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This is how the scam begins, the downfall of Solana. It is yet another pump and dump just like all of these coins. Cryptocurrencies must be stopped, there is a

This is how the scam begins, the downfall of Solana. It is yet another pump and dump just like all of these coins. Cryptocurrencies must be stopped, there is absolutely NO benefit to having them. We seen them all before, ransomware becoming rampant, massive waste of electricity and resources and now the pandora's box can't be closed quicker enough.

prox 5y ago
Can’t agree more. The tech is interesting, but it is the same greed behind it which is old as mankind. It solves absolutely nothing, does nothing of value and adds none. Crypto is quickly becoming a failure of immense proportions. The externalities of cryptocurrencies include: Massive carbon emissions. Funding "rogue states" such as North Korea and Iran. Tax evasion. Laundering the proceeds of crime, including the drug trade, theft and fraud, and armed robbery. An epidemic of ransomware. A wave of securities fraud targeting the greedy and vulnerable. Shortages of products including graphics cards, hard disks, and chips in general as limited fab capacity is diverted to mining ASICS. Abuse of free tiers of Web services. Noise pollution.
- baby 5y ago
  Obviously many people disagree. Just to pick on one issue, carbon emission is negligible (unless you talk about bitcoin). Many people also rely on transfers of cryptocurrency. Just not you or your entourage.
  - nikanj 5y ago
    Obviously people who have money to launder don’t like the idea of stopping money laundering. The same for people doing drug trade, avoiding international sanctions, tax evasion, etc.
    - deleted 5y ago
      [deleted]
  - mjfern 5y ago
    Yes, the people who disagree are those pumping and dumping and the bag holders. And cryptocurrency mining consumes as much electricity annually as the country of Argentina. Country scale emissions is not at all negligible, particularly in light of catastrophic global warming.
    - baby 5y ago
      That’s your opinion. And I guess that’s all you have when you can’t talk about the tech.
      - kgraves 5y ago
        In reality, nobody actually cares about the tech, Not even the VCs care, they're just buying into a project for an exit. The general public are even more oblivious to the tech, all they want. to know is 'How do I 100x my money? When is coin X going to the moon?'. They all want the 'moon' more than the tech.
        baby 5y ago
        I care. I thought HN would as well.
        kgraves 5y ago
        You are in the .00001% minority that cares about the tech and everyone else is making millions on the backs of cryptocurrencies.
    - anonporridge 5y ago
      Notice what you did here is the same subtle disinformation tactic that every major news story about crypto mining employs. 1. Compare crypto energy usage to something huge (small country, big tech companies, etc). 2. Don't put that into context of whole of human civilization. It's <1% of global electricity consumption. 3. Don't clarify that this is comparing to electricity consumption, excluding other major energy uses like transportation, heating, and shipping which are generally non electric and necessarily carbon emitting. 4. Imply that cryptocurrency electricity usage is creating tons of carbon emissions, even though it consumes electricity and only seeks the cheapest source. When it comes to carbon emissions and the resulting climate catastrophe, we could shut down every cryptocurrency tomorrow and we'd still be fucked. Attacking cryptocurrency for it's energy use is a horrible waste of political and social capital that could be put toward actually solving the problem rather than engaging in moral masturbation.
- miohtama 5y ago
