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I wasted years of my life in crypto

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681 points Anon84 | 1 comments | 07 Dec 25 12:57 UTC | HN request time: 0.235s | source
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spicyusername ◴[07 Dec 25 13:28 UTC] 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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m00dy ◴[07 Dec 25 13:55 UTC] No.46181705[source]▶
Someone called J.Powell decides the price of US dollar. Bitcoin fixes this by inserting an algorithmic monetary policy, never seen in human history before.
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malfist ◴[07 Dec 25 14:56 UTC] No.46182113[source]▶
How does Jerome Powell decide the price of a dollar? How does an algorithm fix that? What is being fixed?
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1. jpadkins ◴[08 Dec 25 16:19 UTC] No.46194129[source]▶
Jerome Powell sets the future price of the dollar by setting a goal that is achieved by the Fed creating dollars and buying bonds (or selling bonds).

> What is being fixed?

A small group of people decide how much currency is circulated and can be used as debt, which creates inflation or deflation. Also there is no democratic process that can be used to control this small group of people, other than a repeal of the Federal Reserve Act of 1913.

> How does an algorithm fix that?

As an example, Bitcoin's algorithm has a fixed schedule in which new BTC is created. People can voluntarily use or not use BTC as a currency based on this currency creation schedule (vs. arbitrary creation that comes with fiat currency). This algorithm can only change by actors that take hashing majority on the Bitcoin network.