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475 points danielstocks | 5 comments | 27 May 21 10:28 UTC | HN request time: 0s | source
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timdaub[dead post] ◴[27 May 21 11:25 UTC] No.27301664[source]▶
Sometime in the future, people will stop belittling crypto currencies when they realize that the digitization concepts of traditional finance technology providers are inferior to those of crypto currencies and blockchains. Putting safety and security first for anything that handles money makes sense.

The calls for "you don't need a blockchain, just use a database" will become less and less.

Edit: Of course, Hacker News hates this comment.

junon ◴[27 May 21 11:27 UTC] No.27301682[source]▶
Yes and we'll be screaming "please shut off your computer" because of all of the excess heat and insane power bills.
replies(1): >>27301690 #
timdaub ◴[27 May 21 11:28 UTC] No.27301690[source]▶
Why not separate concerns? Crypto currencies work without Proof of Work today.
replies(2): >>27301841 #>>27302977 #
gspr ◴[27 May 21 13:42 UTC] No.27302977[source]▶
> Why not separate concerns? Crypto currencies work without Proof of Work today.

You mean through proof of stake instead? Yay, now all the people who wanted to avoid having a competent central bank in a free democracy control the money supply get to have the people with the most money control the supply instead.

Jesus fucking christ, you cryptocurrency lunatics have lost it.

replies(2): >>27304395 #>>27305413 #
1. timdaub ◴[27 May 21 17:12 UTC] No.27305413[source]▶
Why not separate concerns? Crypto currencies work without central banking or democracies today.
replies(1): >>27305507 #
2. gspr ◴[27 May 21 17:17 UTC] No.27305507[source]▶
They work poorly (if at all) as currencies:

(1) They're way too volatile.

(2) Even if they weren't, the popular cryptocurrencies today have fixed money supplies. A central bank cannot increase it to target moderate inflation.

replies(1): >>27305580 #
3. timdaub ◴[27 May 21 17:22 UTC] No.27305580[source]▶
Central banks use PID controllers to control stability [1]. Stable coin systems can use PID controller systems too [2]. Stable coins are as volatile as their fiat counterparts.

Crypto currencies are run by people as much as central banks are. People can have opinions and values. People forked of Ethereum into Ethereum Classic because they had an issue with the main chain's policy. ETC community is alive.

Building crypto currencies is all about optimizing for legitimacy [3]. We can build what we want, we just need to want it in the first place. No need to discount a whole field of computer science with a comment.

- 1: https://link.springer.com/article/10.1007/s11403-014-0127-3

- 2: https://github.com/reflexer-labs/whitepapers/blob/master/Eng...

- 3: https://vitalik.ca/general/2021/03/23/legitimacy.html

replies(1): >>27307244 #
4. gspr ◴[27 May 21 19:39 UTC] No.27307244{3}[source]▶
Sure. We can probably build a sane cryptocurrency. I'm talking about the ones that people are sinking tens of bn into and hyping the hell out of today.
replies(1): >>27308319 #
5. timdaub ◴[27 May 21 20:48 UTC] No.27308319{4}[source]▶
Fair enough, I'm against the on-going hype in the space.