codehalo

Now that would be like thinking USD can never fail.

Only if that person who bought at $69,044.77 was a fool to sell.

As the FTX holders of bitcoin-equivalent is finding out, bitcoin-equivalent doesn't mean shit.

And how big is the fool who sold at $100?

Just to be clear, they are withdrawing tokens, not selling them.

>It was no secret that SBF hated traditional finance.

That is quite odd. FTX was the very definition of traditional finance (with or without whatever regulations you may think is required). Maybe he was bullshitting you too?

Crypto is now infested with Wall Streeters and VCs trying to convert it into some grotesque form of the old system they are familiar with and failing catastrophically. In a few years decentralized DEXs will all but replace the centralized exchanges.

Crypto holders are moving their crypto off of exchanges, not selling. The majority of sellers are speculators. The fast buck they were expecting hasn't materialized. They will be back when the space matures further, and more uniformed but well connected tradFi hustlers and VCs show up, hoping to replicate their success bullshitting the public. Meanwhile, those who understand the benefits of cryptocurrencies will carry on.

Poster said "WWW" - World Wide Web. The web is not the internet.

Transaction broadcast is not the problem. Censorship is. However, if you want privacy, use Monero.

Who is the middleman in a bitcoin to bitcoin transaction?

>But because I live in America, I have to either pay the cost to fix the problem or pay the ongoing cost of crime that the problem produces.

The "crime" the problem produces allow a lot of white men to put their kids through college, fooling themselves into thinking they are stopping "bad guys".

If you dont keep them busy, they would create far more crime than you think black folk do. They might even start storming the White House.

The comments in this very post explain why. It's going on 13 years now and a lot of HN readers still think crypto is a scam. There is still a lot of educating required.

You don’t need a security staff to keep a bitcoin wallet secure, that is a very odd comment.

Cryptocurrencies are not about making poor people rich and rich people poor. It is about having the a ability to do frictionless, uncensorable financial transactions among many other things.

But it is awarded by the very institutions that award "real degrees", not local trophy shoppes.

Brave?

> Unrelated aside: why is the quality of Hacker News posts and comments on crypto so bad? I experience extreme Gell-Mann amnesia[4] almost every post I read.

It's because the posters think they are smart. With every passing day that cryptocurrencies become adopted/accepted, their smartness becomes questionable, even to themselves. For them, it is easier to double down on the flawed arguments - well over 10 years now - than accept that while they are smart in some areas, they are not in all.

A "single authority", not a "single trusted authority".

HN reads like grumpy old tech and finance guys in Dockers pants and Alligator t-shirts stuck in 2000.

> You have two gated monopolistic ecosystems, choose the one you want to be gouged by.

Is there some number of gated ecosystems that we get gouged by that would be considered acceptable and non-monopolistic? Three, ten?

The problem is that Apple and Google have a kill switch.

The opinions being expressed regarding cryptography, cryptocurrencies, freedom, and privacy has been absolutely depressing. The state and corporations have exerted their influence, particularly in the last fifteen years or so.

Is adobe responsible if someone uses it to edit or create pictures of child porn?

One would expect that association at a sports bar, not on hacker news.

> Though this does beg the question....

You are raising the question, not begging it.

https://www.merriam-webster.com/words-at-play/beg-the-questi...

Yup. A huge win for the environment.

A comment that finally explains HN's sentiment on cryptocurrencies. I take it then that crypto is the financial equivalent of a fax machine (as Krugman described the early internet)? Well then, let's see how it all works out...

No need to go there when 99% of HN comments provides the same material. And I wouldn't call it enjoyable. The comments are the same as when Bitcoin was $100. Frankly, I'd call it ignorant.

Goldman Sachs is not Hacker News.

He didnt. UST placed in Terra Anchor for the promised 20% was not staked or locked. You could withdraw at any time. Really, this site needs to stop choking on the crypto ignorance. This has been going on for more than 13 years now.

There was never any in crypto either. Anyone who thought so is just as stupid as the HN'ers that think cryptocurrencies are bogus. Thinking a few over leveraged crypto companies getting wiped out will destroy cryptocurrencies is laughable.