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> it currently costs the Bitcoin network $176.39 to process a transaction Depends. With the Bitcoin lightning network live now it's only a tiny fraction of tha

> it currently costs the Bitcoin network $176.39 to process a transaction Depends. With the Bitcoin lightning network live now it's only a tiny fraction of that price. I use FLUX for my crypto transactions: 0,00002951 USD per transaction, and that is PoW! LTC (Litecoin) is another great coin with super cheap transactions. There are so many :) I often see on HN the mostly negative comments and attitude against this new technology, why? Do you really think the current system is better? With all the Quantative Easing (read money printing at the tax payers cost -> inflation), corruption, name it.. Soon your government will present you a new digital wallet based on the same tech. Only with one difference compared to the original crypto currencies: they will have full control over your wallet. And your wallet will have smart contracts, so they can decide where you are allowed to spend you money on and on what conditions. Let that sink in for a while before you start criticizing the real decentralized crypto currencies. Crypto currencies are a dream come true and everyone should embrace it.

LordDragonfang 5y ago
> With all the Quantative Easing (read money printing at the tax payers cost -> inflation), corruption, name it.. I'll take steady, minor inflation over crypto's love affair with hyper-deflation for Bitcoin, hyperinflation for most altcoins after their bubbles burst, and general instability. And you want to talk about corruption? Crypto has a new scandal, scam, or rugpull nearly every month, and that's not even limited to altcoins. Then there's the whole thing with NFTs, which I repeatedly seen linked to the money laundering that used to go on in the art world[1]. Bad actors are attracted to crypto precisely because it's decentralized and unregulated. It's a dream come true for them, certainly. [1] https://techcrunch.com/2021/03/24/nft_users/ https://techcrunch.com/2021/03/24/nft_users/
- ClumsyPilot 5y ago
  According to panama papers, professional money launderers mostly use normal bank accounts and offshores just fine.
- satronaut 5y ago
  you want to talk about corruption? look at pelosi's investment portfolio. Minor inflation? Look at the cost of food and housing (which are left out of the CPI to make things look less bad)
  - LordDragonfang 5y ago
    >Minor inflation? Look at the cost of food and housing Housing costs have roughly doubled in the past decade (not accounting for inflation; if you account for that, it's only by 50%). Bitcoin has, on multiple occasions, changed by that same factor of two in the span of a month. Anyone who thinks cryptocurrencies represent anything other than a volatile investment vehicle at the present moment is not living in reality.
    - satronaut 5y ago
      source? I'll tell you rite now that housing prices increased 13.5% over the last year https://www.redfin.com/us-housing-market https://www.redfin.com/us-housing-market this corresponds with 4 trillion fiat dollars being printed in the same time period https://libertyconservativenews.com/more-than-35-of-us-dollars-ever-printed-made-in-2020/ https://libertyconservativenews.com/more-than-35-of-us-dolla... So say what you just said to the minimum wage worker who's food and housing prices are going up
kube-system 5y ago
Cryptocurrencies, in general, are not in fixed supply. Some coins do not have fixed supplies, and even if you choose one that does, it can be forked, or new coins can be issued. I don’t see any reason why a government couldn’t implement QE with crypto. The mechanics would work differently, but the value of an IOU issued by a global superpower has intrinsic worth regardless of how it is assigned. Governments are not powerful because of their currencies; their currencies have value because of their power. If the US Treasury forked bitcoin tomorrow, it would certainly have positive value.
- nybble41 5y ago
  > Cryptocurrencies, in general, are not in fixed supply. Cryptocurrencies, in general, are not all valued the same. And why stop at crypto—surely the same reasoning would apply to USD supply inflation, if you're just going to lump all (crypto-)currencies together as a single good? Sure, you can introduce new types of coins or massively inflate the ones which don't have a fixed supply, but that doesn't impact (for example) the limited supply of bitcoins. The overall effect is mainly just to devalue the inflated coins relative to other currencies.
salmonlogs 5y ago
> Soon your government will present you a new digital wallet based on the same tech. Only with one difference compared to the original crypto currencies: they will have full control over your wallet. And your wallet will have smart contracts, so they can decide where you are allowed to spend you money on and on what conditions. Let that sink in for a while before you start criticizing the real decentralized crypto currencies. This attitude is what really irks me about cryptobros. "You can't criticize crypto because [insert dystopian sci-fi novel scenario] might happen"
satronaut 5y ago
I 100% agree with you. But as Satoshi famously said, you either get it or you don't; I don't have time to convince you. All these ESG shills hating on Bitcoin because they ignored it till now aren't going to accept it. Might as well leave them in the dust and focus attention on building great tools to use on Bitcoin

