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Comment by seibelj | Hacker News Reader

Bitcoin crossed 50k (again), US senators are debating cryptocurrency regulation as part of historical legislation, and major global companies like Visa are making moves in the space. Is it possible the HN decade-long dismissal of crypto and blockchain has been totally wrong? Or is HN just a tiny minority of people who are simply smarter and wiser than the US government, Fortune 100 corporations, and hundreds of millions of people who own crypto?

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I’m genuinely agnostic on your question, either of those possibilities strike me as roughly equally plausible.

Also, many of those debating and getting their toes wet in crypto are not necessarily predicting it will work, they’re just hedging their bets in case it does. For example I’ve got about 3% of my Investible wealth in crypto. If it tanks to zero I wouldn’t consider myself “wrong”.

Crypto skepticism is still a fairly mainstream position, it’s not unique to HN.

I’m convinced that crypto will crash and burn, yet I put some money on it because I’m also skeptical of market efficiency and do believe there’s a lot of money to be made in “bad” ideas. I don’t know how mainstream my position is, but I do know a few people who share it.

Does this question presuppose that the US govt, fortune 100 etc, are institutions that can reach a level of intelligence and insight that roaming individuals can't? That's some faith in collective action, if so.

Or the Fortune 100 corporations want to profit of the millions of people who own crypto and want to own crypto.

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