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You may be right — the difference between investing and speculation is a fine line and buying and trading cryptocurrency is definitely risky business. We certai

You may be right — the difference between investing and speculation is a fine line and buying and trading cryptocurrency is definitely risky business. We certainly don't deny that. Some pretty interesting industries have gotten bootstrapped with speculation though, and we are hopeful that more practical applications will develop in the future.

itamarst 9y ago
Trains got bootstrapped with speculation... but they were clearly useful before the speculation. Same for the Internet. As you admit yourself, cryptocurrencies are a solution looking for a problem. They do nothing, they provide nothing, they're just—"valuable". It's a scam, thousands of people will lose money, and you will have done your part to help those people lose money.
- dang 9y ago
  Now you're breaking another of the site guidelines too: "Please respond to the strongest plausible interpretation of what someone says, not a weaker one that's easier to criticize." Could you please stop now? You're a fine HN commenter otherwise. It's fine to be skeptical about cryptocurrencies, as many HN users are—but it's not fine to do flamewars or break the site rules. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html
  - probablynot 9y ago
    Are you just incapable of shutting the fuck up?
- SimbaOnSteroids 9y ago
  That's a property any sort of investment. Do you decry the existence of Y-Combinator because the majority of the alumni's businesses will fail?
- hodl 9y ago
  Solutions looking for a problem are OK and are a healthy part of the economy. In countries that have problems with their fiat currency, non government controlled currencies are quite useful. Especially as crypto cannot be confiscated.
  - anonytrary 9y ago
    Or, if you're a complete and utter pessimist: When there are too many solutions looking for a problem, it could also mean that there is too much money in the wrong hands.

itamarst 9y ago

Trains got bootstrapped with speculation... but they were clearly useful before the speculation. Same for the Internet. As you admit yourself, cryptocurrencies are a solution looking for a problem. They do nothing, they provide nothing, they're just—"valuable". It's a scam, thousands of people will lose money, and you will have done your part to help those people lose money.

dang 9y ago
Now you're breaking another of the site guidelines too: "Please respond to the strongest plausible interpretation of what someone says, not a weaker one that's easier to criticize." Could you please stop now? You're a fine HN commenter otherwise. It's fine to be skeptical about cryptocurrencies, as many HN users are—but it's not fine to do flamewars or break the site rules. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html
- probablynot 9y ago
  Are you just incapable of shutting the fuck up?
SimbaOnSteroids 9y ago
That's a property any sort of investment. Do you decry the existence of Y-Combinator because the majority of the alumni's businesses will fail?
hodl 9y ago
Solutions looking for a problem are OK and are a healthy part of the economy. In countries that have problems with their fiat currency, non government controlled currencies are quite useful. Especially as crypto cannot be confiscated.
- anonytrary 9y ago
  Or, if you're a complete and utter pessimist: When there are too many solutions looking for a problem, it could also mean that there is too much money in the wrong hands.