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Technical literacy has nothing to do with social, or economic literacy. Bitcoin works exactly as technically scoped. Which part of "A Peer-to-Peer Electronic

Technical literacy has nothing to do with social, or economic literacy. Bitcoin works exactly as technically scoped. Which part of "A Peer-to-Peer Electronic Cash System" is technobabble? I think its a pretty good choice of words. > rather that HN readers see crypto's empty promises to fix existing issues for what they are: bullshit designed to lure in ever more dumb money. I would say rather that HN readers are blinded by their own technical abilities, so much so that they think they are right when it comes to social or economic ones. Good news is the future years will determine which theory is right. Either its "bullshit designed to lure in ever more dumb money", or its an innovation that created something that provides real value to the economy. I promise, one of us will be deterministically wrong.

mountainriver 4y ago
Eh no HN hates on bitcoin because it’s incredibly wasteful and overhyped. HN hates on blockchain because it’s a convoluted way of solving problems that could otherwise be done simply.
- RedBeetDeadpool 4y ago
  > Eh no > > HN hates on bitcoin because it’s incredibly wasteful and overhyped. > > HN hates on blockchain because it’s a convoluted way of solving problems that could otherwise be done simply. There is nothing in your comment that isn't accounted for in my original comment.
falcolas 4y ago
Technology does not solve social or economic problems. How we use that technology is how you solve social or economic problems. How are we using Bitcoin? As a ponzi scheme where the earliest of investors win by bringing more people in. How are we using Blockchains (specifically NFTs)? Outright fraud. Ponzi schemes and fraud won't solve our social or economic woes. What few good things Bitcoin and the blockchain ever provided has been completely overwhelmed by the crap. As a result, governments are going to crack down on these technologies hard. They've already started by taxing these virtual currencies the same way they do stocks.
- RedBeetDeadpool 4y ago
  > Technology does not solve social or economic problems. Never said that it did. Only that HN'ers suffer from a kind of overconfidence of other aspects of this world because they are used to being right on technical things. > How are we using Bitcoin? As a ponzi scheme where the earliest of investors win by bringing more people in. The US dollar fits a better definition of a ponzi scheme, its just a different kind of pyramid. The closer you are to the regulatory environment, the more disproportionate your gains. Bitcoin will store value better than the dollar. Doesn't matter if you're "late" or "early". So its not a system that favors those who got in early, its a system that favors everyone who uses it. > How are we using Blockchains (specifically NFTs)? Outright fraud. Lets not discuss nft's or other cryptos. Only bitcoin. > Ponzi schemes and fraud won't solve our social or economic woes. What few good things Bitcoin and the blockchain ever provided has been completely overwhelmed by the crap. Again lets not talk nft's or other cryptos. Only bitcoin. > As a result, governments are going to crack down on these technologies hard. They've already started by taxing these virtual currencies the same way they do stocks. Thank goodness. Regulations and legislature is necessary for this emerging market. We need to work with it, not against it.
- yellowapple 4y ago
  > How are we using Bitcoin? As a ponzi scheme where the earliest of investors win by bringing more people in. In the developed world, sure. In the developing world, people are using it as actual money to replace traditional financial systems that are rife with corruption or have outright failed.
bb88 4y ago
> I would say rather that HN readers are blinded by their own technical abilities, so much so that they think they are right when it comes to social or economic ones. I agree with you on that. Never mind the money laundering, the criminal extortion, the unfettered grift, the ponzi schemes, the lack of regulation, smart contracts which aren't, securities sold in exchanges that aren't secure, the gross misappropriation of other's work making profit in NFT's as genius level crypto godhood, and the never ending supply of pretzel logic to convince others that while 90% of it is all shit, the 10% that isn't justifies crypto's entire existence. Is that because they're blinded by their own technical abilities? Or do they realize its all a fraud as well and trying to make a quick buck before the regulator's swoop in? I don't see you addressing this in your post, so I thought I'd ask.
- RedBeetDeadpool 4y ago
  > Or do they realize its all a fraud as well and trying to make a quick buck before the regulator's swoop in I don't know who the "they" you're referring to is, but I'm pretty sure the people who are really into NFT's actually believe in it. My guess is there's still more scammers than not, but they remind me of card traders. You can laugh at them all day, but some of those pokemon cards are worth a lot of money. I don't think they think its a fraud, they like the feeling of owning that NFT. So getting back to it, "realize its all a fraud", that's already poising the well before you ask the question. It would actually have to be one(a fraud) for someone to "realize" that it is. Otherwise you need to talk objectively and work your question from the standpoint that "NFT's/crypto is a fraud" is merely an opinion and not a hidden fact that needs to be realized.
  - bb88 4y ago
    Hi, thanks for responding. What do they "like" about holding an NFT? They don't own the copyright usually, and they also don't own the original. Do they like seeing their name as the owner on some website? Because we can do that with credit cards and databases and html. If the well has been poisoned already, asking someone for proof of the poisoned well seems silly when all you have to do is look in and take a whiff. This is the kind of pretzel people try to logic themselves out of.

mountainriver 4y ago

Eh no HN hates on bitcoin because it’s incredibly wasteful and overhyped. HN hates on blockchain because it’s a convoluted way of solving problems that could otherwise be done simply.

