from Hacker News

Bitcoin Is the Detector of Imbeciles

by serverlessmania on 1/4/23, 12:14 PM with 28 comments

• by janandonly on 1/4/23, 12:29 PM

  True. Only if you can tell me in what circumstances a bitcoin transaction is better/more useful than a cash or bank transfer, you are clever.

  Don't get it = not clever.

  Want to use it where it has no need = also not clever.

  Want to slap "blockchain" on anything that may or may not need it = clever if you dump your bags fast enough. Otherwise, not clever. In both cases, immoral.

• by acdha on 1/4/23, 1:53 PM

  The point about interest rates is broadly applicable: we saw the first mortgage bubble pumped up by large investors trying to recover from their dotcom losses, followed by waves of obviously doomed startups and non-solutions like cryptocurrency, all sharing the common desire to find higher returns than have been possible since the turn of the century. Increasing interest rates should encourage better decisions but at least in the United States there are a ton of people who are depending on being able to sell their homes at a hefty profit for retirement, so they won’t be happy to see mortgage rates anywhere near the historic levels.

• by jqpabc123 on 1/4/23, 2:45 PM

  Bitcoin/crypto is a detector of naivety, inexperience and arrogance.

  Blockchain is simply an accounting system. It is naive to assume that "trustless" accounting can/will lead to a functional, trustless monetary system without government.

  It is arrogant to assume that understanding blockchain gives one insight on finance and monetary policy and marketplace dynamics.

  Scammers and con artists feed on naivety, arrogance and over confidence --- and crypto is the proof.