News for hackers. Stuff that matters.

A comment on Joseph Stiglitz: 'We should shut down the cryptocurrencies'. Parent comment

Re:Joseph Stiglitz: 'We should shut down the cryptocurrencies' by Geee on Friday May 27, 2022 @11:59AM (#31531137)
You have missed the point of Bitcoin. It's not just a payment network, it's a completely new type of money. It can't be inflated, it can't be taken away from you, and no one can stop anyone from using it. It's the opposite of our current, inflationary and centrally controlled money. Bitcoin can take away these authoritarian and repressive powers from governments and central banks.

It's not really possible to understand Bitcoin if you don't know how broken our current money is and how much damage it has caused.

This website collects stats from the beginning of purely fiat monetary system. https://wtfhappenedin1971.com

[ Parent | on HN ]
Re:Joseph Stiglitz: 'We should shut down the cryptocurrencies' by moistly on Friday May 27, 2022 @02:11PM (#31532816)
> it can't be taken away from you

Eh? Almost every single day we see a HN headline where a rugpull, hack, or other scam has taken vast amounts of bitcoin away from owners.

[ Parent | on HN ]
Re:Joseph Stiglitz: 'We should shut down the cryptocurrencies' by Geee on Friday May 27, 2022 @03:10PM (#31533591)
Not bitcoin. You are talking about altcoins or "cryptos" which are all scams.

Obviously bitcoin is not resistant to your own stupidity. If you send your bitcoin to a scammer, it's your own fault. However, if you're careful and manage your security well, it is impossible to confiscate.

[ Parent | on HN ]