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I wasted years of my life in crypto

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681 points Anon84 | 4 comments | 07 Dec 25 12:57 UTC | HN request time: 0.001s | 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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TrackerFF ◴[07 Dec 25 14:03 UTC] No.46181747[source]▶
At least for me, the big selling point was being able to send money fast and relatively cheap. Back then you either had PayPal, or wire transfer. PP could easily freeze and hold your money over whatever issues, while bank transfer was slow.

And, mind you, I only purchased/sold legal stuff.

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ikt ◴[07 Dec 25 14:09 UTC] No.46181776[source]▶
Yep, that's what I thought nano had done:

https://nano.org/en

instant, fee's a fraction of a cent, I thought this was it, international payments that don't rely on visa/mastercard!

and then it just went no where :\

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immibis ◴[08 Dec 25 09:57 UTC] No.46190456[source]▶
Almost every cryptocurrency starts out with low fees and then fees increase when it gets popular and runs into processing limits.
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Imustaskforhelp ◴[08 Dec 25 12:16 UTC] No.46191379[source]▶
Okay full disclosure, I believe in stablecoins only but what are your thoughts on nano. It has zero fees and I worked using its zero fees to store data/timestamps in it by nanotimestamps

Personally I prefer usdc on polygon

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immibis ◴[08 Dec 25 18:04 UTC] No.46195551[source]▶
> what are your thought on nano. It has zero fees

I repeat:

> Almost every cryptocurrency starts out with low fees and then fees increase when it gets popular and runs into processing limits.

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Imustaskforhelp ◴[08 Dec 25 19:02 UTC] No.46196246[source]▶
Once again, I have no skin in the game at all and I do not own any nano.

Nano uses proof of work to counter scam from both sending and receiving side and it uses open representative voting.

Basically nano works from my understanding as like hey, we will host the servers for nano since its kinda cheap to do so but also that we can promote our services via the voting model, mostly done by exchanges like binance,kraken for free.

The model of nano lacks the idea of payment in the first place, its whole model is built around send/recieve proof of works and representative voting

I created a tool which did literally 10s of transactions on nano tokens I got from a faucet and they had 0 fees so I stored data like "hello world" lets say on the chains without losing a single coin (I had like 0.000001) or something

They still are sustainable and without spam by that much partially because of their proof of works and from what I know, it can get really hard to spam if one tries to do so.

Personally there is nanusd but its highly unregulated, just created by one guy, I wish if something like nano can be created at a stablecoin level but yea.

What are your thoughts now, I wish to not sell on nano (the coin) but ORV (the technology), I find it more interested than blockchain essentially, there are some minor differences like nano uses lattice structure etc.

Also please dont buy nano reading this, I find the coin still speculative and I wish if someone can create a more regulated version of a stablecoin combined with running basically a nano node internally, its all open source I guess.

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1. immibis ◴[09 Dec 25 09:55 UTC] No.46203178[source]▶
> The model of nano lacks the idea of payment in the first place

oh well then I guess it's not a currency so why are we talking about it in the first place?

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2. Imustaskforhelp ◴[09 Dec 25 12:44 UTC] No.46204326[source]▶
I meant gas payments sorry, not payments itself...

Mistakes happen and I am human so sorry about the misclarifications I suppose.

But basically the coin's structure/data structure doesn't have a gas fees data in it and its always 0, the network might take some work function which can take some time to process and there have been some attempts at spamming it but the recent network from what I have heard is spam resistant and it can happen to any such coin but honestly I do like 0.0000001 faucet transactions and they happen for free and instantly the last time I tried it.

I am still not shilling nano coin, I think the technology is cool and something similar but with more stablecoin-esque asthetic could be built and I am kinda interested in building something like it just out of curiosity ngl and I am worried what can be the idea or is it even worth it but yea...

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3. immibis ◴[10 Dec 25 14:49 UTC] No.46218294[source]▶
When throughput I create 9999999999 accounts each sending 99999999 transactions per second, something is going to prioritize which transactions to include in the chain. If you don't choose intentionally, you will choose unintentionally.
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4. Imustaskforhelp ◴[10 Dec 25 21:15 UTC] No.46223967{3}[source]▶
See personally I hate crypto, I am not even touching / do not even want to stablecoins too much now(I made a comment about it somewhere here) but basically I am getting rid of that too so yeah

I am saying that yes they choose intentionally by having buckets of higher value transactions earlier than later but the transactions happens instantly even lower amounts

That being said, there have been points in past where I have seen in its history where it got spammed and yea it can have an impact but even that, they say that they have mitigated it now

But even then, the premise is in all honesty you were mentioning how every crypto has fees but even if it may have spam which might delay an transaction from its default literally 1 second to lets say something like a minute...

Even then it will take 0 gas fees. So I think I still gave an solution to you no?

That being said, I think its tech is cool but the way its implemented in stablecoins whatever could've been nice but its all just regulatory gimmick. Personally I am not that interested in any of these things but still I feel like it was worth mentioning.

I think nano has more potential whatever that means than bitcoin but I am not gonna be foolish and invest in nano because I dont think its something like investing, it would still be speculation and the traders and everyone is irrational because its sort of gambling and I think that what nano can be good for is, instead is people working on it to create their own stablecoins or tokenomics but as I have said, I personally think most if not everything in crypto is kinda about regulations so I have mixed opinions honestly about crypto in general but the technology behind nano was cool tho which is what I wanted to share (still please do not invest in nano, I think its highly speculative and irrational market and tech literally doesnt matter and if you like the tech, build something similar but with which can have more financial sense I suppose and usecases etc. too I suppose)