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Cryptocurrencies Were Never Good for Anybody but the Rich

13 points by edward 9y ago

Mononokay 9y ago
Nah. If you hopped in early you made, and still make, tonnes. It was amazing for the intelligent poor. Not to mention there are cryptocurrencies made to do genuinely cool things, like to allow private transactions for people in authoritarian countries, make contracts that actually are guaranteed to work, and more.
tomtomistaken 9y ago
The article basically states that rich people made a shit ton of money from cryptos because they had the money and knowledge to invest.
corv 9y ago
Hard money is a benefit to everyone, especially those whose income is close to their living expenses. Remember wage rises only serve to keep up with inflation. Now whether or not most cryptocurrencies deserve to be called sound money is another question entirely.
bago213 9y ago
The people who hate cryptocurrency are the daytraders who trade on their emotions.. if you keep buying high and selling low on your emotions it's not gonna do you any good. try holding out for a year.. there are still alot of unbanked people around the world who can benefit from this technology.. since all the gold has been seized from the people all over the world, we have to find another way.. try asking the people of zimbabwe what they think of fiat currency..
- bago213 9y ago
  lost karma posting truth.. hf with this commie forum.. LMAO "hacker news".. centralized garbage
imustbeevil 9y ago
Here's a simple proof. Who could afford to lose $10,000 in 2005? As with most risky investments, of course it's better for people who can afford to risk higher amounts of money as a lower percentage of their wealth. This is dead simple economics.
kapauldo 9y ago
Glad we're finally starting to use the past tense with bitcoin.
gaspoweredcat 9y ago
actually its been very good to me and im dirt poor (yes if id saved even 10% of the coins i mined id be a millionaire by now, no i have no regrets) im just an average working joe who earns just enough to get by at best but crypto enabled me to take holidays in places id only dreamed of, bitcoin has made the last 8 or so years of my life vastly better and i am by no means at all rich

13 points by edward 9y ago

Nah. If you hopped in early you made, and still make, tonnes. It was amazing for the intelligent poor. Not to mention there are cryptocurrencies made to do genuinely cool things, like to allow private transactions for people in authoritarian countries, make contracts that actually are guaranteed to work, and more.

tomtomistaken 9y ago

The article basically states that rich people made a shit ton of money from cryptos because they had the money and knowledge to invest.

corv 9y ago

Hard money is a benefit to everyone, especially those whose income is close to their living expenses. Remember wage rises only serve to keep up with inflation. Now whether or not most cryptocurrencies deserve to be called sound money is another question entirely.

bago213 9y ago

The people who hate cryptocurrency are the daytraders who trade on their emotions.. if you keep buying high and selling low on your emotions it's not gonna do you any good. try holding out for a year.. there are still alot of unbanked people around the world who can benefit from this technology.. since all the gold has been seized from the people all over the world, we have to find another way.. try asking the people of zimbabwe what they think of fiat currency..

bago213 9y ago
lost karma posting truth.. hf with this commie forum.. LMAO "hacker news".. centralized garbage

imustbeevil 9y ago

Here's a simple proof. Who could afford to lose $10,000 in 2005? As with most risky investments, of course it's better for people who can afford to risk higher amounts of money as a lower percentage of their wealth. This is dead simple economics.

kapauldo 9y ago

Glad we're finally starting to use the past tense with bitcoin.

gaspoweredcat 9y ago

actually its been very good to me and im dirt poor (yes if id saved even 10% of the coins i mined id be a millionaire by now, no i have no regrets) im just an average working joe who earns just enough to get by at best but crypto enabled me to take holidays in places id only dreamed of, bitcoin has made the last 8 or so years of my life vastly better and i am by no means at all rich