  Please read the article and study the underlying technology. Most of your statement is incorrect and lacks insight and facts. Solana uses proof of stake and does not have the energy consumption issue, or does not use graphics card. It is cost and energy efficient alternative for Bitcoin and other proof of work public blockchains. More about the history of proof of stake here: https://capitalgram.com/posts/history-of-cryptocurrencies/ https://capitalgram.com/posts/history-of-cryptocurrencies/
  - dvt 5y ago
    > Most of your statement is incorrect and lacks insight and facts. You expertly avoid all arguments except that Solana uses proof of stake. Who cares. Prox's point still stands: folks will continue to use blockchain-powered "pseudo-currencies" for illegal drugs, murder-for-hire, money laundering, ransomware, and speculation. No one's buying groceries with BTC.
    - haswell 5y ago
      Replace ‘blockchain-powered “pseudo-currencies”’ with “cash”, and the same is true. Better outlaw cash. This thread is not about BTC…
      - crummy 5y ago
        Isn't that why we don't have $10,000 notes? Or even $500? To make illegal activity more difficult?
      - dvt 5y ago
        > Replace ‘blockchain-powered “pseudo-currencies”’ with “cash”, and the same is true. Better outlaw cash. You can't be serious. Ad hoc cash transfers are regulated (can't bring more than $10k across borders without declaring, for example), supply is limited, and bills have literal serial numbers on them.
        haswell 5y ago
        Crypto is a relatively new technology. Illegal money is as old as civilization. Yes, there are regulations to make it harder to carry out elicit business, but that doesn’t change history, nor does it invalidate the point I was trying to make.
- vmception 5y ago
  is this copypasta for every crypto thread?
- schrijver 5y ago
  > Funding "rogue states" such as North Korea and Iran Not a big fan of crypto, but this is one of the less convincing arguments against it—as the current situation where the US more or less gets to decide who are the rogue states, because of the global financial system’s dependency on the US dollar, doesn’t seem all that great. For example, the US have ruled: “Saudi Arabia good, Iran bad” for a long time now. Since the signing of the nuclear treaty with Iran, the EU had been trying to normalise trade relations, but this has proven exceedingly complicated since the US pulled out, since most financial transactions at some point pass through a US based financial institution that are beholden to sanctions towards Iran. I don’t think crypto is the ideal answer for this problem, I would prefer a financial system that can deal with multiple fiat currencies and has less reliance on the USD, but that won’t happen overnight. cf https://www.reuters.com/article/us-eu-finance-idUSKBN29O1ZI https://www.reuters.com/article/us-eu-finance-idUSKBN29O1ZI
haswell 5y ago
The problem with this comment is that it ignores advances in crypto meant to address the primary downsides. I’m 100% in agreement that some aspects of some crypto currencies are extremely problematic and should/must be stopped. But generalizing all crypto the way this comment does is not helpful or constructive. Recognize the nuance, and be specific about the issues.
- kgraves 5y ago
  Well, what are the upsides? I can't think of any that our existing system can already do.
deleted 5y ago
[deleted]
atlgator 5y ago
Not surprised Mark Andreesen and Ben Horowitz are at the center of it. They were on Clubhouse shilling NFTs all pandemic.
- rantwasp 5y ago
  this is ridiculous. If either Horowitz or Andreessen are into something there is usually a pretty good chance that the thing is going to be big. pay attention.
  - kgraves 5y ago
    So Clubhouse has gone pretty well has it? Considering that Twitter, Discord, Reddit, Spotify and even Facebook is getting in on Clubhouse's format. Also, every time a VC comes along and does this with cryptocurrencies, there is almost a guaranteed complete dump in the price coin, only hurting the general public.
