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681 points Anon84 | 1 comments | | HN request time: 0.198s | source
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spicyusername ◴[] No.46181533[source]
I've never understood the initial arguments about Bitcoin, no matter how many times they've been explained to me.

The block chain is, and always was, an extremely inconvenient database. How anyone, especially many intelligent people, thought it was realistic to graft a currency on top of such a unwieldy piece of technology is beyond me. Maybe it goes to show how few people understand economics and anthropology and how dunning-krueger can happen to anyone.

Now the uninformed gambling on futuristic sounding hokum? THAT is easy to understand.

That being said, I'm sorry the author had to go through this experience, the road of life is often filled with unexpected twists and turns.

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bayesianbot ◴[] No.46181627[source]
I agree with the article and I hold 0 crypto right now. But I still think it's amazing that I can hold something limited, something I can exchange for real money, in my head, just based on math. Sure it is extremely inefficient database, and pretty much all the real value needs to be linked with real world banking, but it does have some really unique features that makes me sad that it (predictably) turned to just scams and speculation.

Edit: and the other feature I like is that I could just attach my code to the raw banking backend. People say that anyways everybody just uses exchanges, and that's true, but if you'd ever want to connect to banking backend, you'd get buried in paperwork. With crypto, you'd just run or connect to a node.

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1. Nextgrid ◴[] No.46183069[source]
> just scams and speculation

The "currency" part is actually the only one that is not a scam, as long as you understand what it is and the trade-offs it makes.

If you do actually have a legitimate reason to use it (because conventional payment rails are not available, or you're doing crime, or need pseudonymity), it is a perfectly fine tool.