points by yakkomajuri 2 hours ago | 0 comments
I think we can probably declare crypto as failed now.
Note that I was one of the folks early on that bought into the idea (but not as much of the coins sadly) and I still think the Bitcoin white paper is a beautiful intellectual exploration (as is the concept of blockchains).
But the centralized entry and exit points in practice mean all the theoretical benefits aren't really in play.
[–] paxy 1 hour ago
If the use case is tax avoidance, bribes, theft, scams, money laundering, funding terrorism, evading sanctions, ransomware payments, extortion, illegal purchases then crypto is immensely successful.
[–] heed 37 minutes ago
these use cases exist with all forms of cash too
[–] conception 16 minutes ago
Whataboutism like this always misses the scale of it. Imagine Breaking Bad but with Crypto - suddenly all of Walt's cash logistics problems go away because doing crime in cash is not the same as crypto - the scale and ease are very different.
[–] latchkey 1 hour ago
not to be whatabout... but... anything of value is used for all that too, in much larger amounts.
it is wild to me that people expect that crypto is supposed to solve a problem that is as old as currency.
[–] tantalor 2 hours ago
Failed in 2021 with the height of memecoin/NFT frenzy.
[–] tomashertus 1 hour ago
NFT era was the peak of stupidity. I lost a lot of respect for many “smart” people during that time.
[–] jawiggins 51 minutes ago
It's significantly less useful in first world countries that have developed and reliable financial systems. However all of the problems crypto has can often still be more reliable than the financial systems available to many humans.
[–] bottlepalm 1 hour ago
Hacker News has always been salty about being against crypto all the way up. And it's overall still very up. You wishing it failed, doesn't make it fail.
[–] yieldcrv 38 minutes ago
best bug bounty on the market, working perfectly for the current custodians
[–] smoovb 1 hour ago
Agree, citizens in countries with rocketing inflation should be just forced to deal with it.
[–] Scott_Sanderson 38 minutes ago