coolestguy 5y ago
Spoken like someone talking about immigration who knows only what they've seen on Fox News. You're so unbelievably short sighted about a tech innovation. There's more to crypto than bitcoin & greed is an unsolvable issue in humanity, not a crypto bug,
- baby 5y ago
  I agree with this comment. The FUD on HN about crypto and fraud is disappointing to say the least. Impossible to have a good technical discussion around cryptocurrencies because of that. I’m going to start flagging these.
  - rantwasp 5y ago
    it’s not impossible. just harder. also, remember that hn has a bit of an echo chamber effect. I’ve been downvoted over time for expressing unpopular opinions that turn out to be mostly true. i don’t care. i’m here with an open minded and will listen to the other side arguments. X is dangerous and must be stopped is not an argument. You need to articulate why it’s dangerous and exactly what you mean when you say that and when you say it must be stopped. also, crypto is not going anywhere. If you cannot see that maybe you should start looking into it a bit deeper
  - deleted 5y ago
    [deleted]
  - Daishiman 5y ago
    In sorry but I don't really see any crypto advocates talking about the tech at all. It's always at some undetermined point in the future, always products that solve problems created by crypto, and never anything consumer based or meant to actually reduce friction to make it a usable product for banking. Crypto advocates' ideas of problems in the financial system have no mapping to the issues that people working in real fintech and its consumers identify.
    - baby 5y ago
      It’s out there. Up to you to read the stuff and ask questions.
dang 5y ago
Ok, but this response has such a reflexive, repetitive, generic-indignant response to every remotely related topic that it is now 100% predictable, and that makes it off-topic for HN. We only want intellectually curious conversation here, and curiosity and predictability are antithetical. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html I absolutely don't mean to pick on you personally—it's a systemic problem. Also, threads are a co-creation of comments and upvotes, and reflexive upvotes are by far the bigger problem. If you or anyone wants further explanation about what we are/aren't hoping for in HN threads, the following principles and the associated links should help: Curiosity withers under repetition: https://hn.algolia.com/?dateRange=all&page=0&prefix=false&sort=byDate&type=comment&query=curiosity%20repetition%20by:dang https://hn.algolia.com/?dateRange=all&page=0&prefix=false&so... Generic discussion is not interesting, at least not on internet forums: https://hn.algolia.com/?dateRange=all&page=0&prefix=true&sort=byDate&type=comment&query=generic%20discussion%20by:dang https://hn.algolia.com/?dateRange=all&page=0&prefix=true&sor... We want reflective rather than reflexive conversation: https://hn.algolia.com/?dateRange=all&page=0&prefix=true&sort=byDate&type=comment&query=reflective%20reflex%20by:dang https://hn.algolia.com/?dateRange=all&page=0&prefix=true&sor... Diffs are what make an HN conversation interesting: https://hn.algolia.com/?dateRange=all&page=0&prefix=false&sort=byDate&type=comment&query=diffs%20by:dang https://hn.algolia.com/?dateRange=all&page=0&prefix=false&so...
- jachee 5y ago
  What good does suppression of opposition do?
  - dang 5y ago
    It's not about suppressing opposition, it's about comment quality. I'm sure there are many interesting ways to express opposition. Predictable/generic comments are internet noise. Reducing noise is good for signal/noise ratio.
- cotelletta 5y ago
  Which of these principles demands you let a cabal of intersectionalists flag their enemies off the front page? Just curious where the intellectual curiosity and lack of reflexiveness comes in. I ask because if there's one thing I've noticed, it's that these people are unable to tell the difference between low quality arguments and low status arguments. Consistently.
