News for hackers. Stuff that matters.

A comment on Crypto in 2026: Oh, This Is the Bad Place. Parent comment

Re:Crypto in 2026: Oh, This Is the Bad Place by blenklo on Tuesday June 23, 2026 @07:15AM (#48643261)
Buying crypto actually 'doubles' money by increasing risk:

You buy crypto and give out fiat. Now you have apparently 1 crypto worth 1 fiat and someone else now has 1 fiat.

[ Parent | on HN ]
Re:Crypto in 2026: Oh, This Is the Bad Place by Dilettante_ on Tuesday June 23, 2026 @06:55PM (#48652674)
I go to the store and buy a pencil. Now I have apparently 1 pencil worth 1 fiat and someone else now has 1 fiat? What a preposterous notion!
[ Parent | on HN ]
Re:Crypto in 2026: Oh, This Is the Bad Place by blenklo on Wednesday June 24, 2026 @02:56AM (#48656181)
The pencil was made with 'work'. You exchange existing work with 1 fiat.

If you do not consume this work, you can exchange it back.

[ Parent | on HN ]
Re:Crypto in 2026: Oh, This Is the Bad Place by Dilettante_ on Wednesday June 24, 2026 @08:59AM (#48659063)
The cryptocurency was also made with work. Hardware, electricity, and time were invested into the 1 unit of crypto. It's literally called Proof-Of-Work.
[ Parent | on HN ]