Hacker News Reader

Comment by kemotep | Hacker News Reader

Is it possible that you can understand bitcoin and still not like it?

Sure as long as you realize its simply an opinion and not act like it's a fact that it's bad. Fundamentally it feels like every time these threads open up on HN 70% of it is bad faith, repeat arguments.

Don't like Bitcoin's Proof of work properties, check out Ethereum. Don't think that everything needs to be on one central ledger? Check out Polkadot. It feels like so many commenters here put their heads in the sand about an entire class of technology because they're caught up in their opinion as fact.

I object to Bitcoin on the fact that governments regulate money, so centralization is guaranteed. Wasting any effort on fake decentralization is objectively inferior because it adds to the cost with no benefit.

  Wasting any effort on fake decentralization is objectively inferior because it adds to the cost with no benefit.

Do you feel similarly about democracy?

Democracy doesn't have the same problems. If a government is not functioning properly, voting them out is better than armed revolting then out.

You do realize that's literally what miners, developers, and users do?

Go make a fork "fixing" these problems you speak of. Demonstrate its utility and people might adopt it.

It's opt-in yet you speak of it as an authoritarian power.. when in reality government currency is literally this.

An opinion backed by mainstream economic consensus but, yes an opinion. I do not need to utilize heterodox models to justify why a hyper deflationary monetary system is a bad idea. I can base this opinion off economic fundamentals and data points showing the negative impacts such a system would have. But you probably understand this, and have justifications for why the positives outweigh the negatives. I don’t reach that opinion and we likely won’t see eye to eye on that point. You probably made this account specifically to push back on the mainstream opinions of cryptocurrencies.

  why a hyper deflationary monetary system

Bitcoin is inflationary until 2044

> Don't like Bitcoin's Proof of work properties, check out Ethereum.

Ethereum's move to a Proof-of-Stake system was the best thing to happen to the cryptocurrency world, from an ecological point of view; however, that does not change anything about Bitcoin's energy consumption.

Someone who objects to Bitcoin due to its excessive energy use will not stop disliking Bitcoin just because an unrelated cryptocurrency became better.

Sure, then you're a person who doesn't like how some people solve some problems with bitcoin. That's fair, you don't have to like that.

Sure, that's not the people I'm referring to.

I understand it perfectly and loathe it, not for the reasons people typically do, but because what it pretends to be able to do it cannot, and actually does the opposite of.

Reply on news.ycombinator.com