ycombinator thread on crypto

[Anonymous No.24527984]

https://news.ycombinator.com/item?id=25289335

>I’m enjoying sitting on the sidelines and watching people “invest” in a digital “currency” that you cannot spend, does not produce cash flow, and whose values are determined by other shmucks buying it from previous shmucks.

[Anonymous No.24528043]

>There's too much idle wealth in the world, or more precisely too many people with wealth have no idea what to do with it. It ends up 'invested' into negative yield assets like bitcoin (billions of dollars lost to mining per year - over 7 at the current price) or hyped companies running at perpetual loss.
>Bitcoin is interesting because it's possibly the biggest actual wealth destructor from all tradeable assets. Companies can have large losses on paper, but how much of that is actual wealth destruction, and how much just redistribution to new owners? I suspect the fraction that's actually gone in the physical sense is very small, allowing wealth to slosh around for a long time. Bitcoin's proof of work is designed to actually destroy wealth in the physical sense - transformed into waste heat and devices designed to do nothing else. This means that it's eventually certain to be outcompeted even by redistribution-type loss schemes, as groups that stay away from bitcoin completely are going to be increasingly wealthier relatively to groups that buy into it.
>In the short term it may not look like it, but what's happening is social redistribution of power away from people that think bitcoin is a great idea.

Is he right bros?

[Anonymous No.24528083]

>>24527984
>bunch of faggots pretending to be smart
At least here we know we're retarded.

[Anonymous No.24528134]

>>24527984
>ycombinator

[Anonymous No.24528158]

they are right, but this is the wrong board to post this. 96% of people here are aged 14-30 and think their coin in the best and will make them rich.

[Anonymous No.24528258]

WHO CARES
it's happening whether you like it or not, get in or get left behind

[Anonymous No.24528504]

>>24528043
>Bitcoin's proof of work is designed to actually destroy wealth in the physical sense - transformed into waste heat and devices designed to do nothing else.
Gold is designed to actually destroy wealth in the physical sense - transformed into mining operation investments and custody solutions designed to do nothing else.

[Anonymous No.24528549]

>>24528158
fucking coomers and millenials GTFO of my board !!!!!!!!

[Anonymous No.24528601]

>>24528043
no. like all other faggots on HN, he slithered into tech most likely thru some coding bootcamp and now larps as some type of faux economist. he had 11 years.

[Anonymous No.24528658]

>>24527984
ycombinator is unironically a forum full of high iq autists

[Anonymous No.24528675]

>>24528043
>groups that stay away from bitcoin completely are going to be increasingly wealthier relatively to groups that buy into it.
this could only be true if we weren't heading toward (and already experiencing) financial censorship.

[Anonymous No.24528699]

>>24528134
VERY aggresive

[Anonymous No.24529130]

>>24528504
Because goldbugs are so powerful.
Gold is a terrible investment.

[Anonymous No.24529176]

>>24527984
>>24528043
The best response to these types of NPCs is to just keep making money. That's it.

They can LARP continuously about being the smart person in the room until they're dead. Who gives a fuck? They'll continue to stay poor.

[Anonymous No.24529234]

>>24528658
Lol no. It's a collection of bitter have nots that are sad some shitcoin is making idiots money while their instagram clone for "Queer BIPOCs" or some equally faggy SF shit is DOA and isn't ponziing VC cash.

[Anonymous No.24529317]

>>24527984
>>24528134
FUCK BROS WHY WAS REQ SUCH A PIECE OF SHIT? IT WAS SUPPOSED TO BE THE CHOSEN ONE INSTEAD I LOST THE FUCKING FARM

[Anonymous No.24529337]

>>24528658
*ycombinator is unironically a forum full of autists who want you to think they're high iq
It's reddit on steroids, the pseuds on it are almost as bad as Quora