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Cryptocurrencies Have Broken Almost All of Their Major Promises

132 点作者 rukshn将近 3 年前

21 条评论

lordofgibbons将近 3 年前
I know talking smack about crypto is in vogue, but the author clearly doesn&#x27;t know anything about crypto.<p>They really think inflation == price? Inflation is about total supply of something, not cross asset trade price (i.e BTC&#x2F;USD, or EUR&#x2F;USD).<p>&gt;This idea that a central entity can’t regulate cryptocurrencies is pushed around by crypto enthusiasts. However, governments are trying to bring regulations into cryptocurrencies and stable coins.<p>Literally nobody claimed they were going to control the actions of governments and force them to not regulate crypto. Where did this idea come from? The claim is that they would be effective despite attempted control by governments (see Monero)<p>There are so many valid criticisms of cryptocurrencies that you could make. But then you&#x27;d have to actually learn something about them and that&#x27;s hard to do if you&#x27;ve already made up your mind on something.
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mirzap将近 3 年前
I&#x27;m not quite sure where did the author found those &quot;cryptocurrency promises&quot;. Bitcoin&#x27;s promises from the start are straightforward:<p>- P2P money&#x2F;value transfer, no banks, no intermediary =&gt; delivered;<p>- nobody owns Bitcoin network =&gt; delivered;<p>- no government with no amount of regulation can stop a transaction from happening =&gt; delivered;<p>- everybody can take a part in Bitcoin network, you don&#x27;t need anyone permission to join (ie. oppressive government) =&gt; delivered;<p>All currency systems are based on faith and trust. USD value comes from faith and trust in US government. If that trust is breached or lost, and it will eventually like with every empire before US, USD will collapse. With Bitcoin is similar. As long are there people who believe in those principles and promises I mentioned above, Bitcoin will have value. Bitcoin will live. And I think those are universal principles of freedom, which will outlive most (if not all) currencies and empires existing today.
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theaeolist将近 3 年前
&gt; For example, in Sri Lanka, there is no way for someone to accept payments or send money through PayPal or Stripe. However, people will be able to send money through the blockchain and bypass these restrictions if more people begin to trust crypto.<p>If Sri Lanka blocks PayPal and Stripe are you sure they will not block commercial entities from converting between rupees and crypto-assets? Individual and small scale operators might still do it, flying under the radar, but that is not a scalable proposition.
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bowsamic将近 3 年前
Regarding algorithmic stablecoins, Vitalik Buterin (Ethereum founder) wrote a great and easy to read blog post about why Terra failed and why a coin that continually beats the economy also isn&#x27;t possible<p><a href="https:&#x2F;&#x2F;vitalik.ca&#x2F;general&#x2F;2022&#x2F;05&#x2F;25&#x2F;stable.html" rel="nofollow">https:&#x2F;&#x2F;vitalik.ca&#x2F;general&#x2F;2022&#x2F;05&#x2F;25&#x2F;stable.html</a>
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once_inc将近 3 年前
Color me sceptical of the in depth knowledge of this author, if he insists on writing &quot;BitCoin&quot; which isn&#x27;t the way the entire industry writes it. This leads me to believe that the author isn&#x27;t well-versed enough in the industry to be able to make claims such as these.
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prvit将近 3 年前
&gt; USDT came to a near collapsing a few weeks ago<p>The author has no evidence that this is true. USDT temporarily trading under $1 during extreme market conditions does not in any way suggest that Tether ever came near to stopping 1:1 redemptions.
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jacknews将近 3 年前
&quot;People are selling high-risk assets such as cryptocurrencies and stocks in favor of classical assets with little risks attached, such as gold.&quot;<p>These trading explanations are nearly always completely made-up and usually BS. Almost everything has been going down lately, including gold and silver, albeit by far less than crypto. People move to cash in these conditions.
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syzygyhack将近 3 年前
HN upvoting garbage anti-crypto takes, what&#x27;s new?
lekevicius将近 3 年前
Time and time again, low-substance high-hate articles about cryptocurrencies rise to #1 spot. This is not healthy. At this point I think it would be good to discourage all cryptocurrency discussion: I don’t think we are yet capable of having them.
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EnKopVand将近 3 年前
Decentralised trust will likely never work because trust relies on consequences for when it’s broken.<p>I think the author simultaneously gets and misses this with this article. The Sri Lanka example is really a perfect example of what happens when the consequences in a monetary system stop being enforced and how it drives people to lose trust in that system. You could maybe build a cryptocurrency with enough regulation and enough force of consequences that you could replace other financial systems, but at that point it would simply be a more globalised version of our current banking system.<p>I think trust is easier understood with the “smart” contracts in the form of how we deal with landownership around the world. In countries with stable low-corruption governments you don’t need “smart” contracts because you can trust the system to uphold your rights, but, in countries with a high level of instability or corruption you can’t use your “smart” contract because nobody is going to enforce your right.
highwaylights将近 3 年前
