←back to thread

681 points Anon84 | 2 comments | | HN request time: 0s | source
Show context
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.

replies(48): >>46181550 #>>46181552 #>>46181565 #>>46181570 #>>46181587 #>>46181592 #>>46181595 #>>46181598 #>>46181626 #>>46181627 #>>46181644 #>>46181650 #>>46181665 #>>46181684 #>>46181692 #>>46181705 #>>46181710 #>>46181747 #>>46181851 #>>46182086 #>>46182181 #>>46183207 #>>46183326 #>>46184155 #>>46188845 #>>46188916 #>>46189281 #>>46189390 #>>46189635 #>>46189752 #>>46190184 #>>46190277 #>>46190352 #>>46190438 #>>46190551 #>>46190980 #>>46192357 #>>46192629 #>>46192718 #>>46192829 #>>46193037 #>>46193082 #>>46193531 #>>46193609 #>>46194845 #>>46194934 #>>46195115 #>>46203155 #
fsh ◴[] No.46181710[source]
It's an ingenious solution to achieve a "trustless" currency that prevents double-spending without a central authority. Unfortunately, this solves the wrong problem. Spending money usually involves getting a good or service in return, which inherently requires "trust" (as does any human interaction). Your fancy blockchain is not going to help you if you order something with Bitcoin and no package arrives.
replies(8): >>46183912 #>>46188004 #>>46189527 #>>46189658 #>>46189805 #>>46190291 #>>46191411 #>>46194081 #
rjdj377dhabsn ◴[] No.46189527[source]
Why should the method of payment solve that problem? A reputation system for sellers and service providers makes more sense to be entirely separate.
replies(1): >>46189550 #
1. culi ◴[] No.46189550[source]
except currently the main usecases for cryptocoins are to buy illicit goods and services online. I remember when OpenBazaar was a thing. It even somehow managed to get an iOS app despite it being ridiculously easy to find listings for lbs of cocaine
replies(1): >>46190323 #
2. bloppe ◴[] No.46190323[source]
Ya, I'm not a big fan of that use case, and I agree it's a problem. But I hold Bitcoin as a hedge against inflation. It tends to do better than gold, and is way easier to transact and store.