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There is literally nothing positive that can happen in crypto without the HN hate train arguing it’s meaningless / “just use mysql” / “am I the only one that th

There is literally nothing positive that can happen in crypto without the HN hate train arguing it’s meaningless / “just use mysql” / “am I the only one that thinks this?!?”

ketamine__ 6y ago
Do you know anyone that pays in crypto? I don't.
- StevePerkins 6y ago
  A few people that I work with order THC gummies from some sketchy source, delivered via mail, that they pay for with crypto. Pornhub still exists, despite having their credit card processing de-platformed, so I guess somebody is paying them some crypto. But no. I've never met anyone in real life who uses crypto for mundane transactions, where fiat currency is an option.
  - madamelic 6y ago
    >A few people that I work with order THC gummies from some sketchy source I have heard from a friend that typically those 'sketchy sources' are just buying gummies from stores in legal states (cough California) and shipping them out. My friend would get the gummies in the bags ready for retail sale. Same with other items like vape pods.
- brotherofsteel 6y ago
  Hi there. I regularly pay for things with Bitcoin Cash.
  - ketamine__ 6y ago
    Craig Wright is a pathological liar.
    - CyberDildonics 6y ago
      He has nothing to do with bitcoin cash
      - ketamine__ 6y ago
        Except that he shilled it extensively...
        CyberDildonics 6y ago
        Who cares? He's a pathological liar.
    - brotherofsteel 6y ago
      You're absolutely right. I'm almost glad that BSV split off so BCH didn't have to be associated with him anymore.
- Geee 6y ago
  Do you know any people who use the Internet? I don't.
  - ketamine__ 6y ago
    Almost everyone I know uses the internet. What was the point of this stupid question?
- Roark66 6y ago
  I was actually paid in crypto for few days of some programming work once. I wish I held to it all rather than spending most of it. Personally I think the biggest issue with crypto now is, one that it promotes huge value inflation and Ponzi-like schemes (we are seeing it with BTC and ETH), two horrible energy use inefficiency. From a bitcoin transaction that requires orders of magnitude more energy to process than any other transfer of value known to humanity to Ethereum "virtual machine" for smart contracts that is most inefficient way to execute arbitrary code ever invented... I used to be a big proponent of crypto overall. I still have some holdings in it, but I can't unsee the idiocy in PoW crypto once I saw and understood it clearly. I wondered for a while what is so specific to crypto that it became today's tulips? (Rather than gold futures, stocks, real estate etc) and then I understood all those asset classes are already used like this. Every kind of asset that can will eventually be used in some kind of pyramid scheme. Just look at the price of gold compared to few years ago, real estate in many large cities, stocks etc. It was absolutely inevitable that crypto as it became a trusted store of value would become a vehicle for speculative bubbles/pyramid schemes. So then the question is, can crypto fulfill the role of a currency (requiring some level of value stability) and be a vehicle for speculative pyramids at the same time? I don't think so. Proof of Work is one problem with crypto that perhaps Proof of Stake will resolve. The