Hacker News new | ask | show | jobs
by prisoner655321 1310 days ago
This isn’t about where you keep your coins, not really. That’s an implementation detail. This is about the entire system of wealth protection built up around fiat currency.

The word of the week is “contagion”: even if you did no business with FTX at all, even if you have your coins on a hard drive locked in the doomsday seed vault, crypto is crashing because investors are learning that the old system that protects wealth is necessary after all.
3 comments
thr0wawayf00 1310 days ago
Exactly right, and this is crypto's fundamental problem.

Say you have a small group of people who are all on the same page about what crypto is and how it should be integrated into society. Then another group comes along and recognizes it as an opportunity to pump and dump. The scammers create their markets and their tokens, driving the value up insanely until it all comes crashing down and innocent people lose everything.

There's really nothing the original group can do to stop the scammers because the entire point of crypto is that you're assuming everyone is a criminal anyway. It just doesn't work.

link
hericium 1310 days ago
In the US, Fed took the "old system" for a ride with no brakes. In the UK central bank went to battle with PM over the "old system" a few weeks back. Old, or new, people in power have their ideas on how to make things interesting.
link
boppo1 1310 days ago
>UK central bank went to battle with PM

I thought it went like this: >PM announces tax cuts >no way those cuts can meet budget >panic in market for long maturity gilts >sudden spikes in benchmark rates are bad for everyone so BoE announces YCC

Did I miss something? Did Truss somehow take a swipe at the BoE? I'll be honest, I didn't pay super close attention.

link
thinkmassive 1310 days ago
Geographically distributed multisig is not an implementation detail, it’s a clear improvement over legacy methods of value storage.

What is the equivalent for storing dollars? How about gold?

link
prisoner655321 1310 days ago
I stored my BTC using Geographically distributed multisig and it still lost 40% of its value against USD in the last 6 months. So what’s the point?
link