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Comment by cm2187 | Hacker News Reader

Hold on, I thought crypto-currencies were using encryption to ensure that no one can create more currencies like a fiat currency.

But we can just clone the currency, let's create bitcoin cash! Or let's agree to change the algorithm!

Hold on, I thought crypto-currencies were meant to be immune from government interference.

Wait, China cracking down on bitcoin makes its value plunge!

There is only one way to learn discipline when investing, the hard way, loosing one's own money. Hopefully people haven't bet too much on this.

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To play devil's advocate -

>> I thought crypto-currencies were using encryption to ensure that no one can create more currencies like a fiat currency.

Well, you can't just create more BTC, but if you fork it, sure, you can create a parallel currency called BCC where everyone who has BTC gets BCC too. The challenge is persuading people that BCC has value. Which apparently happened.

And you can conjure up whatever altcoin or ICO token you like. But again you have to make people think it has value. Such things are not interchangeable with BTC.

>> I thought crypto-currencies were meant to be immune from government interference.

Bitcoin is immune to government interference. The government haven't been able to mess around with the supply, or take anyone's bitcoin away or prevent people sending each other bitcoin. What they've done is tank the value by stopping exchange with other currencies. Arguably this isn;t much to do with bitcoin.

Of course if you're only interested in bitcoin because of 'investment' which you hope to turn into dollar or yuan gains, then that's something different...

>> Hopefully people haven't bet too much on this.

Well, there are quite a few dollar multimillionaires who have got there via cashing in BTC, so somebody has been paying in to the system!¬

> Well, you can't just create more BTC, but if you fork it, sure, you can create a parallel currency called BCC where everyone who has BTC gets BCC too. The challenge is persuading people that BCC has value. Which apparently happened.

Until the debate of changing the algorithm is opened again. Following the algorithm is only a convention. Conventions can change.

Who is losing money? A year ago BTC was under $600. Today it's over $3,000. Surely a painful lesson for anyone holding for 12 months.

Yes, you can fork open source software, but as you see the value doesn't come from the code intrinsically. BCH is at $500, even after pumping and a year long campaign of misinformation. Other alts have to provide compelling value to get a good market price.

Nobody ever said cryptocurrencies were immune from government interference. They are immune from government corruption. You haven't shown anything to the contrary.

IT's funny how, whenever BTC slips a little you guys declare victory, but you're kinda ignoring we're up 10X in 18 months.... where are your declarations of defeat? (if that's your standard- price movement.)

How many years of knocking down the same straw men is it going to take?

> BCH is at $500

Yup, a sure sign that something is screwy - let's fork the currency and award ourselves 10-20% extra money overnight!

they will be having this same argument when BTC is $40k and drops to $30k, will it be in 2 years or 5 years who knows?

> Hold on, I thought crypto-currencies were meant to be immune from government interference.

And they are... mostly, but remembers that a lot of people invest in cryptocurrencies without knowing what they're about. People's perception is what drives the market.

Even more fascinating is how btc speculators have managed to convince themselves that the original thesis crumbling actually improves their positions. The mind believes what it wants to.

I mean, the value of bitcoin has gone from ~$7 in 2011 to almost $5,000 today. So a momentary dip due to bad news isn't that big a deal in the grand scheme of things.

Uh... please name the original thesis that is crumbling.

Coin supply limited to 21 million -- still in force. Easy global transactions online that you can do with your phone-- still working Censorship resistance-- still there Trustlessness -- still trustworthy

What exactly do you think is the thesis that has crumbled?

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