Hacker News Reader

Hacker News

Comment by aey | Hacker News Reader

Parent Full thread

aey

Crypto! 17% of the worlds GDP is spent on financial services. Software can eat it all.

View on HN

crypto is fake money, and it will never survive government scrutiny.

we need our dollars to be made by governments, not basement dwellers.

All money is fake money, the notion of a currency is a value fiction shared among a group of people.

Most governments are very young, and do not last very long historically. Central banking is a handful of decades old, cryptocurrency is one decade old.

Neither the maximalists nor deniers are right at this point. It remains to be seen when/whether cryptocurrency will replace fiat currency.

cryptocurrency will never replace gold-backed fiat currency.

Fiat currency is not backed by gold, in fact, it is not backed by anything.

Also, gold is not inherently valuable. It will become a regular common metal once we shift extraction to the asteroid belt.

The truth is there really isn't much with "inherent" value out there, with the notable exception of potential energy.

“The growth of the Internet will slow drastically, as the flaw in ‘Metcalfe’s law' becomes apparent: most people have nothing to say to each other! By 2005, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.” - Paul Krugman

Paul Krugman - the original stable genius

Pray tell which fiat currency is gold backed.

us dollars. obivoulsy

U.S. dollars aren't gold backed.

There is no gold-backed fiat currency.

Is the Government currency True money?

I think you missed the train friend.

That's what somebody told me about crypto in 2015, or for that matter about Google in 2009 and computer science in 2002.

There's always another train, right up until the point where everybody assumes that there'll always be another train and world domination is assured. At that point, it's time to hop on another track.

Crypto is the internet in 1996, and you are telling me I missed the train because SUN Microsystems is going to be the first trillion dollar company.

.. eventually going bust and being bought by Oracle?

I think that's the point. Existing cryptocurrencies are very likely to get eclipsed by new competitors that actually solve the problems people face with them. And if you want to have a big impact on humanity, solving those problems is a fruitful area. The financial system that'll pay for our retirements likely hasn't been invented yet.

Crypto is not the internet in 1996. It's a scam. The internet never was. "Crypto is the early internet" is such a lame over-repeated phrase by crypto enthusiasts. Doesn't make it correct in any way.

Reply on news.ycombinator.com