Trump. HN is feminist, HN is misogynistic. False, false, false and false. And so on, ad infinitum... Now, certain individuals within this community may fit any or all of those descriptions, and I'm sure there are people here who are "negative against crypto." Of the ones who are that way, or at least seem that way, it probably has more to do with being skeptical of speculative bubbles in assets which have little intrinsic value. And there's a lot of reason to be skeptical of crypto-currency right now. The whole field is very young and very unproven. And even if a crypto-currency does become "the next big thing" who's to say which one (or ones) it will be? Maybe Bitcoin collapses tomorrow and it turns out that, in the end, Dogecoin was the winner. Or maybe Ethereum, or Litecoin, or FSM knows what else? As for ICO's... they sound like a great idea... but there's a lot of reason to think that a lot of ICO's are outright scams. So it makes sense to maintain a bit of skepticism about the whole thing. The people who are (hopefully only metaphorically speaking) mortgaging their homes to invest in ICO's are playing a very risky game. Me personally? The only aspect of the whole thing I find terribly interesting is the possibility of gaining a measure of anonymity using something like Monero. But then again, I'm one of those government hating libertarian types who rejects the idea that the State has any right to monitor my financial transactions. shrug
  • arisAlexis 9y ago
    Very well put