mssundaram 5y ago
> Cryptocurrencies must be stopped, there is absolutely NO benefit to having them. I don't think that they're perfect, or that they're good for everything, but your statement is hyperbolic.
- kgraves 5y ago
  Well there isn't, and I mean it. They do way more harm than good. There isn't anything wrong with using existing secure and regulated methods (Paypal, Bank Transfer, etc), Cryptocurrencies claim to be decentralised when underneath they ARE still centralised and manipulated, especially Bitcoin. I will only admit it has been a good run, but now it is time to for the regulators to step in.
  - noidesto 5y ago
    What about the unbanked? People in high-interest countries? Cross-border payments? You present a strong claim that they "ARE still centralized and manipulated, especially Bitcoin". Please present concrete evidence.
    - kgraves 5y ago
      You have Transferwise and Western Union for this, the latter being there for over 100 years and still in use. Before you argue about WU fees, Bitcoin's fees are no better than Western Union's, hence Transferwise. > You present a strong claim that they "ARE still centralized and manipulated, especially Bitcoin". Please present concrete evidence. Princeton University concluded in a study that the bitcoin network is 50% controlled by 5 of the 6 bitcoin mining companies [0] [1] so how is Bitcoin decentralised If it is becoming more centralised by mining organisations and if most of the hashing power is centralised in China? That seems to be that means that Bitcoin isn't really decentralised then no? [0] https://www.bloomberg.com/news/articles/2020-01-31/bitcoin-s-network-operations-are-controlled-by-five-companies https://www.bloomberg.com/news/articles/2020-01-31/bitcoin-s... [1] https://arxiv.org/pdf/1810.02466.pdf https://arxiv.org/pdf/1810.02466.pdf
      - 5y ago
strangescript 5y ago
People have been saying this about crypto for 10 years and bitcoin 30x'ed despite all the negativity, with tons of big institutions loading up on it behind the scenes. It's here to stay. When you buy something at the store, the cashier doesn't question you how you got the money. They don't care. All they know is the currency is the proof that you did something, or sold something that other people valued. Valuing a unique crypto hash is no more ridiculous than someone valuing a painting, old baseball cards, ancient pottery and all the other random stuff people collect and trade that are nothing more than a decoration. Well, except crypto completely mobile, easy to exchange and can't be taken from you like all other the assets we have been exchanging since the beginning of time.
- kgraves 5y ago
  > People have been saying this about crypto for 10 years and bitcoin 30x'ed despite all the negativity, with tons of big institutions loading up on it behind the scenes. It's here to stay. The main goal of bitcoin is to be a decentralised peer to peer cryptocurrency, it has completely failed in its original purpose to become that in 10 years. And when more people realise how inefficient it is in terms of energy, transactions, fees and utility, the quicker the price will go down.
  - qualudeheart 5y ago
    Monero fulfills the original promise of bitcoin.
    - kgraves 5y ago
      Right, so Bitcoin failed in its original purpose then no?
      - baby 5y ago
        Why are we talking about bitcoin when there are 100 more advanced cryptocurrencies?
elevenoh 5y ago
>Cryptocurrencies must be stopped, there is absolutely NO benefit to having them. Do you truly believe this? Or is it tongue in cheek? Crypto ain't going away. And nothing will stop it. It'll encroach on all industries long term. It's global open competitive darwinism playing out before our eyes. No domain on earth is as open & competitive as crypto.
- kgraves 5y ago
  > Do you truly believe this? YES.

