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I think the HN sentiment is more that when a coin is managed by a single entity, it's no better than a coin managed by the government, might even be worse. And
by didibus 6y ago
I think the HN sentiment is more that when a coin is managed by a single entity, it's no better than a coin managed by the government, might even be worse.
And when you see someone creating a new coin without creating new innovative technology around it, it makes you feel they just want to capitalize for their own profit.
So in cases like this I think the devil is in the details. It's possible Akoin is pushed as a fair decentralized, efficient currency that isn't designed to make Akon richer, but it might also turn into a hot mess used to make Akon richer and providing no real advantage to people using it.
- cblconfederate 6y ago> when a coin is managed by a single entity But then they do invest heavily in a company managed by a single person
- koolba 6y agoIt’s both better and worse. Better because there’s no mandate to use it. Worse because the destitute has no representation to ever change anything. I don’t know how this will play out, but his best, IMHO, song is aptly titled “Locked Up”. https://en.wikipedia.org/wiki/Locked_Up_(song) https://en.wikipedia.org/wiki/Locked_Up_(song)
- heavyset_go 6y ago> I think the HN sentiment is more that when a coin is managed by a single entity, it's no better than a coin managed by the government, might even be worse. To me, at least, it's that blockchains are being shoehorned into use cases that are better suited by other technology. In many cases, the blockchain solution is a worse choice technologically and economically. For example, Bitcoin is a poor substitute for electronic payment networks because the network can only handle a few dozen transactions per second. It's also a poor choice economically, because the transaction fees are more than $25 right now. I've seen posts claiming that Bitcoin would be a great choice for people in 3rd world countries, but they don't acknowledge that the fees alone would cost many multiples of whatever goods they're using BTC to buy.
- hereme888 6y agoI wish people started thinking of other coins ehen thinking crypto. Bitcoin is bulky and far from the most advanced and economically feasible. XRP for example can easily handle all the transactions quickly and extremely cheaply.
- hereme888 6y agoWhy would he need new innovative tech? Don't you think there's already plenty of that in many crypto coins to make this project happen?