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Comment by daenz | Hacker News Reader

I have a hard time imagining how your normal everyday people would put any faith whatsoever in crypto. It's another step removed from "just a bunch of numbers in an account" (current banking) that is even harder to explain and justify. Why should they trust it? So how can it succeed if everyday people don't want to use it?

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At least with current numbers on account there is multiple governments involved trying to keep the value pretty stable overall. As that is best alternative in general for their politicians to continue staying in power. And other options are probably worse...

Modern monetary policies whatever they are exist for reason, things would likely be worse without them. And the big cryptos have no monetary tools...

>And the big cryptos have no monetary tools...

Dai

Flip it. Why should they trust anything else? They don't, so crypto being untrustworthy doesn't particularly stand out from the stock market, where you can also easily fuck up and lose your shirt without ever quite understanding what you've gotten into. See: options.

My bank account is insured by the government up to 250k. To trust the banking system is to trust the government.

You probably don't mean it to, but this reinforces my point. You trust the government? I sure don't.

I trust the government more than I trust the blockchain.

Bad call.

Governments can change things. Blockchain is eternal.

Which blockchain will be eternal?

Bitcoin will outlive you and me. Lots of others too probably.

You realize that bitcoin has a bandwidth of about 1 KB/s, which is less than a 28.8 modem right?

https://bitinfocharts.com/comparison/size-btc.html#1y

I'd be curious to hear your thoughts on the DAO rollback

I am a Bitcoiner, and I don’t really care for that premine coin eth. Lots of scams on that platform too.

Because its still more trustworthy then a currency that is managed under modern monetary theory. As in you can print as much money as you want as long as people have no store of value to escape into. You can argue about the validity of that argument all day long but the size of the crypto market speaks for itself. At the end of the day, somebody spend energy for its creation which gives it at least some sort of stored value.

Want to make a bet? I can survey 100 random people about the trustworthiness of crypto versus cash and prove you wrong.

The market speaks for itself. One works as a store of value, one doesnt.

I think we're debating two different points. My point is about the perception of the trustworthiness of crypto by your average person. Your point seems to be that crypto is a better financial instrument.

It boils down to the same thing. Inflation is nothing more then inflation expectation, as people change their behavior as a result. The fact that fiat is moving towards 10% inflation is a direct result of a reduction in trust in it as a store of value. People expect it to be worth less, and as a result it is. If you look back over any period of time you have a constant erosion of trust in its ability to store value since its inception in the 70s. For cryptos its the opposite.

You can make the argument about different market sizes though. But the trend in both directions is clear.

> The fact that fiat is moving towards 10% inflation

Crypto had value swings far greater than that in the past 6 months alone.

But not over time. Fiat has been constantly going down since its inception

Slow inflation is manageable for an average person (or a company). Wild swings at any given point are not.

If people see other people turning these made up numbers into Lambos then it's not really hard to see why they start to trust it.

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