4 ms·

> I am well aware that most people on Hacker News hate Bitcoin and cryptocurrencies It's not hatred of Bitcoin to think that it's more worthwhile as a white pa

> I am well aware that most people on Hacker News hate Bitcoin and cryptocurrencies It's not hatred of Bitcoin to think that it's more worthwhile as a white paper than as an investment vehicle.

craigc 8y ago
True. Could you elaborate on why you believe that?
- 0xcde4c3db 8y ago
  I don't have some kind of incisive analysis. I just think the tech is interesting while the loudest cheerleaders come off as some mixture of scammy and cult-like. There are other things that I feel roughly the same way about; it seems to be a standard hazard of being on the cutting edge of R&D.
DonHopkins 8y ago
It's not Bitcoin itself, it's just that most people on Hacker News hate fraudsters and charlatans perpetrating get-rich-quick pyramid schemes.
- robertAngst 8y ago
  You arent a programmer right? Or did you not know there are only 21,000,000 BTC ever ever ever? Have you heard of fractional reserve banking?
  - apoorvkumar 8y ago
    Fractional reserve banking is independent of the currency. You can implement a bitcoin fractional banking system if you have trusted party available (the bank) and as long as you consider bitcoins to be homogeneous. Although it'll be funny (and borderline eco-terrorism) to use bitcoins if there exists a trusted party (like CME for bitcoin futures, bitcoin wallets, bitcoin exchanges, your ISP, your hardware manufacturer). Limited bitcoins doesn't make it any less vulnerable to being marketed (yes, there is a lot of marketing $ behind it) as a get rich quick scheme. In fact, the growth of fiat value of bitcoin is the biggest reason people see it as an investment vehicle. Bitcoin system might be helpful in countries with oppressive governments and no trustworthy party, but I don't see largest orders of bitcoins coming from North Korea.
- replies_to_all 8y ago
  Exactly.

4 ms·

> I am well aware that most people on Hacker News hate Bitcoin and cryptocurrencies It's not hatred of Bitcoin to think that it's more worthwhile as a white pa

by 0xcde4c3db 8y ago

> I am well aware that most people on Hacker News hate Bitcoin and cryptocurrencies It's not hatred of Bitcoin to think that it's more worthwhile as a white paper than as an investment vehicle.

craigc 8y ago
True. Could you elaborate on why you believe that?
- 0xcde4c3db 8y ago
  I don't have some kind of incisive analysis. I just think the tech is interesting while the loudest cheerleaders come off as some mixture of scammy and cult-like. There are other things that I feel roughly the same way about; it seems to be a standard hazard of being on the cutting edge of R&D.
DonHopkins 8y ago
It's not Bitcoin itself, it's just that most people on Hacker News hate fraudsters and charlatans perpetrating get-rich-quick pyramid schemes.
- robertAngst 8y ago
  You arent a programmer right? Or did you not know there are only 21,000,000 BTC ever ever ever? Have you heard of fractional reserve banking?
  - apoorvkumar 8y ago
    Fractional reserve banking is independent of the currency. You can implement a bitcoin fractional banking system if you have trusted party available (the bank) and as long as you consider bitcoins to be homogeneous. Although it'll be funny (and borderline eco-terrorism) to use bitcoins if there exists a trusted party (like CME for bitcoin futures, bitcoin wallets, bitcoin exchanges, your ISP, your hardware manufacturer). Limited bitcoins doesn't make it any less vulnerable to being marketed (yes, there is a lot of marketing $ behind it) as a get rich quick scheme. In fact, the growth of fiat value of bitcoin is the biggest reason people see it as an investment vehicle. Bitcoin system might be helpful in countries with oppressive governments and no trustworthy party, but I don't see largest orders of bitcoins coming from North Korea.
- replies_to_all 8y ago
  Exactly.