5 ms·

absolutely nothing of value would be lost really if this happened

ur-whale 5y ago
> absolutely nothing of value would be lost really if this happened You're wrong: all the nocoiners on HN would be robbed of an opportunity to cringe every time BTC is mentioned on the site.
- Ekaros 5y ago
  Nah, we could still continue to laugh at it like we laugh at beanie babies... Or tulip mania.
  - vntok 5y ago
    In the current situation, both sides laugh. One laughs on HN, the other laughs all the way to the bank.
    - bob229 5y ago
      Funny, we never hear from the people who have lost thousand even though they exist in great numbers as they do in all ponzi schemes
    - goblin89 5y ago
      Exactly, people who keep honestly earned currency in a bank can probably afford to laugh on the way there—they are used to paying tax, they don’t have to worry about new KYC measures somewhere or theft of their token device invalidating their savings, etc. They can be made fun of by cryptocurrency holders here on HN, but interacting with the financial system is much less like a warzone for them.
      - helloworld11 5y ago
        I'm sorry, what? In many, possibly most jurisdictions, and certainly in the United States, there is nothing in the law that specifically stops you from having made a perfectly legal, legitimate fortune by holding bitcoin or other cryptocurrencies and then cashing them out into fiat through the same formal banks that any other investor uses with no worries about dodging KYC as long as they followed reporting requirements. Unless they're actively evading taxes or laundering money, cryptocurrency holders on HN or elsewhere can interact with many parts of the financial system without any warzone traumas at all. You're blatantly misrepresenting the nature of how it's possible to make money with Bitcoin et al. The majority of it is a legal market and its completely legally possible to hold, gain, sell and cash out successfully.
        goblin89 5y ago
        How is the system supposed to be able to tell whether a cryptocurrency holder engaged in laundering money? I recall reading the evidence is easy to completely erase with a few conversions across coins/exchanges/tumblers. This would never be possible in the traditional financial system—except if you use cash, which in large transactions is considered itself a red flag for that reason.
        helloworld11 5y ago
        Again, are you kidding? Aside from what you say about untraceability not being entirely true due to the much smaller overall ecosystem and finance pool of crypto, concealing dirty capital and assets also happens far, far more enormously in normal finance.. In the world of non-crypto banking, literally hundreds of billions of dollars of assets are regularly moved, labeled, washed and rewashed in ways that make it extremely difficult or costly to know about the dirty origins of much of that money, which is invested worldwide in all sorts of seemingly legitimate ways. This extremely common occurrence is positively global and doesn't even always require physical cash. More often than not it's purely electronic. I know that many people on this site hate cryptocurrency at any opportunity, but come on.. At least use better arguments.
        5y ago
  - dang 5y ago
    Please don't reply to a bad comment with another bad comment. That only makes the thread worse, and the site guidelines ask you not to. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html
- dang 5y ago
  Please don't reply to a bad comment with another bad comment. That only makes the thread worse, and the site guidelines ask you not to. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html
dang 5y ago
Maybe not, but please don't post unsubstantive comments to Hacker News. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html

> absolutely nothing of value would be lost really if this happened You're wrong: all the nocoiners on HN would be robbed of an opportunity to cringe every time BTC is mentioned on the site.

Ekaros 5y ago
Nah, we could still continue to laugh at it like we laugh at beanie babies... Or tulip mania.
- vntok 5y ago
  In the current situation, both sides laugh. One laughs on HN, the other laughs all the way to the bank.
  - bob229 5y ago
    Funny, we never hear from the people who have lost thousand even though they exist in great numbers as they do in all ponzi schemes
  - goblin89 5y ago
    Exactly, people who keep honestly earned currency in a bank can probably afford to laugh on the way there—they are used to paying tax, they don’t have to worry about new KYC measures somewhere or theft of their token device invalidating their savings, etc. They can be made fun of by cryptocurrency holders here on HN, but interacting with the financial system is much less like a warzone for them.
    - helloworld11 5y ago
      I'm sorry, what? In many, possibly most jurisdictions, and certainly in the United States, there is nothing in the law that specifically stops you from having made a perfectly legal, legitimate fortune by holding bitcoin or other cryptocurrencies and then cashing them out into fiat through the same formal banks that any other investor uses with no worries about dodging KYC as long as they followed reporting requirements. Unless they're actively evading taxes or laundering money, cryptocurrency holders on HN or elsewhere can interact with many parts of the financial system without any warzone traumas at all. You're blatantly misrepresenting the nature of how it's possible to make money with Bitcoin et al. The majority of it is a legal market and its completely legally possible to hold, gain, sell and cash out successfully.
      - goblin89 5y ago
        How is the system supposed to be able to tell whether a cryptocurrency holder engaged in laundering money? I recall reading the evidence is easy to completely erase with a few conversions across coins/exchanges/tumblers. This would never be possible in the traditional financial system—except if you use cash, which in large transactions is considered itself a red flag for that reason.
        helloworld11 5y ago
        Again, are you kidding? Aside from what you say about untraceability not being entirely true due to the much smaller overall ecosystem and finance pool of crypto, concealing dirty capital and assets also happens far, far more enormously in normal finance.. In the world of non-crypto banking, literally hundreds of billions of dollars of assets are regularly moved, labeled, washed and rewashed in ways that make it extremely difficult or costly to know about the dirty origins of much of that money, which is invested worldwide in all sorts of seemingly legitimate ways. This extremely common occurrence is positively global and doesn't even always require physical cash. More often than not it's purely electronic. I know that many people on this site hate cryptocurrency at any opportunity, but come on.. At least use better arguments.
        5y ago
- dang 5y ago
  Please don't reply to a bad comment with another bad comment. That only makes the thread worse, and the site guidelines ask you not to. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html
dang 5y ago
Please don't reply to a bad comment with another bad comment. That only makes the thread worse, and the site guidelines ask you not to. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html

dang 5y ago

Maybe not, but please don't post unsubstantive comments to Hacker News. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html