6 ms·

But like, what were cryptocurrency's goals again?

mhluongo 5y ago
Originally? Freedom.
notJim 5y ago
I can't find it right now, but I saw this infographic the other day showing how the ideology/goals of cryptocurrency have shifted over time. Something along going from a literal currency to replace the dollar to going toward its present definition as some mix of speculative asset and inflation hedge.
- skohan 5y ago
  the funny thing is that cryptocurrency was fairly useful as a currency in 2014. There were a number of bitcoin ATMs in my city, and a number of businesses where you could spend it. It seems to me that the whole block-size debate proved the failure of the system, since the interests of a few ultimately triumphed over the best interests of the system as a whole.
  - webXL 5y ago
    > since the interests of a few ultimately triumphed over the best interests of the system as a whole Is it in the best interests of "the system" (interesting choice of words... instead of "the many") to require enterprise infrastructure in order to run a node?
    - skohan 5y ago
      Bitcoin used to be a currency, now it's nothing more than a speculative asset. Are "the many" being served by that?
      - atweiden 5y ago
        Are “the many” being served by USD inflation rn? And can you name a cryptocurrency which is anything other than a speculative store of value, and not something whose market cap is based on drum beating over social media?
        skohan 5y ago
        > Are “the many” being served by USD inflation rn? That's a nice false equivalency, but I can go to the store and buy bread with USD. Where can I do that with cryptocurrency? > And can you name a cryptocurrency which is anything other than a speculative store of value, and not something whose market cap is based on drum beating over social media? Yes! Bitcoin circa 2014
    - imtringued 5y ago
      If those are the sacrifices you have to make then it failed completely.
Yizahi 5y ago
Originally anarchist anti-government folks needed some medium of exchange for their future plans and bitcoins could theoretically fill that niche, being trustless. We could argue that anarchy ideology is not good, but at least it was some ideology and tool fit the purpose. Now crypto is 99.99% occupied by get-rich-quick folks with zero principles.
- jollybean 5y ago
  And possibly those ideological people were also get-rich-quick people as well.
- sudosysgen 5y ago
  Not anarchists, ancaps and right libertarians. Crypto-currency has inbuilt hierarchy, as people with more hashrate have proportional power over the monetary system. This is more hierarchy than an elected chairman of the fed, for example.
  - billti 5y ago
    Serious questions... I genuinely don't know... but I assume a country could block access to the "blockchain" of any crypto currency, just like some of them do with access to Twitter, Google, Facebook, Github, etc. Is there way to continue using your Bitcoin in this case? Or is it effectively the same as having a bank account frozen (i.e. you can't conduct any transactions if you don't have broad connectivity). Or am I misunderstanding something fundamental? (I realize it's probably not a single domain/endpoint like other sites I referenced, but the traffic probably has other characteristics that would make it easy for a state to disable).
    - sokoloff 5y ago
      Block live access? Maybe. Block access entirely? Only if they were willing to stop all communications and travel in/out of the country. You could carry keys on paper and instructions in your head and apply them on the "free side" of the border. I don't think it's practically possible to entirely prevent such transactions. You can make them illegal; you can make them difficult; you probably can't stop them as an individual country.
nathias 5y ago
magic internet money btw, it is a success. If not for crypto two companies would have a global monopoly on online transactions and able to banish you from global economy on a whim
iso1631 5y ago
Make it easier to pay ransom demands when you have malware attack you. Used to have to have a pile of cash dumped in a given area, high risk for the collector. Far easier now.
miohtama 5y ago
The goals can be technological, cultural and macroeconomic ones. I had a presentation recently on this topic: https://capitalgram.com/posts/history-of-cryptocurrencies/ https://capitalgram.com/posts/history-of-cryptocurrencies/
briankelly 5y ago
The original Bitcoin paper was published late 2008 and much of its original momentum was a direct response to the clear failures of the financial institutions at the time.
jude- 5y ago
Honest question: does it matter? As with all things, the purpose of the system is what it does. And right now, for the vast majority of people, the purpose of crypto is to make numbers go up; the original principles only matter to a handful of OGs. Come crypto winter, the purpose of the system will likely shift back towards its original principles, since only the OGs will hodl on.

