Hacker News Reader

The miners absolutely are taking wealth from others—-I can’t believe I’m getting sincere pushback about this.

The entire value of the Bitcoin you mined came from later stage “investors” in Bitcoin.

Wealth is not a zero sum thing. Are they getting USD (or drugs, or whatever) for their BTC? yes. obviously.

is this good? well, ordering mob hits on some darknet site via BTC is obviously bad, whereas ordering magic mushrooms is much better than funding street gangs.

meanwhile burning down the planet just to calculate hashes endlessly? obviously bad.

Wealth is not zero sum, but Ponzi schemes are. They do not create wealth, but pretend to do so until the scheme collapses.

Yes, those poor hedgefunders!

You just trolling or do you seriously think it was hedge funds who lost money?

While retail investors did lose money, crypto volumes are dominated by institutions.

Reply on news.ycombinator.com