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In what way is crypto not anathema already? HN has basically been dumpstering it for over a decade now at every opportunity, the general public considers it som
by ayngg 5y ago
In what way is crypto not anathema already? HN has basically been dumpstering it for over a decade now at every opportunity, the general public considers it some imaginary money ponzi scheme scam, over the last year people are laughing at the stupidity of things like NFTs and meme altcoins. It was only very recently that anyone in finance has even begun to consider it anything but a complete joke. Of the people that don't consider it an outright scam, probably 90% of those people are insufferable cryptobros or scammers who latch onto the buzzword, who make hating cryptocurrencies very easy.
I wouldn't be surprised if all of the media attention it gets is mostly because of how much most everyone hates it. It is the thing that tech inclined people love to hate watch.
- acdha 5y agoIt’s not that simple: the very large amount of money VCs and other speculators have pumped into it has ensured a steady stream of favorable coverage for years. The stories tend to get a hostile reaction from people who understand technology or economics but each round finds new people who think there might be a pony somewhere since they’ve been hearing about it for years.
- mjr00 5y agoIt's currently being propped up by big, legitimate corporations: everything from sports organizations like the NBA, UFC, and WWE to food brands like Taco Bell and McDonalds are pumping out NFTs. The Lakers are now playing in the Crypto.com arena, even. On HN it certainly gets a lot of hate, but there's not so much in the mainstream right now. I don't think the Lakers would have agreed to a sponsorship where they play in the BP Oil Fracking Arena, for instance.
- hammyhavoc 5y agoHow about the Sneaker Brand Sweat Shop Arena though? Where do people draw their line with ethics and caring about the impact of what they support?
- mjr00 5y agoYou're absolutely right and that's what I mean about marketing having such a huge impact. Nike spends a ton of money making sure you associate the Nike brand more closely with LeBron, Jordan, and the general pursuit of superstardom than with their use of SEA sweatshops. Similarly, the average layperson currently sees crypto and associates it with making a lot of money very quickly. If that perception changes so that the initial reaction to crypto is "this is reckless gamblers killing the planet," that's a potentially existential crisis for cryptocurrency -- you'll have (more) politicians calling for cryptocurrency bans and much lower levels of public support.
- hammyhavoc 5y agoEloquent! Thanks for putting into words what a lot of us really struggle to.
- Zpalmtree 5y agoHN are out of date boomers