The assertions here are far from what I’d point at first with regards to broken promises. The article also implicitly backs up some claims that are just not true.<p>The two biggest issues being that the market is heavy centralised and has unlimited supply, contrary to claims by holders on twitter.<p>It’s amazing how many people still believe that only 21 million Bitcoins will ever exist, even in 2022, contrary to what the Bitcoin core team has said multiple times (that inflation will be needed for the network to function).<p>Furthermore, there is already an infinite supply of alternative tokens whenever any of them spike in value, as has been shown in multiple cycles now. The market favours going to alternative tokens that have “moon” potential, making the forward supply also infinite, and thereby rendering the entire space worthless.<p>In short the entire industry is an encrypted linked list with some hashes, recycled ideas that have been done better in the past (De-Fi), and the entire world is crazy and stupid.
Kivutar将近 3 年前
We never implied that smart contracts were legally binding. They are just code, code can by buggy.
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RickJWagner将近 3 年前
I have to admit I don&#x27;t really understand cryptocurrency. But I&#x27;ve been leery of buying into something that is electronically produced and using it as money. (I know printed paper isn&#x27;t any better. But people have accepted printed paper for a very long time.)<p>The phenomenal returns given to people who put money into crypto also concerned me. Unlike stock trading, nothing of value was being produced, yet people were reaping huge sums of money from it.<p>My best guess is that government will have to control it before it becomes viable. As long as it&#x27;s just individuals running the show we&#x27;ll probably continue to have boom&#x2F;bust cycles.
ilaksh将近 3 年前
Any shite article is a great excuse for another cryptocurrency hatefest, right guys?<p>The thing that really makes me feel a lack of respect for cryptocurrency haters is the fact that at the core cryptocurrency is an obvious and very important improvement to the way digital payments work. That is leveraging cryptography so that payments don&#x27;t require giving away credentials (such as the way credit cards do) and to verify the integrity of the ledger.
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yieldcrv将近 3 年前
Has anyone ever noticed how hard it is to criticize crypto?<p>Like, when you do it you wind up defending it from anti-crypto people that were going to agree with you no matter what except they have stupid arguments and you’re like “dude wait no thats not how it works”
jzellis将近 3 年前
There were like a billion ways this all could have been really simple, anonymous digital cash. But y&#x27;all had to make it overly complex and y&#x27;all had to get greedy and all y&#x27;all libertarian fedora vape ass dudes had to inject your absurd capitalist ideologies about currency speculation into it.<p>Saying cryptocurrency isn&#x27;t a grift is like saying Amway isn&#x27;t a pyramid scheme because their cleaning products really can clean things. Maybe, but the wrong people got in the door and now the regular people, the non-cypherpunks and non-Galties wanting some way to buy ketamine on their little floating pirate utopia or whatever, have realized that you can&#x27;t actually use a currency as a currency when even the &quot;stable&quot; ones are about as stable as Ezra Miller with an eight-ball at a karaoke joint.<p>And all of this bullshit has managed to completely derail the tech industry as everybody tries to figure out a way to shoehorn crypto into every other useless idea, the same way they did with &quot;social&quot; for the last decade. Here&#x27;s an NFT of my balls, go find some actor to pimp it for you at Super Bowl halftime.<p>Between crypto and the various dippy con artists getting miniseries of the week made about them, people are starting to realize that the higher tiers of tech - not the people who, y&#x27;know, actually make things people use, but the hustlers and rain-makers who get all the column inches, so to speak - are just absolutely full of people you wouldn&#x27;t leave in a room without double checking your wallet is still in your pocket and your napkin is still on top of your drink.<p>You can drone on about economic and number theory all day - and a lot of you do - but it doesn&#x27;t change the fact that everybody thinks this shit is one big Dutch flower market where you can trade black tulips for heroin or piss away your savings on ScroteCoins that some geek in Belarus will inevitably gank outta your virtual deposit box at the exchange, leaving you just as confused as when you started but twice as poor.<p>So,y&#x27;know, good job, guys. :-D
Pilottwave将近 3 年前
I&#x27;m tired of the whole crypto discussion, because the articles that get traction are mostly echo chambering what the audience wants to hear; either pro - or against.<p>Meanwhile crypto remains an enabler of a new application paradigm, a decentralized one.<p>We are now in the dotcom crash of crypto. Lots of hype has created a bubble, but from the ashes the phoenix might rise.<p>If you are a tech enthousiast, be happy that lots of research and development in an exiting new space was funded! If you are an investor, be happy that your investor accumen is being put to the test, which projects will flourish?
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DigiDigiorno将近 3 年前
The author speaks heavily of stable coins. The first stable coin came a half decade after BTC...<p>Also, the author doesn&#x27;t know how to spell Bitcoin...<p>Also, wtf are major promises? 1 Bitcoin still equals 1 Bitcoin, and YRMV is the watchword of the space--snake oil salesmen aside.<p>That said, for the space as a whole, plenty of people are pro and plenty are anti. Unfortunately either take gets upvoted these days due to the polarizing emotions.
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mouzogu将近 3 年前
I stopped reading these crypto blogs&#x2F;twitters with anime&#x2F;pepe emojis. This market is full of grifters, I don&#x27;t trust anyones intention - and it&#x27;s difficult to ascertain any conflicts of interest.<p>What happend to the so called leak that was all over HN last week, disappeared into the &quot;ether&quot; - pun intended.
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trakl将近 3 年前
Another attempt to convince enthusiasts that they are not there for the money
Hellbanevil将近 3 年前
All I know is I&#x27;m buying Bitcoin if it gets below $1000.<p>I made the mistake of not hooking up my rigs because I was afraid of the cost of electricity.<p>Yes--I see it going below $1000.
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