Cryptocurrencies slide to two-month lows after US midterms | Hacker News Reader

Cryptocurrencies slide to two-month lows after US midterms

reuters.com

12 points1vuio0pswjnm710 comments

I hope the next congress or next administration shuts crypto down. We do not need or want it in the US economy.

It’s perfectly ok if you don’t need it, but why do you want to deny others something if they find it useful?

That's begging the question.

It's been nearly 20 years, what are cryptocoins useful for? And not personally, I mean what have the cryptocoins done to improve the USA?

If it's useless to the country, then they should be banned. That way, our investors can spend money on actually useful investments that help our citizens.

When bitcoin first arrived, in the UK it took 3+ days to send funds from one domestic account to another. Now I’m not saying that crypto catalyzed the arrival of faster payments, but it’s always good to have a fallback of “well if this tech can do it, why can’t the regular banking system?”

Bitcoin is energy inefficient. Its processing rate (blocks per sec) is a joke. Anonymous? Not that much if push comes to shove.

Then there's the fraud. If the underside of society or the get rich quick types thought for a femtosecond they COULD NOT convert crypto nonsense into actual useful currency (usd, Euro, etc.) --- which is what they really want anyway --- their interest in crypto would die the same day. Ditto for miners and exchanges.

Crypto is used primarily to evade regulation, bilk the stupid people, or wash ill gotten gains.

None of that is remotely close to value add to the economy.

Crypto has feasibility issues quarter to quarter of not being hacked with no serious regulation (based in law with enforceable judgements based on finding of fact) to counter fraud.

You got a one off transaction that your bank doesnt handle? Use PayPal, stripe, amex.

You don’t get it because you are too integrated and too deeply trust the machine. The machine protects you and is always on your side. “Use PayPal.” They said the same thing a decade ago too. It comes down to trust in humans. You speak of “enforceable judgements” like human judgement is never wrong or unjust, or even simply biased. Math is never unjust.

Cryptography is highly resistant to fraud, maintaining high integrity by merit of things like hash functions and digital signatures. Humans fall for scams and we can’t blame the math for their ignorance.

Maybe you might get the point of this next decade, but I do sincerely hope that you have a simple life of PayPal mediated transactions.

> It's been nearly 20 years, what are cryptocoins useful for? And not personally, I mean what have the cryptocoins done to improve the USA?

I guess for the USA as a whole it can be difficult to identify purely good effects, although the same can be said of things like social media. For individual holders, cryptocurrencies (not shitcoins mind you) have been a pretty decent way to hedge against a rapidly devaluing US dollar. Gold would be the same I guess, but gold is either risky to hold physically (and difficult to transport) or you are at the mercy of a custodian beholden to one or more governments.

This is not how it plays out....it was already under pressure, then came Binance hack and AI induced market pressure, and uptick in interest rates.

Crypto is here to stay...

yup! expected

Us midterms...or...the fact that it's a giant centralized store of value poorly secured in its bankers vaults and clearly a value coveted by rich pedophiles to avoid scrutiny.

Oh, midterms.

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