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I totally agree. There is absolutely no earthly reason for why a Bitcoin should be worth $40k+. Cryptocurrencies can be useful, but they aren't useful enough to

I totally agree. There is absolutely no earthly reason for why a Bitcoin should be worth $40k+. Cryptocurrencies can be useful, but they aren't useful enough to replace the financial system or be valued more than any actual asset. The whole ecosystem is rotten to the core, with scams, inefficient and stupefyingly complex technology, and a foundation built on dreams. Don't be surprised when it all comes crashing down.

seibelj 6y ago
The market cap of bitcoin isn’t even $1 trillion. This is not even the size of one major tech company. I think for what it does and how it’s used, it could be worth a lot more. You and many on HN are very ignorant. You don’t understand the tech. You are shaking your fist at a cloud. Just ignore crypto if you don’t want it! It’s voluntary. The extreme hate on HN towards this tech is exhausting plus the market has determined you are 100% incorrect. Imagine if every time an article on rust was posted, I replied with scathing nonsense about how worthless it is despite a zillion metrics showing how widely used it is? Just shut the fuck up already! No one caresssss
- SuoDuanDao 6y ago
  I think crypto is unpopular in Silicon Valley precisely because of how much power the investor class has in that setting. Those angel investors understand crypto just enough to know they don't want to get disintermediated.
  - seibelj 6y ago
    Crypto VCs close deals for hundreds of thousands or millions within 10 minutes without any lawyers or legal contracts. It’s just a different world and the traditional VC insider game is going to end. Will be quite amusing watching it collapse!
    - nexthash 6y ago
      I would argue that VC investing is actually a renaissance in providing bountiful cheap funding for startups to get off the ground. It is only going to expand. And if you know anything about the process, there are ample lawyers and legal contracts to set out terms and equity. Investing is less about insiders and more about innovation than it has ever been. If you are waiting for its collapse, you are going to be sitting in your gaming chair for quite a long time.
  - nexthash 6y ago
    It might also be so unpopular because we are smart enough and technically inclined enough to make our own conclusions on the technology without relying on ideology. And the more we look into it, the more dubious the siren song of crypto becomes.
- CyberDildonics 6y ago
  > I think for what it does and how it’s used, it could be worth a lot more How is something that has a $28 USD fee per transaction being used outside of speculation?

seibelj 6y ago

The market cap of bitcoin isn’t even $1 trillion. This is not even the size of one major tech company. I think for what it does and how it’s used, it could be worth a lot more. You and many on HN are very ignorant. You don’t understand the tech. You are shaking your fist at a cloud. Just ignore crypto if you don’t want it! It’s voluntary. The extreme hate on HN towards this tech is exhausting plus the market has determined you are 100% incorrect. Imagine if every time an article on rust was posted, I replied with scathing nonsense about how worthless it is despite a zillion metrics showing how widely used it is? Just shut the fuck up already! No one caresssss

SuoDuanDao 6y ago
I think crypto is unpopular in Silicon Valley precisely because of how much power the investor class has in that setting. Those angel investors understand crypto just enough to know they don't want to get disintermediated.
- seibelj 6y ago
  Crypto VCs close deals for hundreds of thousands or millions within 10 minutes without any lawyers or legal contracts. It’s just a different world and the traditional VC insider game is going to end. Will be quite amusing watching it collapse!
  - nexthash 6y ago
    I would argue that VC investing is actually a renaissance in providing bountiful cheap funding for startups to get off the ground. It is only going to expand. And if you know anything about the process, there are ample lawyers and legal contracts to set out terms and equity. Investing is less about insiders and more about innovation than it has ever been. If you are waiting for its collapse, you are going to be sitting in your gaming chair for quite a long time.
- nexthash 6y ago
  It might also be so unpopular because we are smart enough and technically inclined enough to make our own conclusions on the technology without relying on ideology. And the more we look into it, the more dubious the siren song of crypto becomes.
CyberDildonics 6y ago
> I think for what it does and how it’s used, it could be worth a lot more How is something that has a $28 USD fee per transaction being used outside of speculation?