4 ms·

HackedNews has a growing Bitcoin FUD problem. Seriously biased news source, none of the benefits of Bitcoin ever get reported on here.

flignats 5y ago
it has always been a problem
hbag 5y ago
my favourite benefit of bitcoin is how it uses the entire energy output of yemen to send someone five bucks
- BLKNSLVR 5y ago
  My favourite benefit of Bitcoin is bypassing the hideously inefficient and corrupt Wall Street financial vampiric system that provided the world with the Global Financial Crisis for which it suffered the punishment of being given billions of dollars by the US Government. Each to their own I guess.
  - hbag 5y ago
    yeah im sure accelerating the planet turning into an uninhabitable wasteland is really worth it just to stick it to the man, you fucking troglodyte
    - BLKNSLVR 5y ago
      Please get some perspective. Read more actual facts and data from various different angles, you've obviously dived deep into one side with little consideration for any other. You give me the kind opportunity to quote a favourite lyric of mine: The do-er and the thinker: no allowance for the other Thick as a Brick, Jethro Tull[0] [0]: http://www.collecting-tull.com/Albums/Lyrics/ThickAsABrick.html http://www.collecting-tull.com/Albums/Lyrics/ThickAsABrick.h...
      - hbag 5y ago
        nothing screams 'efficiency' like everyone participating in the network having to write to an append-only ledger every time any transaction whatsoever happens im sure thats FAR more efficient than banks, right? i hate banks as much as the next guy but good fucking lord is bitcoin terrible
        tgsovlerkhgsel 5y ago
        The append-only ledger is surprisingly efficient, to the point where you can process the entire thing on a decent laptop in a couple days. And judging the costs bank are able to charge for international wires, even when comparing them to the horrendous fees for Bitcoin (Core, BTC) on-chain transactions, I'm not convinced Bitcoin is that much less efficient.
      - dang 5y ago
        Please don't respond to a bad comment by breaking the site guidelines yourself. That's exactly the opposite of what we want here. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html
    - maccolgan 5y ago
      Yes it is.
      - hbag 5y ago
        yeah at least when we're all dying in the fucking water wars you'll be able to sit on your high horse talking about how you actively contributed to it but HEY! at least you didn't support the BANKS! eat my shit and hair
      - dang 5y ago
        Please stop posting unsubstantive and/or flamebait comments to HN. It's not what this site is for. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html
    - dang 5y ago
      Attacking another user like this (edit: and https://news.ycombinator.com/item?id=28567074 https://news.ycombinator.com/item?id=28567074 - yikes!) will get you banned here, regardless of how wrong they are or you feel they are. Whether or not you owe that person better, you definitely owe this community better if you're posting to it—much better. So no more of this, please—we're trying to have an internet forum that doesn't burn itself to a crisp. If you wouldn't mind reviewing https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html and taking the intended spirit of the site more to heart, we'd be grateful.
- thesausageking 5y ago
  You know that's not true, right? 1) The Yemen number is for the whole system. The energy to send one transaction is tiny and much smaller than using the existing remittances system. 2) With a bank, it's not even clear you could send $5 to Yemen as there's a civil war going on. And if you did find a money transfer company willing to do it, it would be very expensive. With Bitcoin, as long as the person in Yemen has a phone and can get online, you can send them any amount, it will cost ~$2, and take minutes to do.
- k4rli 5y ago
  My favorite benefit is paying $10 in transaction fees for five bucks and then having to wait hours for confirmations.
rednerrus 5y ago
What are the benefits?
- easymovet 5y ago
  Once you find out you'll panic about not having enough. The benefits are apparent when analyzed from the perspective of money as a technology that enables strong property rights defended by cryptography. Robert Breedlove does a podcast on the nature of money which great. This video also does a great job of addressing the "waste" by elaborating on "unforgable costliness" : https://youtu.be/b-7dMVcVWgc https://youtu.be/b-7dMVcVWgc All of these "uses energy per transaction" people are being underserved by their news sources on the development of the lightning network, which is like going from a LAN with global broadcast to NATed and routed TCP/IP (Bitcoin is a global broadcast layer and lightning is a transaction bundling / routing layer/network). I mean an entire country has adopted it and we still have folks on hacker news missing the disruption for the trees!
TomSwirly 5y ago
> none of the benefits of Bitcoin ever get reported on here. They being...?
- easymovet 5y ago
  - inviolable property rights - sound money enables accurate investment valuation and less inflation and wealth inequality - low cost, high security, international final settlement - instant payments on lightning network

flignats 5y ago

it has always been a problem

hbag 5y ago

my favourite benefit of bitcoin is how it uses the entire energy output of yemen to send someone five bucks

