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Comment by c01n | Hacker News Reader

> What we especially need to stress to regulators...

Lol. Talking like that obviously shows that cryptocurrencies are not for you. This tech has cypherpunk and crypto-anarchy roots, regulators/governments are not the intended users for this tech, even if you like it or not. If you do not view cryptocurrencies from an cypherpunk perspective you will not see their social benefits, it is an entire way of life an alternative view from the centralized shit show we have now. Yes the tech has flaws, just like how digicash, hashcash, b-money etc had flaws, this is an evolutionary process and nothing you or your government says can stop it.

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I think that cyberpunk dream died when billionaires and VC got involved and Bitcoin (and other) currencies skyrocketed in price from millions of people playing crypto-lottery.

Strikes against it:

- It's burning a massive amount of resources and that is just increasing

- I don't have the stats but I imagine the exponential growth in Bitcoin/coin prices is mainly from people using it as a pyramid scheme/casino not simple an upticl in usage

- A transaction is still pretty trackable (we know where the mt gox money is, yeah?)

- Over 60% of bitcoin mining takes place in one country on specialized hardware, not terribly decentralized anymore

> It's burning a massive amount of resources and that is just increasing

Do you own a car? Have you ever used plastic? How much resources are burned by banks?

> I don't have the stats but I imagine the exponential growth in Bitcoin/coin prices is mainly from people using it as a pyramid scheme/casino not simple an upticl in usage

Yea lets also ban computers because they allow cryptocurrencies.

> A transaction is still pretty trackable (we know where the mt gox money is, yeah?)

Ever heard about Zcash or Monero

> Over 60% of bitcoin mining takes place in one country on specialized hardware, not terribly decentralized anymore

Yes the tech is not perfect but tons of research (Proof of Stake etc) is happening to make it perfect.

Really surprised you brought up Proof of Stake for decentralization and not the environmental aspect. It could actually solve the environment issue!

But decentralization? How will the ease of entry not allow allow rich people to dump money into it and be the main players/money makers in that system. Perhaps they wont all be in one country but they'll certainly (by stake owned) be one predominantly one demographic.

> nothing you or your government says can stop it

Oh yeah? Let's find out.

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