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0 pointsseibelj5y ago0 comments

This is the history of all revolutionary technologies. At first it seems like a useless toy, then the establishment laughs at and denigrates it, then it's fought aggressively, then it takes over. I would say we are almost past the "fought aggressively" stage, at least for Bitcoin, and into the "taking over" stage as smart institutional money begins to get exposure.

It's very interesting that a large contingent of smart software people on HN heard about Bitcoin extremely early, said it was a useless failure, and then had to re-justify their position for a decade as Bitcoin marches on. It's impossible for anyone to claim Bitcoin has no value at this point, but on every blockchain post on HN there is a core of haters that will make the same tired arguments against it. Meanwhile, no one cares!

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gamblor9565y ago

They said the same thing about Theranos, too...In fact, the only time I've ever heard that quote is in reference to failing technologies and companies.

You'll never hear that quote about actually revolutionary technologies, because their revolutionary nature is immediately apparent, even if the economic case for the technology is not (at the time).

Cryptocurrency isn't revolutionary. There isn't any use case for cryptocurrency that wouldn't be easier to address with normal cash or credit payment. Cryptocurrency solves none of the actual problems in the current financial or banking systems but introduces a host of new problems that weren't issues in the old system. It's a solution in search of a problem.

seibeljOP5y ago

You keep repeating the same tired arguments, then can't explain why Bitcoin went from 0 to $240 billion market cap in 10 years. There is clearly a lot of value here, even if you refuse to acknowledge it.

gamblor9565y ago

Theranos had a high market cap to, right up until the WSJ reporting revealed it to be a fraud. And on that note, there's strong evidence that multiple parties have been manipulating the value of cryptocurrencies, including especially Bitcoin, through various fraudulent mechanisms (see, e.g., Tether).

I also used to be heavily involved in cryptocurrency, when it first started, and what I saw then is a large part of why I don't see any usefulness in cryptocurrency now and why I'm convinced that it will never replace any part of the financial system.

seibeljOP5y ago

You truly believe that some scandal will result that drives Bitcoin from $240 billion to 0? And you were "heavily involved when it first started"? A lot has changed in 10 years, I don't think you understand this industry whatsoever.

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janoside5y ago

I appreciate your perspective. I feel like I'm taking crazy pills these days on HN concerning BTC. This idea (early rejection, re-justification) is a helpful heuristic for understanding some of it at least.

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gamblor9565y ago

They said the same thing about Theranos, too...In fact, the only time I've ever heard that quote is in reference to failing technologies and companies.

You'll never hear that quote about actually revolutionary technologies, because their revolutionary nature is immediately apparent, even if the economic case for the technology is not (at the time).

seibeljOP5y ago

gamblor9565y ago

seibeljOP5y ago

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janoside5y ago

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