other problem is much more fundamental. How do we create crypto that maintains stability without having to resort to typical "stable coin" strategies like holding other currencies and selling/buying them to artificially adjust the value. Is it possible to create crypto that would maintain its value in the long term in distributed - no central authority manner while discouraging pyramid investment schemes. And finally, once someone invents such crypto would anyone actually hear about it as most promotion of crypto seems to be done by people who got in early and hope for their holdings to increase in value.
  - boc 6y ago
    Agreed. It's the difference between deflationary assets and inflationary currency. Bitcoin's core, fundamental problem is that it's deflationary. Therefore it will never be useful for economic transactions, because any society which fully commits to bitcoin as their currency will have their economy grind to a halt. Why would I buy a new car today when it's going to be cheaper tomorrow? There's a reason why the Fed targets a ~2% inflation rate for the USD.
- bluecalm 6y ago
  I am as much a crypto skeptic as you can find but even I know people who could only pay in crypto and I lost business by not being able to accept it. The financial regulations around the world are often very strict. A lot of people need to go around them. Sure, a lot of them are drug dealers, gambling operators etc. but there are also people in China struggling with capital control regulations as one example.
NicoJuicy 6y ago
It's not hate. I don't want to pay 22$ for a 1$ product with bitcoin, when it gets popular. I'm also not going to put my money in a joke coin like dogecoin. I like the blockchain, but crypto is just an implementation of it and without a use-case currently ( blockchain has multiple use-cases though). Instead of trying to go on the emotional side with "hate-train"? Try to convince me with facts. Ps. I owned crypto until 2017 and then sold it then, because i didn't see a valid use-case ( and 20 k was high enough for me)
- rawtxapp 6y ago
  > Ps. I owned crypto until 2017 and then sold it because i didn't see a valid use-case. Do you think maybe you have some biases against it now, because it would have made you a lot of money if you held on to it? Nobody is paying 22$ for a 1$ product, I'm not sure how you can even remotely come to that while ignoring all the layer 2 developments. There's a ton of really useful projects happening on DeFi, you can see the blockchain data for yourself and see that a lot of people are using it, maybe you don't see the use case, but that doesn't mean there isn't any.
  - NicoJuicy 6y ago
    I actually made a lot of money with it. So I don't think I'm biased because of that. It dropped to 4k afterwards ( I could have purchased again, but if something falls from my watchlist, i don't care about it anymore). What is probably biasing me, is that I had a digital magazine and the #1 hit was for "how to recover Bitcoin password". Which also leads me to my conclusion: "There's currently no replacement for a official and trusted centralized authority in Crypto".
- tomiplaz 6y ago
  I presume you are not familiar with the Lightning Network? I suggest reading https://github.com/lnbook/lnbook https://github.com/lnbook/lnbook
  - NicoJuicy 6y ago
    Yes I am, but not in specifics. It's already been mentioned since 2017... Fee's are still high. Crypto still can't handle a lot of traffic as far as i'm aware today.

