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Comment by santiagobasulto | Hacker News Reader

For a bunch of us, living in 3rd world countries, Bitcoin provides more value than Google and Facebook. So I think this is ok. I don’t know why the post has a derogatory connotation.

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Only elite few who can buy GPUs and do mining. Majority of 3rd world can't. Smoke from coal and leaded petrol provides more value than health for those living in 3rd world too. I also don't know why the insistent of going green when not doing so is so much cheaper for the poor.

Now imagine if you could get the same value without using significant energy: it's called PoS.

PoS is too centralized and vulnerable to attack.

Or proof of space.

> For a bunch of us, living in 3rd world countries, Bitcoin provides more value than Google and Facebook. So I think this is ok. I don’t know why the post has a derogatory connotation.

I've heard this a lot, but I'm skeptical. It strikes me as yet another problem latched onto by Bitcoin enthusiasts so they can claim Bitcoin "solves" something (beyond providing yet another avenue for speculative investment), when the problem in question is much better solved by something else.

For instance: hyperinflation can be addressed by dollarization (either de-jure or de-facto), which is far more practical than bitcoin-ization.

What kind of value?

Huge volatility and first world kids willing to gamble.

In countries like Venzuela and Turkey and numerous others where skyrocketing inflation and the devaluation of the country's currency is an ongoing concern, bitcoin even in spite of it's volatility provides a safehaven. Some countries ban the US dollar, some don't offer access to banking/loans. Bitcoin, Ethereum and others help solve that. It also allows them to receive monetary assistance from relatives outside the country when such transfers otherwise are not allowed.

I'm not an expert and may have a detail or two off, but for anyone willing to learn more, I'd recommend the podcast from Lex Friedman and Alex Gladstein for more eye opening details.

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