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681 points Anon84 | 1 comments | | HN request time: 0.203s | 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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tormeh ◴[] No.46189635[source]
I think block chains are inherently fine. The issue with bitcoin is that it isn't inflationary. Yes, yes, the supply increases over time, but that's also true for gold, and I've yet to hear anyone call gold inflationary. If a declining unit value is not guaranteed over time then it cannot be used as a currency and just becomes a savings vehicle / speculative asset. This is why all central banks aim for inflation. Try telling the true believers this and they'll reply with something about "sound money", seemingly nostalgic for the gold standard or something. It's rather disheartening.
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1. summa_tech ◴[] No.46192282[source]
> sound money

Perhaps they're the new incarnation of audiophiles.