Ask HN: Is “cryptocurrency” a joke? Why do we need 100 different “chains”

https://news.ycombinator.com/item?id=33929331

by dev_0 • 4 years ago

4 6 4 years ago

news.ycombinator.com

How does the simple day-to-day user even adopt this?

tonetheman• 4 years ago

100 different flavors of snake oil

davidork• 4 years ago

Honestly, because everyone wants to print their own money. Every chain, sub network, and token has their own unique hypothetical target use case that they're hoping for people to bite into.

Debugging the code for a self modifying ai sounds like detangling a schizophrenic rats nest (like ai post catastrophic fuckup autopsy), but I think a blockchain as a train of thought and sort of a git commit log for the things it "learned" and state info for why it was learned, and actions or decisions would cite rules/"facts" learned from previous commits, something like that could actually make it doable by human beings.

As for cryptocurrency itself, it might be a good idea, but as is with anything involving human beings, greed might make it a wash.

Finnucane• 4 years ago

They don’t. It is, like Australian table wines, for laying down and avoiding.

Trouble_007• 4 years ago

Is your name not Bruce then? - Python humor.

rvz• 4 years ago

Yeah, why does Desktop Linux need 100 different distros? The problem here is fragmentation, and 'choice' and users will never begin to use anything that has such friction unless the existing system is more inconvenient and has more friction itself.

The difference is to this case of choice is that 98.0% of users don't need to switch to Linux since it is already provides a worse experience for the average user to just use their computer. Windows works just fine as the standard, if not that and they love Apple, macOS is even better; No need to waste more time on switching and distro hopping on thousands of distros.

Crypto on the other hand provides the solution of instant, global money transfer and using stablecoins as a viable alternative for those that have no choice due to the devaulation of their fiat currency, for more than tens of millions of people. Argentina, Nigeria, Venezuela, Russia, etc.

Users will just use USDC on any supported 'chain' globally; that has the lowest fees. Little to no-one cares about switching Linux distros as a choice other than a clique of techies playing with their computers.

rchaud• 4 years ago

There wouldn't be 100 different chains all with their own tokens if crypto was actually usable in day to day transactions. Because it's unstable, no one can use it as such..except for those treating crypto like forex trading.

Real forex trading isn't that profitable, as most major currencies do not swing wildly in value against each other. With crypto, the opposite is true, meaning that there's potential to profit by spinning up your own coin.

Ask HN: Is “cryptocurrency” a joke? Why do we need 100 different “chains”

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