I wonder what current issues will future generations consider laughable | Hacker News Reader

I wonder what current issues will future generations consider laughable

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3 pointsCupprum10 comments

If we're lucky, social injustices and income inequality will be top of the list... I feel like that's only if we're very lucky, make some important changes to social beliefs and actions, and a least centuries from now.

The idea that anyone can forget providing products or services or anything of value and just create money itself out of electrons --- and convince millions to buy into it.

This is exactly how "real" money works, that just has official backing by official men-with-guns. The fact that so many buy into crypto could be a signal that the perceived legitimacy of the authority has declined (but it's probably mostly tulip mania).

This is exactly how "real" money works

No, it's not. "Real money" is backed by more than just electrons. "Real money" isn't created solely to get rich quick. Creating "real money" has serious, widespread repercussions. "Real money" can be used to buy things in "real time" without delays and transaction fees.

If crypto was "real money", the fraud known as "stable coins" wouldn't exist.

> Real money" is backed by more than just electrons.

Yeah, it's also backed by violence. Not really any more tangible or less arbitrary than electrons, which are how the banks create money.

Yeah, it's also backed by violence.

Do you know any crypto bros who've been hurt or even arrested?

There is no need for violence. The easy way to kill crypto is to do absolutely nothing. Perhaps the blatant fraud of "stable coins" needs to be addressed but otherwise, just let the marketplace corruption and instability run it's course without the oppressive hand of government getting involved.

Crypto bros who won't accept the inadequacy of their rhetoric will end up broke.

You misunderstand what I'm saying. The legitimacy of "real"/government-issued fiat currencies is derived from the monopolies on violence held by the issuing governments. The money-creation and control is not any less arbitrary than cryptocurrencies.

The money-creation and control is not any less arbitrary than cryptocurrencies.

There is no control with crypto. The number/amount of cryptocurrencies that can be created and issued is unlimited.

You can't get any more arbitrary than this. Totally arbitrary money isn't "real money".

"Real money" -- which I think we're using as a substitute phrase for "fiat money" -- is just any representation of a promise of reciprocation. If I give you $10 for a necklace, what that really means is "you give me the necklace, and I promise someone will eventually complete the barter by giving you something that we all agree has about the same value as the necklace." The money itself is just a representation that we can be somewhat confident this unknown future person (maybe even me!) will understand to be a valuation and agree to complete the trade. Financial economics is really just passing on a promise from one person to another in a chain.

"Creating money" is just "making more promises"; inflation is just the result of so many promises being made that people have less confidence in the next promise made.

In terms of crypto, it's basically just a matter of an apparent inability of people to agree on the value of each unit of promise. I.E. "if I give you one bitcoin for a car, how much do you believe someone else will give you a car's worth later to complete the barter?"

In terms of crypto, it's basically just a matter of an apparent inability of people to agree on the value of each unit of promise.

In terms of crypto, it's basically just a matter of a an endless number of get rich quick schemes launched without limits or restrictions --- virtually anyone can create and issue crypto at any time as a means to try and enrich themselves.

How many are needed before people start to catch on to the fact that they all have similar value --- basically zero?

And then there are the costs and delays associated with processing transactions.

Future generations will laugh at the fact that this was really nothing new. We've been there, seen that and done that in the past with every bank issuing it's own currency. It didn't work then and it won't work now.

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