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0 pointsshagymoe3y ago0 comments

The value of Bitcoin would not fluctuate wildly if it were the default currency. You're not even attempting to argue in good faith or imagine how things could be different.

What you call "angsty" is what I call "rational". I see you're happy to continue experiencing these crises which are, in fact, happening.

Also, I don't think you know what grifterism means, if that's even a word.

0 comments

jeezfrk3y ago

magical thinking about very un-tethered and highly manipulated currency is not a help.

imagining it will change for an entire economy ... is quite irrational.

no magic will make a constantly shifting ice floe into boring bedrock.

shagymoeOP3y ago

The current system is more irrational, unless you're benefiting from the corrupt system. Bitcoin is democratic and you vote with a node.

roarcher3y ago

Yes, and its voters vote for their own profits, which makes it swing wildly. Being "democratic" doesn't make something immune to greed.

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latchkey3y ago

HN can't think past price goes up/down and see that a lot of crypto is a valuable resource that you can use as collateral and borrow against it without having to go to a bank and beg for permission.

philipwhiuk3y ago

You still need permission from the person/company on the other side to use crypto as collateral.

latchkey3y ago

Maybe I'm not explaining myself correctly.

I can take crypto (and I'm talking about BTC/ETH, but can be others) and lend it out (generally for a positive APY). I can then borrow (typically USD*, but can be many other tokens) against that collateral (sometimes even for a positive APY!).

No permission needed and happens in the scope of transactions that cost pennies.

This is a massively important aspect of finance that goes beyond daily price swings. It is a relatively new aspect in crypto that has only been around for the last ~3 years or so.

Example: https://aave.com/ ($8.2b locked up right now)

red-iron-pine3y ago

And there have been a lot of painful lessons lately as to why that's a bad idea.

csomar3y ago

> The value of Bitcoin would not fluctuate wildly if it were the default currency.

I wouldn't think so. Many of our "crisis" are due to the value of "cash" or liquidity to fluctuate significantly. This is the case in the recent banking crisis. In the case of Bitcoin, this will be a deep dive in price. Now which one is better? I don't know.

j / k navigate · click thread line to collapse

0 comments

jeezfrk3y ago

magical thinking about very un-tethered and highly manipulated currency is not a help.

imagining it will change for an entire economy ... is quite irrational.

no magic will make a constantly shifting ice floe into boring bedrock.

shagymoeOP3y ago

The current system is more irrational, unless you're benefiting from the corrupt system. Bitcoin is democratic and you vote with a node.

roarcher3y ago

Yes, and its voters vote for their own profits, which makes it swing wildly. Being "democratic" doesn't make something immune to greed.

1 more reply

latchkey3y ago

HN can't think past price goes up/down and see that a lot of crypto is a valuable resource that you can use as collateral and borrow against it without having to go to a bank and beg for permission.

philipwhiuk3y ago

You still need permission from the person/company on the other side to use crypto as collateral.

latchkey3y ago

Maybe I'm not explaining myself correctly.

No permission needed and happens in the scope of transactions that cost pennies.

This is a massively important aspect of finance that goes beyond daily price swings. It is a relatively new aspect in crypto that has only been around for the last ~3 years or so.

Example: https://aave.com/ ($8.2b locked up right now)

red-iron-pine3y ago

And there have been a lot of painful lessons lately as to why that's a bad idea.

csomar3y ago

> The value of Bitcoin would not fluctuate wildly if it were the default currency.

j / k navigate · click thread line to collapse