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Comment by cblconfederate | Hacker News Reader

I don't think an interesting cryptocurrency will ever come out of the US , they have the dollar.

US has a culture that knows that resisting the change isn't way to stay as #1, and you better innovate and disrupt yourself. However, state's innovation might not end up being what crypto advocates are looking for.

I wish the US still had that culture. Our federal legislature has been intentionally deadlocked by a single man for years, without any hope of that changing.

This mistake in this line of thinking is that innovation comes from the government.

And yet here I am on the internet, an invention of government-funded researchers.

But seriously: I didn't innovation originates from the government, but our elected officials are certainly a reflection of the culture of our country.

In fact, one of our major political parties rages against the things that made the US innovative: creating a haven for immigrant scientists and entrepreneurs, excellent research universities, and social programs that acted as a safety net for anyone taking a risk on an innovative business.

> US has a culture that knows that resisting the change isn't way to stay as #1

Are you kidding? This is the country that avoids the Metric system remember. https://en.wikipedia.org/wiki/A_Metric_America oops.

Are you saying that because of It's refusal of metric system, It has lost its #1 spot?

No I'm saying that for quite some time, the US has not made the reforms it should have that other countries did.

Perhaps the ratio of exceptionalism to gridlock as the excuse for stasis has changed, but the stasis itself hasn't.

Technically, avalanche is a US coin. It was also the first proof of stake crypto currency but I have not seen it picking up much traction in the US. https://www.avalabs.org

*EDIT Avalanche was not the first proof of state crypto currency.

Avalanche is not the first PoS coin. You could make an argument that the first was Tezos but there are PoS like instruments that predate it significantly.

Looks like Peercoin predates Tezos by about six years (2012 vs 2018):

https://en.wikipedia.org/wiki/Peercoin

https://en.wikipedia.org/wiki/Tezos

AFAIK peercoin is recognized as the first PoS cryptocurrency.

Cryptocurrencies are being used by so-called cybercriminals (cybercrooks) as we speak. Because it is decentralized, its more difficult to close down illegal transactions, and they consider themselves anonymous after mixing.

I don't find cryptocurrency interesting at all for a free society. I don't see any purpose of it, if you live in a free society. And I do live in one.

dollars are used by all sorts of criminals and terrorists

Maybe Facebook sees that the US dollar will no longer be the reserve currency one day relatively soon?

Wouldn't bet on it. People said the Yen was going to displace USD, then they said that about the Euro...

I’m not saying that I feel that it’s a likely event. I’m saying that Facebook thinks it’s one. On a related note, when it seems like Ray Dalio is saying the same thing (the US dollar will be replaced as a reserve currency), there’s more credence to the idea

Why would Facebook care? As a huge multi-national they have billions in all kinds of currencies across different banks. They already are prepared to exchange in any freely traded currencies.

Because it gives people a good reason to use Facebook’s Diem

This is the most on point comment.

There are some within that realize the U.S is in an unsustainable path of devaluing, borrowing, and excess spending in pursuit of failed policies. There is still hope!

What does that have to do with crypto?

hard to devalue a currency you don't control. which then leads to reigning in of the leviathan.

I don't know what makes you think the US would have no control over the value of any popular crypto.

If it's being spent in the US, they have control. They can make it illegal, tax it to hell, or just start mining it themselves.

I don’t think you understand it then...

Let me know if they ever did stop music and video sharing, did RIAA lawsuits work? How’s that cute FBI logo at the start of movies working out?

Money is not digital entertainment. That analogy makes zero sense and doesn't make your point at all.

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