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> You cannot divorce the technical side from the garbage crypto brings. > Those who understand the technical features can see there is nothing there to justify

• cornholio 4y ago
  Let me quote again the section relevant to your confusion: > even if we accept the whole black-market use of crypto as legitimate, that's still a small fraction of the speculation-driven valuation. So the major problem is the financial overvaluation relative to the real technical abilities, the minor problem is that even those features are predominately enablers of nefarious activities such as money laundry. The second problem is indeed a political objection of mine, but there is no contradiction with the technical lack of value which most HNers object to. > We need crypto for the same reason why need to keep the cash economy alive. But that's not the reason the crypto bubble inflated, far from it. We could talk about privacy enabling features inspired by crypto in electronic payment systems without trying to reinvent fiat currencies in the form of private money which we know full well are a bad idea. Physical cash is to crypto what amateur rocketry is to sending ITAR info to North Korea, or personal handguns to nuclear proliferation: there is a scale where a certain behavior that is acceptable and beneficial at the individual level becomes a major problem for society as a whole.
  • koonsolo 4y ago
    Ah come on, crypto a "major problem for society", get real.