News for hackers. Stuff that matters.

A comment on Bitconnect founder indicted in global $2.4B cryptocurrency scheme. Parent comment

Re:Bitconnect founder indicted in global $2.4B cryptocurrenc... by Cthulhu_ on Saturday February 26, 2022 @11:00AM (#30478629)
And fiat money can be used to deal drugs.

I mean I don't defend crypto, the way things are going is that they'll be just as regulated and centralized as digital fiat is, and a lot of it is people getting rich, or hoping to - I mean I'm one of those people, still waiting for my handful of dogecoin to go up 10.000% so I can retire. But I also have a regular job, regular savings, and regular stonks because savings account interest is a joke.

[ Parent | on HN ]
Re:Bitconnect founder indicted in global $2.4B cryptocurrenc... by tenuousemphasis on Saturday February 26, 2022 @01:46PM (#30480457)
The exchanges can be regulated, but good luck trying to regulate a global peer to peer network!
[ Parent | on HN ]
Re:Bitconnect founder indicted in global $2.4B cryptocurrenc... by jonathankoren on Saturday February 26, 2022 @02:52PM (#30481179)
You just need to regulate the end points. At some point, someone needs real money instead of robux.
[ Parent | on HN ]
Re:Bitconnect founder indicted in global $2.4B cryptocurrenc... by tenuousemphasis on Saturday February 26, 2022 @11:20PM (#30485376)
Those are the exchanges I mentioned. But no, if it's widely enough used, it can be an entirely self contained system.
[ Parent | on HN ]
Re:Bitconnect founder indicted in global $2.4B cryptocurrenc... by jonathankoren on Tuesday March 01, 2022 @03:23PM (#30519463)
But it’s not widely used, that’s the whole problem.

Say you created a business accepting exclusively cryptocurrencies. You need to ship an item? You need “dirty fiat”. Let’s say you’re only selling NFTs or services, your hosting provider wants paid in real currency. Food? Housing? Utilities? Fiat. Fiat. Fiat.

Unless it’s accepted for the entire supply chain of LIFE, you’re screwed.

[ Parent | on HN ]
Re:Bitconnect founder indicted in global $2.4B cryptocurrenc... by pid-1 on Saturday February 26, 2022 @03:23PM (#30481530)
Look at bittorrent. While it's impossible to kill it, targeting agregation platforms definitely made the protocol immensely less relevant than it was 20 years ago.
[ Parent | on HN ]
Re:Bitconnect founder indicted in global $2.4B cryptocurrenc... by codebje on Saturday February 26, 2022 @06:07PM (#30482932)
BitTorrent made itself less relevant by relying on end to end networking and symmetrical links, neither of which panned out.
[ Parent | on HN ]
Re:Bitconnect founder indicted in global $2.4B cryptocurrenc... by Osiris on Saturday February 26, 2022 @11:12PM (#30485351)
Such as? The Pirate Bay still exists as do thousands of other websites listing torrents.

BitTorrent traffic went down as streaming services increased.

[ Parent | on HN ]
Re:Bitconnect founder indicted in global $2.4B cryptocurrenc... by dwaite on Saturday February 26, 2022 @03:11PM (#30481385)
Seems like a mix of port blocks and criminal penalties, while not killing cryptocurrency, would greatly hinder its overall utility and thus any associated fiscal value.
[ Parent | on HN ]