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Comment by edwnj | Hacker News Reader

Celsius = centralised, terra = centralised, FTX = centralised...

The point is stop trusting centralised wolf in sheeps clothing.. same goes for ethereum with Proof Of Stake.. ur just reinventing central banking (but private)..

The only truly decentralised coin is bitcoin..

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and bitcoin has exorbitant transaction fees, slow transaction times, massive power usage for relatively little throughput, etc., etc.

time to end the crypto social experiment and go back to using the traditional banking system which has safeguards in place to prevent people from being continuously taken advantage of. oh wait, nobody was really using crypto for anything other than a FOMO investment anyways

Bitcoin transaction fees are ~5 cents right now.

Granted it's still slow...

According to this chart it is showing as still being about $1-$1.4 per transaction on average in the past month which is alot more then 5 cents?

https://www.blockchain.com/explorer/charts/fees-usd-per-tran...

Exchanges pay massive (often 10X required) fees for whatever reason.

Real transactions are much cheaper. Try https://mempool.space/

By taken advantage of, you mean like becoming a debt slave paying off mortgage on overvalued house because of a housing bubble they blew out of proportion yet nobody was held accountable for?

No- by taken advantage of I mean like putting your life savings into a 20% APR yield crypto savings account and getting rugpulled the next week. Funny how you reference being taken advantage of in standard financial institutions as having debt but it is just as easy if not easier to take out loans in the crypto space that people have no chance in hell of paying off. Regardless, that's unrelated to what I was talking about, which was about people getting conned day in and day out in the crypto space. At the very least, this is minimized in the regular financial market which has safeguards in place to protect consumers. Is this system perfect? No. Is it 100x better and safer than the current state of crypto because of lessons of the past and the laws put in place because of them? Yes.

If you believe that crypto is in any regard better than the traditional banking system (which it seems you do), please state those claims explicitly.

I definitely don't think crypto is in any way "better" as an investment (you can look at my other comments here), but I definitely think the destruction as misery caused by traditional finance was so much higher.

Crypto is extremely speculative and risky and everyone knows it.

Housing on the other hand, get extremely favorable regulation that's unjustified in my opinion. You got the Fed buying mortgage backed securities.

In my view, what is going on in traditional finance is morally wrong much more than in crypto. Unlike crypto were the bubble doesn't effect me, I need to work and pay higher rent and my freedom is restricted as a direct consequences of the evils of traditional finance wether I'm participating in their bubble directly or not.

Many of the things you call "safeguards" of traditional finance are greater evils than nothing at all. Especially safeguards of collateralization, like mortgage.

(And don't get me wrong - I'm very capitalistic in my world view. You can just hardly call capitalism the way the Fed and mortgage dealers acted, and central banking is the bane of modern capitalism).

> bitcoin has exorbitant transaction fees,

Basic transaction cost at this time is est $0.05, or 54 cents for high priority.

> slow transaction times

If by slow you mean ~10 minutes, it turns out this is a strength (Solana is not scalable; Ethereum will also likely grow in an unbounded fashion making individual node-running infeasible); and layer 2 solutions such as Lightning Network enable sub-second Bitcoin transactions.

the transaction fees, the verification and throughput limitations are fundamental technical tradeoffs required for a truly decentralised store of value.

The people and technologies claiming to have "fixed" or "improved" upon bitcoin are often making different trade offs they lie about. This is why I like solana, they make no pretence of being decentralised.

btw fiat is 1000x worse. You don't see it on the news because you're forced through coercen to bail out & insure these bad actors. The current US bank reserve requirement is 10%.. the only reason there isn't a bank run is FDIC. The whole thing is an incestious mess that creates our current world of cantillionaires..

Yeah but the collapse of those exchanges drove down the price of the coins. Even if its your keys and your coins those coins become worth less money than they were before.

If u look at the past decade, the real coins survive. Its the venture backed ponzis that die..

Basically no exchange should be holding enough to cause a collapse of the coin. With bitcoin this will never happen, there was multiple collapses at times where liquidity & ramps were non existent.. and bitcoin still survived to go up multiples.

also this is a temporarily problem technical problem. Solutions such as AUMs and DEXs are being built up asap.

The people using those exchanges largely don't care about the alleged original use case for crypto. They're just trying to get rich.

>The only truly decentralised coin is bitcoin..

And Monero IMO

decentralized is an antisocial child's fantasy

a wish against a world that doesnt make sense to them

a desire to turn away from human society

a hoarder's dream

I think it is the last item that motivates the rich folks desire for a store of value that doesn't rest on providing funds for the rest of society to borrow. The rich would keep their wealth out of circulation while the society withers due to lack of investment in the work and inventions of that society.

lol how dare you hoard all that money in your bank account

Monero is a superior currency to btc in every way.

It's not superior; it just makes different tradeoffs [1].

[1] https://phyro.github.io/grinvestigation/why_grin.html

weird how the only currency dnms use is monero, meanwhile everyone knows what grin is winkwink

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