ok bro, I'm not sure we have the same definition of smart people if yours are people decided to buy a bunch of cryptocurrency and keep it all in a website built in php
> This is one of those scary things with a cryptocurrency based society that I worry about.
No, not really. It is the same kind of story as people putting all their money in a bag in a chimney to find out their family decided to finally lighten the mood by making a fire in long unused fireplace. It is an actual story about my neighbour when I was a kid.
People have been doing stupid things with money for thousands of years.
You can store crypto safely. It is essentially the same problem as storing encrypted backups. It has been solved.
As much as I hate cryptocurrency, I would actually be more at peace having lots of crypto than lots of stock on my account (if not for the fact that crypto is just a scam).
It’s really not. I’m so tired of people being surprised by articles like this. Scams like this and ransomware would simply not exist without cryptocurrency, and that’s enough for me to eschew their use entirely.
There is literally no legitimate excuse for cryptocurrency, and I don’t think there ever was.
You're the most reasonable crypto-enthusiast I think I've seen on this site but your position is tainted by this fact, for me.
I saw in a sibling comment that you suggest people not judge sub-cultures for their outliers - fair enough. Can I at least express concern for them? These people are getting scammed. Full stop. Not nearly enough is being done about it from within the crypto community and even from outside of it.
> This is one of the reasons I dropped out of crypto for years, most of its supporters were completely delusional and tragically uninformed about actual banks.
I don't think you understand bitcoin as well as you think you do. 51% attacks do not work like this.
>As someone who owns and believes in cryptocurrency, I'm actually glad this happened. I was getting sick of all the get rich quick people who've been driving the price lately, even for the coins that shouldn't be pumping.
you say this as if it won't happen again and again. 95%+ of crypto ownership is pure speculation. There are coins in the top 15 that don't even have existing networks yet.
Yes, you can. You don't have to dig very deep into the crypto world to realize that a lot if not most of the participants have are not plain ol' honest folks making a big ol' mistake giving their hard-earned savings to a slick-talking salesman. They are conscious participants in what they know to be a get-rich quick scheme. They know it is shady, and they don't care, because they think they're going to get out before it crashes. They're motivated by greed, not innocence.
You can recognize this and still support regulation of the industry. One of the big reasons you need regulation is to protect people from their own stupid greed.
> Unrelated aside: why is the quality of Hacker News posts and comments on crypto so bad? I experience extreme Gell-Mann amnesia[4] almost every post I read.
It's because the posters think they are smart. With every passing day that cryptocurrencies become adopted/accepted, their smartness becomes questionable, even to themselves. For them, it is easier to double down on the flawed arguments - well over 10 years now - than accept that while they are smart in some areas, they are not in all.
ok bro, I'm not sure we have the same definition of smart people if yours are people decided to buy a bunch of cryptocurrency and keep it all in a website built in php
reply