prox 5y ago

Can’t agree more. The tech is interesting, but it is the same greed behind it which is old as mankind. It solves absolutely nothing, does nothing of value and adds none. Crypto is quickly becoming a failure of immense proportions. The externalities of cryptocurrencies include: Massive carbon emissions. Funding "rogue states" such as North Korea and Iran. Tax evasion. Laundering the proceeds of crime, including the drug trade, theft and fraud, and armed robbery. An epidemic of ransomware. A wave of securities fraud targeting the greedy and vulnerable. Shortages of products including graphics cards, hard disks, and chips in general as limited fab capacity is diverted to mining ASICS. Abuse of free tiers of Web services. Noise pollution.

baby 5y ago
Obviously many people disagree. Just to pick on one issue, carbon emission is negligible (unless you talk about bitcoin). Many people also rely on transfers of cryptocurrency. Just not you or your entourage.
- nikanj 5y ago
  Obviously people who have money to launder don’t like the idea of stopping money laundering. The same for people doing drug trade, avoiding international sanctions, tax evasion, etc.
  - deleted 5y ago
    [deleted]
- mjfern 5y ago
  Yes, the people who disagree are those pumping and dumping and the bag holders. And cryptocurrency mining consumes as much electricity annually as the country of Argentina. Country scale emissions is not at all negligible, particularly in light of catastrophic global warming.
  - baby 5y ago
    That’s your opinion. And I guess that’s all you have when you can’t talk about the tech.
    - kgraves 5y ago
      In reality, nobody actually cares about the tech, Not even the VCs care, they're just buying into a project for an exit. The general public are even more oblivious to the tech, all they want. to know is 'How do I 100x my money? When is coin X going to the moon?'. They all want the 'moon' more than the tech.
      - baby 5y ago
        I care. I thought HN would as well.
        kgraves 5y ago
        You are in the .00001% minority that cares about the tech and everyone else is making millions on the backs of cryptocurrencies.
  - anonporridge 5y ago
    Notice what you did here is the same subtle disinformation tactic that every major news story about crypto mining employs. 1. Compare crypto energy usage to something huge (small country, big tech companies, etc). 2. Don't put that into context of whole of human civilization. It's <1% of global electricity consumption. 3. Don't clarify that this is comparing to electricity consumption, excluding other major energy uses like transportation, heating, and shipping which are generally non electric and necessarily carbon emitting. 4. Imply that cryptocurrency electricity usage is creating tons of carbon emissions, even though it consumes electricity and only seeks the cheapest source. When it comes to carbon emissions and the resulting climate catastrophe, we could shut down every cryptocurrency tomorrow and we'd still be fucked. Attacking cryptocurrency for it's energy use is a horrible waste of political and social capital that could be put toward actually solving the problem rather than engaging in moral masturbation.
miohtama 5y ago
Please read the article and study the underlying technology. Most of your statement is incorrect and lacks insight and facts. Solana uses proof of stake and does not have the energy consumption issue, or does not use graphics card. It is cost and energy efficient alternative for Bitcoin and other proof of work public blockchains. More about the history of proof of stake here: https://capitalgram.com/posts/history-of-cryptocurrencies/ https://capitalgram.com/posts/history-of-cryptocurrencies/
- dvt 5y ago
  > Most of your statement is incorrect and lacks insight and facts. You expertly avoid all arguments except that Solana uses proof of stake. Who cares. Prox's point still stands: folks will continue to use blockchain-powered "pseudo-currencies" for illegal drugs, murder-for-hire, money laundering, ransomware, and speculation. No one's buying groceries with BTC.
  - haswell 5y ago
    Replace ‘blockchain-powered “pseudo-currencies”’ with “cash”, and the same is true. Better outlaw cash. This thread is not about BTC…
    - crummy 5y ago
      Isn't that why we don't have $10,000 notes? Or even $500? To make illegal activity more difficult?
    - dvt 5y ago
      > Replace ‘blockchain-powered “pseudo-currencies”’ with “cash”, and the same is true. Better outlaw cash. You can't be serious. Ad hoc cash transfers are regulated (can't bring more than $10k across borders without declaring, for example), supply is limited, and bills have literal serial numbers on them.
      - haswell 5y ago
        Crypto is a relatively new technology. Illegal money is as old as civilization. Yes, there are regulations to make it harder to carry out elicit business, but that doesn’t change history, nor does it invalidate the point I was trying to make.
vmception 5y ago
is this copypasta for every crypto thread?
schrijver 5y ago
> Funding "rogue states" such as North Korea and Iran Not a big fan of crypto, but this is one of the less convincing arguments against it—as the current situation where the US more or less gets to decide who are the rogue states, because of the global financial system’s dependency on the US dollar, doesn’t seem all that great. For example, the US have ruled: “Saudi Arabia good, Iran bad” for a long time now. Since the signing of the nuclear treaty with Iran, the EU had been trying to normalise trade relations, but this has proven exceedingly complicated since the US pulled out, since most financial transactions at some point pass through a US based financial institution that are beholden to sanctions towards Iran. I don’t think crypto is the ideal answer for this problem, I would prefer a financial system that can deal with multiple fiat currencies and has less reliance on the USD, but that won’t happen overnight. cf https://www.reuters.com/article/us-eu-finance-idUSKBN29O1ZI https://www.reuters.com/article/us-eu-finance-idUSKBN29O1ZI

haswell 5y ago

The problem with this comment is that it ignores advances in crypto meant to address the primary downsides. I’m 100% in agreement that some aspects of some crypto currencies are extremely problematic and should/must be stopped. But generalizing all crypto the way this comment does is not helpful or constructive. Recognize the nuance, and be specific about the issues.

