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Bitcoin != Cryptocurrencies It's like using the term "COBOL" when you mean "programming languages", and then criticising COBOL's modern utility in that context

Bitcoin != Cryptocurrencies It's like using the term "COBOL" when you mean "programming languages", and then criticising COBOL's modern utility in that context. The parent comment was about crypto (short for "cryptocurrencies") in general, not Bitcoin, which is 12-year old technology, and broadly not fairly comparable to current cryptocurrencies or their applications. You are as correct that you can't do much with a Bitcoin as you are that you can't do much with COBOL. This doesn't however mean that programming sucks. If you're interested to learn about the space and what's going on in it, visit https://coingecko.com https://coingecko.com, select "developer", and sort the list by "Commits past 4 weeks". This is a list of currently actively developed projects. Click a few and visit their websites. For example, SC, 4th in the list, is a incentivised and decentralised cloud, which is up and working right now. You can earn money from spare storage. There are many such projects pushing various different boundaries of technology. I too find it baffling how uneducated and "luddite" many on HN are regarding blockchain and cryptocurrencies. There's a whole world of activity going on, and many here are missing out.

MrMan 6y ago
Can I get paid in dollars for spare storage?
- qqii 6y ago
  Yes, there are various cryptocurrencies that target this area, two examples are filecoin and sai.
- xerxespoy 6y ago
  I'm not that familiar with SC but assuming there isn't a native way, you could sign up with an exchange that has SC (the major ones like Binance, Kraken & Bittrex do). Then convert it to fiat there and withdraw. Most exchanges have API's so this could be automated. There are also various decentralised exchanges that handle pegged-fiat crypto currencies for price-exposure. But after a while you may regret doing that, as much of this tech is in very early stages, and as such the value of the coins are low versus their longterm potential. If you believed in Sia/SC longterm, it might be better to hold the SC and convert to dollars later. For an example of why this may be the case, look up bitcoin pizza guy. (And obviously none of this is intended as investment advice, always do your own research, etc.)
- deeeeplearning 6y ago
  https://filecoin.io/ https://filecoin.io/
Closi 6y ago
> I too find it baffling how uneducated and "luddite" many on HN are regarding blockchain and cryptocurrencies. Ah, people who disagree are uneducated on it. Nice! I actually understand the technology, but my view is as follows: * As an investment I take the Warren Buffet approach - I will only invest in things where I can see fundamentals. Bitcoin has no fundamentals. There is no utility and it generates no income, therefore it is purely speculative. If people want to invest in pure speculation then go ahead. * As a currency: I can't spend any of them anywhere I want to spend money without an intermediary, so it's a poor currency. My main view on how Bitcoin (as an example) has sustained financial growth is: The price rises, people invest money because they see growth, this drives a higher price, people invest more money because they see growth, this pushes the price up, and so on and so on. The problem is that these sort of structures don't last for ever, and they are reliant on attracting new people at the 'bottom' to push more revenue into the ecosystem so that people who joined earlier can get more money. People who are 'in' are incentivised to promote it and get more people to join, because it pushes the price up further and new money is constantly needed to keep the growth going. Does this money making structure remind anyone of anything else? https://www.youtube.com/watch?v=CAcJIU9VBhc https://www.youtube.com/watch?v=CAcJIU9VBhc
- delaaxe 6y ago
  Gold, and any other commodity for that matter, doesn't generate income and is a poor currency
  - Closi 6y ago
    Well the idea of most commodities is that they are purchased because they have utility and can be transformed into something which when sold generates income - Oil is turned to electricity, Sugar is turned into coke, iron is turned into steel which is turned into cars e.t.c. And the price is determined by supply and demand. Regardless I'm not putting my money into commodity trading anyway because unless you are a manufacturer hedging, or a hedge fund with specific supply / demand modelling, it's not a good thing to hold your personal money in. But these goods have utility and that is why hedging exists - people want them because they want to do something to them in order to generate returns/profit. You buy oil for $1 and utilise your capital to generate electricity worth $3. Commodities aren't a currency, and don't claim to be, including gold. Gold used to be a currency, but it no longer meets the acceptability criteria. Bitcoin produces...?

MrMan 6y ago

Can I get paid in dollars for spare storage?

qqii 6y ago
Yes, there are various cryptocurrencies that target this area, two examples are filecoin and sai.
xerxespoy 6y ago
I'm not that familiar with SC but assuming there isn't a native way, you could sign up with an exchange that has SC (the major ones like Binance, Kraken & Bittrex do). Then convert it to fiat there and withdraw. Most exchanges have API's so this could be automated. There are also various decentralised exchanges that handle pegged-fiat crypto currencies for price-exposure. But after a while you may regret doing that, as much of this tech is in very early stages, and as such the value of the coins are low versus their longterm potential. If you believed in Sia/SC longterm, it might be better to hold the SC and convert to dollars later. For an example of why this may be the case, look up bitcoin pizza guy. (And obviously none of this is intended as investment advice, always do your own research, etc.)
deeeeplearning 6y ago
https://filecoin.io/ https://filecoin.io/

Closi 6y ago

> I too find it baffling how uneducated and "luddite" many on HN are regarding blockchain and cryptocurrencies. Ah, people who disagree are uneducated on it. Nice! I actually understand the technology, but my view is as follows: * As an investment I take the Warren Buffet approach - I will only invest in things where I can see fundamentals. Bitcoin has no fundamentals. There is no utility and it generates no income, therefore it is purely speculative. If people want to invest in pure speculation then go ahead. * As a currency: I can't spend any of them anywhere I want to spend money without an intermediary, so it's a poor currency. My main view on how Bitcoin (as an example) has sustained financial growth is: The price rises, people invest money because they see growth, this drives a higher price, people invest more money because they see growth, this pushes the price up, and so on and so on. The problem is that these sort of structures don't last for ever, and they are reliant on attracting new people at the 'bottom' to push more revenue into the ecosystem so that people who joined earlier can get more money. People who are 'in' are incentivised to promote it and get more people to join, because it pushes the price up further and new money is constantly needed to keep the growth going. Does this money making structure remind anyone of anything else? https://www.youtube.com/watch?v=CAcJIU9VBhc https://www.youtube.com/watch?v=CAcJIU9VBhc

delaaxe 6y ago
Gold, and any other commodity for that matter, doesn't generate income and is a poor currency
- Closi 6y ago
  Well the idea of most commodities is that they are purchased because they have utility and can be transformed into something which when sold generates income - Oil is turned to electricity, Sugar is turned into coke, iron is turned into steel which is turned into cars e.t.c. And the price is determined by supply and demand. Regardless I'm not putting my money into commodity trading anyway because unless you are a manufacturer hedging, or a hedge fund with specific supply / demand modelling, it's not a good thing to hold your personal money in. But these goods have utility and that is why hedging exists - people want them because they want to do something to them in order to generate returns/profit. You buy oil for $1 and utilise your capital to generate electricity worth $3. Commodities aren't a currency, and don't claim to be, including gold. Gold used to be a currency, but it no longer meets the acceptability criteria. Bitcoin produces...?