Hacker News Reader

Comment by jgalt212 | Hacker News Reader

My takeaway from this and about 1/2 of AVC's recent posts is that he is long Bitcoin to the gills and wishes everyone else saw value in Bitcoin like he does.

FWIW, I like cryptocurrencies and believe in their utility, but I don't like Bitcoin. There's just too much mystery around its genesis. Will the real Satoshi please stand up?

View on HN

What does Bitcoin's genesis have to do with its value, usability, or why you dislike it?

In short, it hurts the product's transparency. Users don't really understand who gains and loses by its adoption. Gold bugs hoard gold because they don't trust the government. Maybe I'd be a dollar bug and hoard dollars because I don't trust Satoshi (or trust him less than the Fed). But I can't even figure out if I don't trust Satoshi or not because nobody knows who he is and what his/her/their long/short term intentions with the alleged $100M bitcoins Satoshi controls.

You're not trusting Satoshi, you're trusting the blockchain. Everything is open source. Satoshi is no longer associated with Bitcoin.

Well, that's just it. I trust the blockchain (and other open source methods), but not Satoshi. i.e. when it becomes easier to use cryptocurrencies, I'll use dogecoin, litecoin, or something else.
However, right now, they just seem too hard to use. And solutions that are easy to use, like non-bank banks such as Mt Gox, well you know how that turned out.

and I used to trust bash and openssl

No one cares if he will make $100M from this or not. $100M is less than %10 of the total value of all the bitcoins currently in the market and we can just think of that %10 as the one-time tax "humanity" paid to get the bitcoin system developed.

Reply on news.ycombinator.com