kgraves 5y ago
Well, what are the upsides? I can't think of any that our existing system can already do.

deleted 5y ago

[deleted]

atlgator 5y ago

Not surprised Mark Andreesen and Ben Horowitz are at the center of it. They were on Clubhouse shilling NFTs all pandemic.

rantwasp 5y ago
this is ridiculous. If either Horowitz or Andreessen are into something there is usually a pretty good chance that the thing is going to be big. pay attention.
- kgraves 5y ago
  So Clubhouse has gone pretty well has it? Considering that Twitter, Discord, Reddit, Spotify and even Facebook is getting in on Clubhouse's format. Also, every time a VC comes along and does this with cryptocurrencies, there is almost a guaranteed complete dump in the price coin, only hurting the general public.

coolestguy 5y ago

Spoken like someone talking about immigration who knows only what they've seen on Fox News. You're so unbelievably short sighted about a tech innovation. There's more to crypto than bitcoin & greed is an unsolvable issue in humanity, not a crypto bug,

baby 5y ago
I agree with this comment. The FUD on HN about crypto and fraud is disappointing to say the least. Impossible to have a good technical discussion around cryptocurrencies because of that. I’m going to start flagging these.
- rantwasp 5y ago
  it’s not impossible. just harder. also, remember that hn has a bit of an echo chamber effect. I’ve been downvoted over time for expressing unpopular opinions that turn out to be mostly true. i don’t care. i’m here with an open minded and will listen to the other side arguments. X is dangerous and must be stopped is not an argument. You need to articulate why it’s dangerous and exactly what you mean when you say that and when you say it must be stopped. also, crypto is not going anywhere. If you cannot see that maybe you should start looking into it a bit deeper
- deleted 5y ago
  [deleted]
- Daishiman 5y ago
  In sorry but I don't really see any crypto advocates talking about the tech at all. It's always at some undetermined point in the future, always products that solve problems created by crypto, and never anything consumer based or meant to actually reduce friction to make it a usable product for banking. Crypto advocates' ideas of problems in the financial system have no mapping to the issues that people working in real fintech and its consumers identify.
  - baby 5y ago
    It’s out there. Up to you to read the stuff and ask questions.

dang 5y ago

Ok, but this response has such a reflexive, repetitive, generic-indignant response to every remotely related topic that it is now 100% predictable, and that makes it off-topic for HN. We only want intellectually curious conversation here, and curiosity and predictability are antithetical. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html I absolutely don't mean to pick on you personally—it's a systemic problem. Also, threads are a co-creation of comments and upvotes, and reflexive upvotes are by far the bigger problem. If you or anyone wants further explanation about what we are/aren't hoping for in HN threads, the following principles and the associated links should help: Curiosity withers under repetition: https://hn.algolia.com/?dateRange=all&page=0&prefix=false&sort=byDate&type=comment&query=curiosity%20repetition%20by:dang https://hn.algolia.com/?dateRange=all&page=0&prefix=false&so... Generic discussion is not interesting, at least not on internet forums: https://hn.algolia.com/?dateRange=all&page=0&prefix=true&sort=byDate&type=comment&query=generic%20discussion%20by:dang https://hn.algolia.com/?dateRange=all&page=0&prefix=true&sor... We want reflective rather than reflexive conversation: https://hn.algolia.com/?dateRange=all&page=0&prefix=true&sort=byDate&type=comment&query=reflective%20reflex%20by:dang https://hn.algolia.com/?dateRange=all&page=0&prefix=true&sor... Diffs are what make an HN conversation interesting: https://hn.algolia.com/?dateRange=all&page=0&prefix=false&sort=byDate&type=comment&query=diffs%20by:dang https://hn.algolia.com/?dateRange=all&page=0&prefix=false&so...