There is literally nothing positive that can happen in crypto without the HN hate train arguing it’s meaningless / “just use mysql” / “am I the only one that thinks this?!?”

ketamine__ 6y ago

Do you know anyone that pays in crypto? I don't.

StevePerkins 6y ago
A few people that I work with order THC gummies from some sketchy source, delivered via mail, that they pay for with crypto. Pornhub still exists, despite having their credit card processing de-platformed, so I guess somebody is paying them some crypto. But no. I've never met anyone in real life who uses crypto for mundane transactions, where fiat currency is an option.
- madamelic 6y ago
  >A few people that I work with order THC gummies from some sketchy source I have heard from a friend that typically those 'sketchy sources' are just buying gummies from stores in legal states (cough California) and shipping them out. My friend would get the gummies in the bags ready for retail sale. Same with other items like vape pods.
brotherofsteel 6y ago
Hi there. I regularly pay for things with Bitcoin Cash.
- ketamine__ 6y ago
  Craig Wright is a pathological liar.
  - CyberDildonics 6y ago
    He has nothing to do with bitcoin cash
    - ketamine__ 6y ago
      Except that he shilled it extensively...
      - CyberDildonics 6y ago
        Who cares? He's a pathological liar.
  - brotherofsteel 6y ago
    You're absolutely right. I'm almost glad that BSV split off so BCH didn't have to be associated with him anymore.
Geee 6y ago
Do you know any people who use the Internet? I don't.
- ketamine__ 6y ago
  Almost everyone I know uses the internet. What was the point of this stupid question?
Roark66 6y ago
I was actually paid in crypto for few days of some programming work once. I wish I held to it all rather than spending most of it. Personally I think the biggest issue with crypto now is, one that it promotes huge value inflation and Ponzi-like schemes (we are seeing it with BTC and ETH), two horrible energy use inefficiency. From a bitcoin transaction that requires orders of magnitude more energy to process than any other transfer of value known to humanity to Ethereum "virtual machine" for smart contracts that is most inefficient way to execute arbitrary code ever invented... I used to be a big proponent of crypto overall. I still have some holdings in it, but I can't unsee the idiocy in PoW crypto once I saw and understood it clearly. I wondered for a while what is so specific to crypto that it became today's tulips? (Rather than gold futures, stocks, real estate etc) and then I understood all those asset classes are already used like this. Every kind of asset that can will eventually be used in some kind of pyramid scheme. Just look at the price of gold compared to few years ago, real estate in many large cities, stocks etc. It was absolutely inevitable that crypto as it became a trusted store of value would become a vehicle for speculative bubbles/pyramid schemes. So then the question is, can crypto fulfill the role of a currency (requiring some level of value stability) and be a vehicle for speculative pyramids at the same time? I don't think so. Proof of Work is one problem with crypto that perhaps Proof of Stake will resolve. The other problem is much more fundamental. How do we create crypto that maintains stability without having to resort to typical "stable coin" strategies like holding other currencies and selling/buying them to artificially adjust the value. Is it possible to create crypto that would maintain its value in the long term in distributed - no central authority manner while discouraging pyramid investment schemes. And finally, once someone invents such crypto would anyone actually hear about it as most promotion of crypto seems to be done by people who got in early and hope for their holdings to increase in value.
- boc 6y ago
  Agreed. It's the difference between deflationary assets and inflationary currency. Bitcoin's core, fundamental problem is that it's deflationary. Therefore it will never be useful for economic transactions, because any society which fully commits to bitcoin as their currency will have their economy grind to a halt. Why would I buy a new car today when it's going to be cheaper tomorrow? There's a reason why the Fed targets a ~2% inflation rate for the USD.
bluecalm 6y ago
I am as much a crypto skeptic as you can find but even I know people who could only pay in crypto and I lost business by not being able to accept it. The financial regulations around the world are often very strict. A lot of people need to go around them. Sure, a lot of them are drug dealers, gambling operators etc. but there are also people in China struggling with capital control regulations as one example.

NicoJuicy 6y ago

It's not hate. I don't want to pay 22$ for a 1$ product with bitcoin, when it gets popular. I'm also not going to put my money in a joke coin like dogecoin. I like the blockchain, but crypto is just an implementation of it and without a use-case currently ( blockchain has multiple use-cases though). Instead of trying to go on the emotional side with "hate-train"? Try to convince me with facts. Ps. I owned crypto until 2017 and then sold it then, because i didn't see a valid use-case ( and 20 k was high enough for me)

rawtxapp 6y ago
> Ps. I owned crypto until 2017 and then sold it because i didn't see a valid use-case. Do you think maybe you have some biases against it now, because it would have made you a lot of money if you held on to it? Nobody is paying 22$ for a 1$ product, I'm not sure how you can even remotely come to that while ignoring all the layer 2 developments. There's a ton of really useful projects happening on DeFi, you can see the blockchain data for yourself and see that a lot of people are using it, maybe you don't see the use case, but that doesn't mean there isn't any.
- NicoJuicy 6y ago
  I actually made a lot of money with it. So I don't think I'm biased because of that. It dropped to 4k afterwards ( I could have purchased again, but if something falls from my watchlist, i don't care about it anymore). What is probably biasing me, is that I had a digital magazine and the #1 hit was for "how to recover Bitcoin password". Which also leads me to my conclusion: "There's currently no replacement for a official and trusted centralized authority in Crypto".
tomiplaz 6y ago
I presume you are not familiar with the Lightning Network? I suggest reading https://github.com/lnbook/lnbook https://github.com/lnbook/lnbook
- NicoJuicy 6y ago
  Yes I am, but not in specifics. It's already been mentioned since 2017... Fee's are still high. Crypto still can't handle a lot of traffic as far as i'm aware today.