7 ms·

then Monero. the point is there is a system that minimizes trust , certainly more than the corporate system

by buboard 7y ago

DonHopkins 7y ago
Whenever somebody starts spouting off about Bitcoin or Monero, I minimize the trust I have in them.
- buboard 7y ago
  trust comes and goes - we ll see that when the current negative-rate world goes belly up. even as last resort measures, cryptos have their uses
  - short_sells_poo 7y ago
    When that happens, I'd surmise that the following is not going to be a good hedge: a completely ephemeral "asset" that is not backed by any conventional power structure or society, while at the same time being fully dependent on a highly sophisticated infrastructure made possible by said power structures and societies. Cryptocurrencies depend on a redundant and highly interconnected network of many diverse actors to be able to maintain their trust guarantees. How that network is going to stay around in a doomsday scenario is very much up in the air. The main point, the crucial point of a doomsday hedge is that it should depend as little as possible on the intricacies of the old world.
    - buboard 7y ago
      the same goes for cash & credit card, and in any case an apocalyptic war resets all prices to 0. Or you could extoil the virtues of gold but good luck carrying your gold in an EU country from Jan 1st, let alone the Moon and Mars
      - short_sells_poo 7y ago
        Of course traditional assets are highly uncertain if the world goes tits up, but you were the one hinting that cryptocurrencies would be a good hedge in a doomsday scenario. The truth is that it is extremely difficult to predict what asset to hold in such a case. Physical assets can be confiscated by force, ephemeral assets are likely to just cease to exist. Perhaps the best hedge is nothing as material as gold, or guns, or money, but having a large and robust network of friends and acquaintances. Ultimately, being connected (not just in a technical sense) is the best enabler of success in or out of a doomsday event I think.
- rolltiide 7y ago
  The Europol investigation and presentation says Monero works as advertised, I trust that, especially since chain analysis companies aren't on the other side advertising their capabilities to undermine Monero
  - DonHopkins 7y ago
    It doesn't matter if the technology or the mathematical theory behind it is trustworthy or not, the problem is that get-rich-quick money-for-free pyramid schemes attract untrustworthy people, so even if they technically work on the chalkboard in the lab, those people ruin them in the real world. Social engineering and deceptive marketing trump Razzle-Dazzle Globetrotter Calculus every day. https://www.youtube.com/watch?v=_P1bu4HUAMs https://www.youtube.com/watch?v=_P1bu4HUAMs
    - rolltiide 7y ago
      I just find it incredibly easy to understand private digital assets without being led on to the guru's other untrustworthy product What you are basically saying is that because people lack critical thinking skills, you distrust the other people that happen/claim to actually know about the topic, that seems awfully reductive.
      - DonHopkins 7y ago
        No, that's not what I'm saying at all. "Incredibly easy", huh? Incredibly: adverb. used to introduce a statement that is hard to believe; strangely. "incredibly, he was still alive" See also: https://en.wikipedia.org/wiki/Dunning%E2%80%93Kruger_effect https://en.wikipedia.org/wiki/Dunning%E2%80%93Kruger_effect
        rolltiide 7y ago
        Even after your edit, I don't know what you are saying and how it relates to trusting people less for a relevant short comment mentioning Monero. Care to articulate that specific sentiment or how its doing more than painting with a large ignorant brush?

then Monero. the point is there is a system that minimizes trust , certainly more than the corporate system

DonHopkins 7y ago

Whenever somebody starts spouting off about Bitcoin or Monero, I minimize the trust I have in them.

buboard 7y ago
trust comes and goes - we ll see that when the current negative-rate world goes belly up. even as last resort measures, cryptos have their uses
- short_sells_poo 7y ago
  When that happens, I'd surmise that the following is not going to be a good hedge: a completely ephemeral "asset" that is not backed by any conventional power structure or society, while at the same time being fully dependent on a highly sophisticated infrastructure made possible by said power structures and societies. Cryptocurrencies depend on a redundant and highly interconnected network of many diverse actors to be able to maintain their trust guarantees. How that network is going to stay around in a doomsday scenario is very much up in the air. The main point, the crucial point of a doomsday hedge is that it should depend as little as possible on the intricacies of the old world.
  - buboard 7y ago
    the same goes for cash & credit card, and in any case an apocalyptic war resets all prices to 0. Or you could extoil the virtues of gold but good luck carrying your gold in an EU country from Jan 1st, let alone the Moon and Mars
    - short_sells_poo 7y ago
      Of course traditional assets are highly uncertain if the world goes tits up, but you were the one hinting that cryptocurrencies would be a good hedge in a doomsday scenario. The truth is that it is extremely difficult to predict what asset to hold in such a case. Physical assets can be confiscated by force, ephemeral assets are likely to just cease to exist. Perhaps the best hedge is nothing as material as gold, or guns, or money, but having a large and robust network of friends and acquaintances. Ultimately, being connected (not just in a technical sense) is the best enabler of success in or out of a doomsday event I think.
rolltiide 7y ago
The Europol investigation and presentation says Monero works as advertised, I trust that, especially since chain analysis companies aren't on the other side advertising their capabilities to undermine Monero
- DonHopkins 7y ago
  It doesn't matter if the technology or the mathematical theory behind it is trustworthy or not, the problem is that get-rich-quick money-for-free pyramid schemes attract untrustworthy people, so even if they technically work on the chalkboard in the lab, those people ruin them in the real world. Social engineering and deceptive marketing trump Razzle-Dazzle Globetrotter Calculus every day. https://www.youtube.com/watch?v=_P1bu4HUAMs https://www.youtube.com/watch?v=_P1bu4HUAMs
  - rolltiide 7y ago
    I just find it incredibly easy to understand private digital assets without being led on to the guru's other untrustworthy product What you are basically saying is that because people lack critical thinking skills, you distrust the other people that happen/claim to actually know about the topic, that seems awfully reductive.
    - DonHopkins 7y ago
      No, that's not what I'm saying at all. "Incredibly easy", huh? Incredibly: adverb. used to introduce a statement that is hard to believe; strangely. "incredibly, he was still alive" See also: https://en.wikipedia.org/wiki/Dunning%E2%80%93Kruger_effect https://en.wikipedia.org/wiki/Dunning%E2%80%93Kruger_effect
      - rolltiide 7y ago
        Even after your edit, I don't know what you are saying and how it relates to trusting people less for a relevant short comment mentioning Monero. Care to articulate that specific sentiment or how its doing more than painting with a large ignorant brush?