jachee 5y ago
What good does suppression of opposition do?
- dang 5y ago
  It's not about suppressing opposition, it's about comment quality. I'm sure there are many interesting ways to express opposition. Predictable/generic comments are internet noise. Reducing noise is good for signal/noise ratio.
cotelletta 5y ago
Which of these principles demands you let a cabal of intersectionalists flag their enemies off the front page? Just curious where the intellectual curiosity and lack of reflexiveness comes in. I ask because if there's one thing I've noticed, it's that these people are unable to tell the difference between low quality arguments and low status arguments. Consistently.

mssundaram 5y ago

> Cryptocurrencies must be stopped, there is absolutely NO benefit to having them. I don't think that they're perfect, or that they're good for everything, but your statement is hyperbolic.

kgraves 5y ago
Well there isn't, and I mean it. They do way more harm than good. There isn't anything wrong with using existing secure and regulated methods (Paypal, Bank Transfer, etc), Cryptocurrencies claim to be decentralised when underneath they ARE still centralised and manipulated, especially Bitcoin. I will only admit it has been a good run, but now it is time to for the regulators to step in.
- noidesto 5y ago
  What about the unbanked? People in high-interest countries? Cross-border payments? You present a strong claim that they "ARE still centralized and manipulated, especially Bitcoin". Please present concrete evidence.
  - kgraves 5y ago
    You have Transferwise and Western Union for this, the latter being there for over 100 years and still in use. Before you argue about WU fees, Bitcoin's fees are no better than Western Union's, hence Transferwise. > You present a strong claim that they "ARE still centralized and manipulated, especially Bitcoin". Please present concrete evidence. Princeton University concluded in a study that the bitcoin network is 50% controlled by 5 of the 6 bitcoin mining companies [0] [1] so how is Bitcoin decentralised If it is becoming more centralised by mining organisations and if most of the hashing power is centralised in China? That seems to be that means that Bitcoin isn't really decentralised then no? [0] https://www.bloomberg.com/news/articles/2020-01-31/bitcoin-s-network-operations-are-controlled-by-five-companies https://www.bloomberg.com/news/articles/2020-01-31/bitcoin-s... [1] https://arxiv.org/pdf/1810.02466.pdf https://arxiv.org/pdf/1810.02466.pdf
    - 5y ago

strangescript 5y ago

People have been saying this about crypto for 10 years and bitcoin 30x'ed despite all the negativity, with tons of big institutions loading up on it behind the scenes. It's here to stay. When you buy something at the store, the cashier doesn't question you how you got the money. They don't care. All they know is the currency is the proof that you did something, or sold something that other people valued. Valuing a unique crypto hash is no more ridiculous than someone valuing a painting, old baseball cards, ancient pottery and all the other random stuff people collect and trade that are nothing more than a decoration. Well, except crypto completely mobile, easy to exchange and can't be taken from you like all other the assets we have been exchanging since the beginning of time.

kgraves 5y ago
> People have been saying this about crypto for 10 years and bitcoin 30x'ed despite all the negativity, with tons of big institutions loading up on it behind the scenes. It's here to stay. The main goal of bitcoin is to be a decentralised peer to peer cryptocurrency, it has completely failed in its original purpose to become that in 10 years. And when more people realise how inefficient it is in terms of energy, transactions, fees and utility, the quicker the price will go down.
- qualudeheart 5y ago
  Monero fulfills the original promise of bitcoin.
  - kgraves 5y ago
    Right, so Bitcoin failed in its original purpose then no?
    - baby 5y ago
      Why are we talking about bitcoin when there are 100 more advanced cryptocurrencies?

elevenoh 5y ago

>Cryptocurrencies must be stopped, there is absolutely NO benefit to having them. Do you truly believe this? Or is it tongue in cheek? Crypto ain't going away. And nothing will stop it. It'll encroach on all industries long term. It's global open competitive darwinism playing out before our eyes. No domain on earth is as open & competitive as crypto.

kgraves 5y ago
> Do you truly believe this? YES.