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Comment by mkirklions | Hacker News Reader

I believe in Bitcoin only.

The people that have been around for almost a decade have treated Bitcoin as a hedge against Fiat currency inflation. Similar to how people treat gold. I am one of these people that believe in the 21,000,000 solutions as something that is nuclear chemistry proof and rare.

Outside of that is a joke.

dApps unused, copypasting bitcoin (or various alt coins), then promoting it as a world changing idea. Various centralized currencies which defeat the entire purpose.

I imagine things like Tether will be the future allowing money to be moved cheaply. As I develop my own coin, I choose to tie it to a very popular investment rather than produce yet another silly 'rare' number.

CryptoCURRENCY needs to move things that are hard to move, cheaply. Crypto that stores and manages data seems like a foolish application due to the enormous expense, unreliable txn times, and unneeded verification.

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Why would you use bitcoin as a hedge against inflation instead of some real asset that has persistent value? Land, gold, etc?

Land is good, but can be seized by a government. I know an Iraqi family that went from riches to rags due to this.

Gold is good, but as a chemical engineer, nuclear chemistry is a real threat.

I love ETFs, but I think the market is artificially inflated by the current trump bull run.

Bitcoin is used worldwide and can be kept on a cellphone or piece of paper.

You still rely on your cellphone and network. If Bitcoin becomes common enough, governments will find ways to ban / infiltrate / manipulate the network. It has already come down to seizing your land and gold, why don't they seize your phone, wallet, cut the Internet, arrest anyone who trade with Bitcoin?

> Gold is good, but as a chemical engineer, nuclear chemistry is a real threat.

I never thought I'd run into someone who believes in crypto and practical alchemy at the same time.

> Land is good, but can be seized by a government. I know an Iraqi family that went from riches to rags due to this.

If more Iraqis had had Bitcoin, they would probably have been fine. /s

> nuclear chemistry is a real threat.

But the "51% attack" isn't?

As others have stated; Land and Gold can be confiscated; Thieves, Governments, Inflation. Its also hard to move. Any lock can be broken; any safe cracked. I trust in AES with many iterations of SHA512 to protect my coins.

I feel you don't really understand the value that cryptocurrency is adding; It is by its nature very easy to move and cheaper to protect than Gold. Its the long bet against eventually everything will be eaten by the state; or by inflation.

Someone who is stealing your land can also steal your private keys/digital wallet.

Crypto gets stolen all the time and once it's gone you have no recourse. It also gets seized. And of course you can also just lose it which is realllly hard to do with land.

>Crypto gets stolen all the time and once it's gone you have no recourse.

Someone steals your wallet with USD, whats the difference?

People act all weird when the word Bitcoin comes up, but its really not that different from gold and USD. Well except it solves a few problems those have.

Cant things be both advantageous and disadvantageous?

> Someone steals your wallet with USD, whats the difference?

You lose a tiny amount of cash and get new cards from your bank. BTC is like carrying around your bank account, it's a whole different ball game.

> Someone steals your wallet with USD, whats the difference?

I don't store the majority of my money in my wallet.

Stealing your btc is also really easy, as xkcd showed a long long time ago: https://xkcd.com/538/

'things like Tether' - There are basically two of them. Tether and MakerDAO.

MakerDAO has the advantage that it is designed so that you don't need to trust any human or organizational player. Just the crypto itself.

Tether can fall apart any minute. (e.g. when Tether executives play dirty)

MakerDAO can fall apart, too. From their white paper:

"If there is a sudden market crash in ETH, and a CDP ends up containing more debt than the value of its collateral, the Maker Platform automatically dilutes the PETH to recapitalize the system. This means that the proportional claim of each PETH goes down."

There's a lot of obfuscation about both that and Tether, but the reality is that a big drop in the asset held for stabilization will break the stability. And the asset is some cryptocurrency, not gold or land or something with a track record. Tether at least claims they have dollars, but their auditors are not convinced.

> Outside of that is a joke. ... copypasting bitcoin (or various alt coins), then promoting it as a world changing idea

> As I develop my own coin

How is your coin different from copy-and-pastes?

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