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> now if only he had listened back in 2016 =D So your investments could be used to screw other people out of their money who are similarly financially illitera

> now if only he had listened back in 2016 =D So your investments could be used to screw other people out of their money who are similarly financially illiterate/insecure? It’s kind of crazy to me that there are somehow still staunch cryptocurrency proponents out there who have somehow ignored all the negative press it has received.

snapcaster 2y ago
Even if you're very conventionally minded, it shouldn't be that crazy to you that not everyone adopts dominant media narratives
- christianqchung 2y ago
  By dominant media narratives you mean a self evident train of scams and security incidents? There's no conspiracy or undue effort to make crypto look bad, that happened in a decentralized manner.
  - snapcaster 2y ago
    You were the one that brought up the media (nobody said conspiracy?)
    - christianqchung 2y ago
      Media narratives and conspiracies are often used interchangeably, I can't read your mind so I included both. Also in your original comment you brought up the media, it's right there, so...
      - snapcaster 2y ago
        dude the comment i responded to is from you saying "cryptocurrency proponents out there who have somehow ignored all the negative press it has received."
        chant4747 2y ago
        In fairness, that was actually me. May want to double check the usernames. Both start with ch - easy mistake to make. I would have participated more in the discussion but HN is telling me I’m posting too fast so I’m guessing a moderator didn’t like some of my harsh tone.
        snapcaster 2y ago
        haha okay that explains it, yes i just didn't read and assumed it was same person
        christianqchung 2y ago
        AGI has been achieved internally.
  - codetrotter 2y ago
    > a self evident train of scams and security incidents Because a bunch of bad people jumped on the bandwagon to exploit others. Bitcoin != “crypto” Bitcoin was the original and it’s still here. And it will continue to be here. The goal of bitcoin is not to “make money”. Bitcoin is money. A new kind of money. One that no central entity can control. One of which there will only ever be 21,000,000. No one can print more Bitcoin. Unlike fiat, which the government and the ruling class use to screw people over right in front of their faces all in broad daylight. Bitcoin can not be diluted. Bitcoin can not be inflated. Bitcoin can not be controlled. Bitcoin can not be stopped. Fiat is weak money. Fiat is bad money. Bitcoin is strong money. Bitcoin is good money. Bitcoin is a force of nature.
    - aradox66 2y ago
      OTOH, Bitcoin can be subject to liquidity crises which no entity could intervene to resolve.
      - snapcaster 2y ago
        Is that true? I don't doubt it but can you describe what that would look like in practice?
        aradox66 2y ago
        Sure, any currency can experience a liquidity crunch. This is a macroeconomic phenomenon. The main purpose of a central bank's massive currency reserves are to provide liquidity in the event of a liquidity crunch. For simplicity imagine that there are just a few institutions that hold the majority of Bitcoin. Now imagine all of them are incredibly over leveraged on risky financial assets that suddenly all go to zero. Each of these institutions needs to suddenly pay off massive debts that they can't afford, and they start to spend their full Bitcoin reserves to pay. Investors notice the institutions are going belly up and simultaneously try and withdraw all their bitcoin deposits. There simply aren't enough Bitcoins to go around and the financial institutions holding bitcoin collapse. When this happens in normal currency markets, the Federal Reserve steps in and provides a bail out of temporary liquidity to cover some of the debts involved for long enough to calm down investors so that everyone isn't simultaneously trying to cover massive debts with the same insufficient supply of currency. This is an absolutely critical part of modern macroeconomic stability. Every liquidity crisis that has happened would have been massively worse if not for this "monetary stimulus."
ProllyInfamous 2y ago
Dumbest shit I ever did was cash out my IBEW 401(k), back in 2016. "Put it all on black [bitcoin]..." dumbest shit I ever did.

snapcaster 2y ago

Even if you're very conventionally minded, it shouldn't be that crazy to you that not everyone adopts dominant media narratives

christianqchung 2y ago
By dominant media narratives you mean a self evident train of scams and security incidents? There's no conspiracy or undue effort to make crypto look bad, that happened in a decentralized manner.
- snapcaster 2y ago
  You were the one that brought up the media (nobody said conspiracy?)
  - christianqchung 2y ago
    Media narratives and conspiracies are often used interchangeably, I can't read your mind so I included both. Also in your original comment you brought up the media, it's right there, so...
    - snapcaster 2y ago
      dude the comment i responded to is from you saying "cryptocurrency proponents out there who have somehow ignored all the negative press it has received."
      - chant4747 2y ago
        In fairness, that was actually me. May want to double check the usernames. Both start with ch - easy mistake to make. I would have participated more in the discussion but HN is telling me I’m posting too fast so I’m guessing a moderator didn’t like some of my harsh tone.
        snapcaster 2y ago
        haha okay that explains it, yes i just didn't read and assumed it was same person
      - christianqchung 2y ago
        AGI has been achieved internally.
- codetrotter 2y ago
  > a self evident train of scams and security incidents Because a bunch of bad people jumped on the bandwagon to exploit others. Bitcoin != “crypto” Bitcoin was the original and it’s still here. And it will continue to be here. The goal of bitcoin is not to “make money”. Bitcoin is money. A new kind of money. One that no central entity can control. One of which there will only ever be 21,000,000. No one can print more Bitcoin. Unlike fiat, which the government and the ruling class use to screw people over right in front of their faces all in broad daylight. Bitcoin can not be diluted. Bitcoin can not be inflated. Bitcoin can not be controlled. Bitcoin can not be stopped. Fiat is weak money. Fiat is bad money. Bitcoin is strong money. Bitcoin is good money. Bitcoin is a force of nature.
  - aradox66 2y ago
    OTOH, Bitcoin can be subject to liquidity crises which no entity could intervene to resolve.
    - snapcaster 2y ago
      Is that true? I don't doubt it but can you describe what that would look like in practice?
      - aradox66 2y ago
        Sure, any currency can experience a liquidity crunch. This is a macroeconomic phenomenon. The main purpose of a central bank's massive currency reserves are to provide liquidity in the event of a liquidity crunch. For simplicity imagine that there are just a few institutions that hold the majority of Bitcoin. Now imagine all of them are incredibly over leveraged on risky financial assets that suddenly all go to zero. Each of these institutions needs to suddenly pay off massive debts that they can't afford, and they start to spend their full Bitcoin reserves to pay. Investors notice the institutions are going belly up and simultaneously try and withdraw all their bitcoin deposits. There simply aren't enough Bitcoins to go around and the financial institutions holding bitcoin collapse. When this happens in normal currency markets, the Federal Reserve steps in and provides a bail out of temporary liquidity to cover some of the debts involved for long enough to calm down investors so that everyone isn't simultaneously trying to cover massive debts with the same insufficient supply of currency. This is an absolutely critical part of modern macroeconomic stability. Every liquidity crisis that has happened would have been massively worse if not for this "monetary stimulus."

ProllyInfamous 2y ago

Dumbest shit I ever did was cash out my IBEW 401(k), back in 2016. "Put it all on black [bitcoin]..." dumbest shit I ever did.