[JeremyNT]

This is pretty amusing to me, as somebody who did buy into the early hype - now over a decade ago. I actually got really excited about bitcoin, even mining way back when. It seemed like the possibilities were endless!

That excitement disappeared pretty quickly once I came to the (in hindsight, obvious) realization that its only valid use cases were illicit transactions and speculation. I donated whatever I had and moved well away from it (certainly a poor financial decision in retrospect, but I still believe it was the right choice personally).

The shine has been off BTC for a long time. Even though some (if not most) of the early adopters were as you describe, I suspect that almost all of the more recent comers have only joined the party for the get rich quick scheme.

[mrb]

«its only valid use cases were illicit transactions and speculation»

Crytocurrencies have many valid use cases. For one, they are the only system that allows sending money truly anywhere in the world, to anyone, anytime, and near-instantly. No other system accomplishes this. My most poignant example was being able to send money to a then-homeless unbanked friend, on a sunday, and he even converted it to cash in hands within 1 hour as he was near a bitcoin ATM. In such an emergency, no other system would have worked. We briefly considered Western Union but he was banned from them due to previous financial issues. So the permissionless aspect of Bitcoin was another benefit.

It's a little puzzling that you were an early adopter, and yet did not appreciate the qualities. Perhaps you think crypto isn't useful to you personally, therefore it has no use cases for anyone else.

[throw10920]

> its only valid use cases were illicit transactions

What makes this argument different than the "I don't have anything to hide" anti-privacy argument?

[undreren]

The “only valid use cases” of privacy is not to hide illegal or criminal activity.

Crypto currency is a wasteful, destructive, expensive and innefficient technology that has few benefits except facilitating crimes like tax evasion, money laundering, financing terrorism and purchasing drugs.

[throw10920]

> The “only valid use cases” of privacy is not to hide illegal or criminal activity.

What are the others, in the specific context of this conversation (which is privacy from the government, not from random other citizens)?

[undreren]

Governments could easily use private data to blackmail or silence you, even if you’ve done nothing illegal.

This is perhaps the primary reason that the right of privacy even exists.

[yellowapple]

Governments could also easily freeze bank accounts, even if you've done nothing illegal.

Cryptocurrencies like Bitcoin directly mitigate (if not outright prevent) that risk.

[undreren]

Governments can also violate all your other rights as well. But this completely irrelevant to the post I responded to.

[MomoXenosaga]

Privacy isn't absolute otherwise we wouldn't have CPS.

[undreren]

I did not imply that it was.