Originally? Freedom.

I can't find it right now, but I saw this infographic the other day showing how the ideology/goals of cryptocurrency have shifted over time. Something along going from a literal currency to replace the dollar to going toward its present definition as some mix of speculative asset and inflation hedge.

skohan 5y ago
the funny thing is that cryptocurrency was fairly useful as a currency in 2014. There were a number of bitcoin ATMs in my city, and a number of businesses where you could spend it. It seems to me that the whole block-size debate proved the failure of the system, since the interests of a few ultimately triumphed over the best interests of the system as a whole.
- webXL 5y ago
  > since the interests of a few ultimately triumphed over the best interests of the system as a whole Is it in the best interests of "the system" (interesting choice of words... instead of "the many") to require enterprise infrastructure in order to run a node?
  - skohan 5y ago
    Bitcoin used to be a currency, now it's nothing more than a speculative asset. Are "the many" being served by that?
    - atweiden 5y ago
      Are “the many” being served by USD inflation rn? And can you name a cryptocurrency which is anything other than a speculative store of value, and not something whose market cap is based on drum beating over social media?
      - skohan 5y ago
        > Are “the many” being served by USD inflation rn? That's a nice false equivalency, but I can go to the store and buy bread with USD. Where can I do that with cryptocurrency? > And can you name a cryptocurrency which is anything other than a speculative store of value, and not something whose market cap is based on drum beating over social media? Yes! Bitcoin circa 2014
  - imtringued 5y ago
    If those are the sacrifices you have to make then it failed completely.

Yizahi 5y ago

Originally anarchist anti-government folks needed some medium of exchange for their future plans and bitcoins could theoretically fill that niche, being trustless. We could argue that anarchy ideology is not good, but at least it was some ideology and tool fit the purpose. Now crypto is 99.99% occupied by get-rich-quick folks with zero principles.

jollybean 5y ago
And possibly those ideological people were also get-rich-quick people as well.
sudosysgen 5y ago
Not anarchists, ancaps and right libertarians. Crypto-currency has inbuilt hierarchy, as people with more hashrate have proportional power over the monetary system. This is more hierarchy than an elected chairman of the fed, for example.
- billti 5y ago
  Serious questions... I genuinely don't know... but I assume a country could block access to the "blockchain" of any crypto currency, just like some of them do with access to Twitter, Google, Facebook, Github, etc. Is there way to continue using your Bitcoin in this case? Or is it effectively the same as having a bank account frozen (i.e. you can't conduct any transactions if you don't have broad connectivity). Or am I misunderstanding something fundamental? (I realize it's probably not a single domain/endpoint like other sites I referenced, but the traffic probably has other characteristics that would make it easy for a state to disable).
  - sokoloff 5y ago
    Block live access? Maybe. Block access entirely? Only if they were willing to stop all communications and travel in/out of the country. You could carry keys on paper and instructions in your head and apply them on the "free side" of the border. I don't think it's practically possible to entirely prevent such transactions. You can make them illegal; you can make them difficult; you probably can't stop them as an individual country.

nathias 5y ago

magic internet money btw, it is a success. If not for crypto two companies would have a global monopoly on online transactions and able to banish you from global economy on a whim

iso1631 5y ago

Make it easier to pay ransom demands when you have malware attack you. Used to have to have a pile of cash dumped in a given area, high risk for the collector. Far easier now.

miohtama 5y ago

The goals can be technological, cultural and macroeconomic ones. I had a presentation recently on this topic: https://capitalgram.com/posts/history-of-cryptocurrencies/ https://capitalgram.com/posts/history-of-cryptocurrencies/

briankelly 5y ago

The original Bitcoin paper was published late 2008 and much of its original momentum was a direct response to the clear failures of the financial institutions at the time.

jude- 5y ago

Honest question: does it matter? As with all things, the purpose of the system is what it does. And right now, for the vast majority of people, the purpose of crypto is to make numbers go up; the original principles only matter to a handful of OGs. Come crypto winter, the purpose of the system will likely shift back towards its original principles, since only the OGs will hodl on.