BLKNSLVR 5y ago
My favourite benefit of Bitcoin is bypassing the hideously inefficient and corrupt Wall Street financial vampiric system that provided the world with the Global Financial Crisis for which it suffered the punishment of being given billions of dollars by the US Government. Each to their own I guess.
- hbag 5y ago
  yeah im sure accelerating the planet turning into an uninhabitable wasteland is really worth it just to stick it to the man, you fucking troglodyte
  - BLKNSLVR 5y ago
    Please get some perspective. Read more actual facts and data from various different angles, you've obviously dived deep into one side with little consideration for any other. You give me the kind opportunity to quote a favourite lyric of mine: The do-er and the thinker: no allowance for the other Thick as a Brick, Jethro Tull[0] [0]: http://www.collecting-tull.com/Albums/Lyrics/ThickAsABrick.html http://www.collecting-tull.com/Albums/Lyrics/ThickAsABrick.h...
    - hbag 5y ago
      nothing screams 'efficiency' like everyone participating in the network having to write to an append-only ledger every time any transaction whatsoever happens im sure thats FAR more efficient than banks, right? i hate banks as much as the next guy but good fucking lord is bitcoin terrible
      - tgsovlerkhgsel 5y ago
        The append-only ledger is surprisingly efficient, to the point where you can process the entire thing on a decent laptop in a couple days. And judging the costs bank are able to charge for international wires, even when comparing them to the horrendous fees for Bitcoin (Core, BTC) on-chain transactions, I'm not convinced Bitcoin is that much less efficient.
    - dang 5y ago
      Please don't respond to a bad comment by breaking the site guidelines yourself. That's exactly the opposite of what we want here. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html
  - maccolgan 5y ago
    Yes it is.
    - hbag 5y ago
      yeah at least when we're all dying in the fucking water wars you'll be able to sit on your high horse talking about how you actively contributed to it but HEY! at least you didn't support the BANKS! eat my shit and hair
    - dang 5y ago
      Please stop posting unsubstantive and/or flamebait comments to HN. It's not what this site is for. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html
  - dang 5y ago
    Attacking another user like this (edit: and https://news.ycombinator.com/item?id=28567074 https://news.ycombinator.com/item?id=28567074 - yikes!) will get you banned here, regardless of how wrong they are or you feel they are. Whether or not you owe that person better, you definitely owe this community better if you're posting to it—much better. So no more of this, please—we're trying to have an internet forum that doesn't burn itself to a crisp. If you wouldn't mind reviewing https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html and taking the intended spirit of the site more to heart, we'd be grateful.
thesausageking 5y ago
You know that's not true, right? 1) The Yemen number is for the whole system. The energy to send one transaction is tiny and much smaller than using the existing remittances system. 2) With a bank, it's not even clear you could send $5 to Yemen as there's a civil war going on. And if you did find a money transfer company willing to do it, it would be very expensive. With Bitcoin, as long as the person in Yemen has a phone and can get online, you can send them any amount, it will cost ~$2, and take minutes to do.
k4rli 5y ago
My favorite benefit is paying $10 in transaction fees for five bucks and then having to wait hours for confirmations.

rednerrus 5y ago

What are the benefits?

easymovet 5y ago
Once you find out you'll panic about not having enough. The benefits are apparent when analyzed from the perspective of money as a technology that enables strong property rights defended by cryptography. Robert Breedlove does a podcast on the nature of money which great. This video also does a great job of addressing the "waste" by elaborating on "unforgable costliness" : https://youtu.be/b-7dMVcVWgc https://youtu.be/b-7dMVcVWgc All of these "uses energy per transaction" people are being underserved by their news sources on the development of the lightning network, which is like going from a LAN with global broadcast to NATed and routed TCP/IP (Bitcoin is a global broadcast layer and lightning is a transaction bundling / routing layer/network). I mean an entire country has adopted it and we still have folks on hacker news missing the disruption for the trees!

TomSwirly 5y ago

> none of the benefits of Bitcoin ever get reported on here. They being...?

easymovet 5y ago
- inviolable property rights - sound money enables accurate investment valuation and less inflation and wealth inequality - low cost, high security, international final settlement - instant payments on lightning network