RedBeetDeadpool 4y ago
> Eh no > > HN hates on bitcoin because it’s incredibly wasteful and overhyped. > > HN hates on blockchain because it’s a convoluted way of solving problems that could otherwise be done simply. There is nothing in your comment that isn't accounted for in my original comment.

falcolas 4y ago

Technology does not solve social or economic problems. How we use that technology is how you solve social or economic problems. How are we using Bitcoin? As a ponzi scheme where the earliest of investors win by bringing more people in. How are we using Blockchains (specifically NFTs)? Outright fraud. Ponzi schemes and fraud won't solve our social or economic woes. What few good things Bitcoin and the blockchain ever provided has been completely overwhelmed by the crap. As a result, governments are going to crack down on these technologies hard. They've already started by taxing these virtual currencies the same way they do stocks.

RedBeetDeadpool 4y ago
> Technology does not solve social or economic problems. Never said that it did. Only that HN'ers suffer from a kind of overconfidence of other aspects of this world because they are used to being right on technical things. > How are we using Bitcoin? As a ponzi scheme where the earliest of investors win by bringing more people in. The US dollar fits a better definition of a ponzi scheme, its just a different kind of pyramid. The closer you are to the regulatory environment, the more disproportionate your gains. Bitcoin will store value better than the dollar. Doesn't matter if you're "late" or "early". So its not a system that favors those who got in early, its a system that favors everyone who uses it. > How are we using Blockchains (specifically NFTs)? Outright fraud. Lets not discuss nft's or other cryptos. Only bitcoin. > Ponzi schemes and fraud won't solve our social or economic woes. What few good things Bitcoin and the blockchain ever provided has been completely overwhelmed by the crap. Again lets not talk nft's or other cryptos. Only bitcoin. > As a result, governments are going to crack down on these technologies hard. They've already started by taxing these virtual currencies the same way they do stocks. Thank goodness. Regulations and legislature is necessary for this emerging market. We need to work with it, not against it.
yellowapple 4y ago
> How are we using Bitcoin? As a ponzi scheme where the earliest of investors win by bringing more people in. In the developed world, sure. In the developing world, people are using it as actual money to replace traditional financial systems that are rife with corruption or have outright failed.

bb88 4y ago

> I would say rather that HN readers are blinded by their own technical abilities, so much so that they think they are right when it comes to social or economic ones. I agree with you on that. Never mind the money laundering, the criminal extortion, the unfettered grift, the ponzi schemes, the lack of regulation, smart contracts which aren't, securities sold in exchanges that aren't secure, the gross misappropriation of other's work making profit in NFT's as genius level crypto godhood, and the never ending supply of pretzel logic to convince others that while 90% of it is all shit, the 10% that isn't justifies crypto's entire existence. Is that because they're blinded by their own technical abilities? Or do they realize its all a fraud as well and trying to make a quick buck before the regulator's swoop in? I don't see you addressing this in your post, so I thought I'd ask.

RedBeetDeadpool 4y ago
> Or do they realize its all a fraud as well and trying to make a quick buck before the regulator's swoop in I don't know who the "they" you're referring to is, but I'm pretty sure the people who are really into NFT's actually believe in it. My guess is there's still more scammers than not, but they remind me of card traders. You can laugh at them all day, but some of those pokemon cards are worth a lot of money. I don't think they think its a fraud, they like the feeling of owning that NFT. So getting back to it, "realize its all a fraud", that's already poising the well before you ask the question. It would actually have to be one(a fraud) for someone to "realize" that it is. Otherwise you need to talk objectively and work your question from the standpoint that "NFT's/crypto is a fraud" is merely an opinion and not a hidden fact that needs to be realized.
- bb88 4y ago
  Hi, thanks for responding. What do they "like" about holding an NFT? They don't own the copyright usually, and they also don't own the original. Do they like seeing their name as the owner on some website? Because we can do that with credit cards and databases and html. If the well has been poisoned already, asking someone for proof of the poisoned well seems silly when all you have to do is look in and take a whiff. This is the kind of pretzel people try to logic themselves out of.