LordDragonfang 5y ago

> With all the Quantative Easing (read money printing at the tax payers cost -> inflation), corruption, name it.. I'll take steady, minor inflation over crypto's love affair with hyper-deflation for Bitcoin, hyperinflation for most altcoins after their bubbles burst, and general instability. And you want to talk about corruption? Crypto has a new scandal, scam, or rugpull nearly every month, and that's not even limited to altcoins. Then there's the whole thing with NFTs, which I repeatedly seen linked to the money laundering that used to go on in the art world[1]. Bad actors are attracted to crypto precisely because it's decentralized and unregulated. It's a dream come true for them, certainly. [1] https://techcrunch.com/2021/03/24/nft_users/ https://techcrunch.com/2021/03/24/nft_users/

ClumsyPilot 5y ago
According to panama papers, professional money launderers mostly use normal bank accounts and offshores just fine.
satronaut 5y ago
you want to talk about corruption? look at pelosi's investment portfolio. Minor inflation? Look at the cost of food and housing (which are left out of the CPI to make things look less bad)
- LordDragonfang 5y ago
  >Minor inflation? Look at the cost of food and housing Housing costs have roughly doubled in the past decade (not accounting for inflation; if you account for that, it's only by 50%). Bitcoin has, on multiple occasions, changed by that same factor of two in the span of a month. Anyone who thinks cryptocurrencies represent anything other than a volatile investment vehicle at the present moment is not living in reality.
  - satronaut 5y ago
    source? I'll tell you rite now that housing prices increased 13.5% over the last year https://www.redfin.com/us-housing-market https://www.redfin.com/us-housing-market this corresponds with 4 trillion fiat dollars being printed in the same time period https://libertyconservativenews.com/more-than-35-of-us-dollars-ever-printed-made-in-2020/ https://libertyconservativenews.com/more-than-35-of-us-dolla... So say what you just said to the minimum wage worker who's food and housing prices are going up

kube-system 5y ago

Cryptocurrencies, in general, are not in fixed supply. Some coins do not have fixed supplies, and even if you choose one that does, it can be forked, or new coins can be issued. I don’t see any reason why a government couldn’t implement QE with crypto. The mechanics would work differently, but the value of an IOU issued by a global superpower has intrinsic worth regardless of how it is assigned. Governments are not powerful because of their currencies; their currencies have value because of their power. If the US Treasury forked bitcoin tomorrow, it would certainly have positive value.

nybble41 5y ago
> Cryptocurrencies, in general, are not in fixed supply. Cryptocurrencies, in general, are not all valued the same. And why stop at crypto—surely the same reasoning would apply to USD supply inflation, if you're just going to lump all (crypto-)currencies together as a single good? Sure, you can introduce new types of coins or massively inflate the ones which don't have a fixed supply, but that doesn't impact (for example) the limited supply of bitcoins. The overall effect is mainly just to devalue the inflated coins relative to other currencies.

salmonlogs 5y ago

> Soon your government will present you a new digital wallet based on the same tech. Only with one difference compared to the original crypto currencies: they will have full control over your wallet. And your wallet will have smart contracts, so they can decide where you are allowed to spend you money on and on what conditions. Let that sink in for a while before you start criticizing the real decentralized crypto currencies. This attitude is what really irks me about cryptobros. "You can't criticize crypto because [insert dystopian sci-fi novel scenario] might happen"

satronaut 5y ago

I 100% agree with you. But as Satoshi famously said, you either get it or you don't; I don't have time to convince you. All these ESG shills hating on Bitcoin because they ignored it till now aren't going to accept it. Might as well leave them in the dust and focus attention on building great tools to use on Bitcoin