[bostonsre]

Why do you think that the people that understand the technology generally have a negative view about it? Are "normies" just dense? Or do you think everything is based on jealousy?

What community that wouldn't have confirmation bias would understand crypto currency better? And what are their thoughts on it?

[j0hnyl]

The folks that I'm referring to as normies in this case, even though they might be technically literate, suffer from a lack of creativity. That's what makes them normies.

Personally, I'm fully against promoting crypto as an end all be all solution to economic problems the way that many scammers do. I'm even against trying to onboard the masses.

However, I see in crypto and smart contracts a green field of opportunity to experiment with unique forms and formats of human interaction using the medium of programmable money.

For example, I like how NFTs (despite many shortcomings) play with the concept of digital ownership. I also like how defi brings us unique financial instruments like flash loans, etc.

I think draconian regulation in this space will effectively squeeze a lot of these experiments out from under legitimate actors. It's a technology that is worth playing with. I think it's better to punish bad actors rather than raise the barrier to entry for the tech.

Of course you are right that enthusiasts of the technology would have a confirmation bias, but the opposite is also true. The confirmation bias here is that this is de facto bad.

[dlubarov]

I thought I understood the technology after reading the Bitcoin paper, but later realized that there's a lot more to it. See the ZeroCash/Zexe papers, ZK rollups, optimistic rollups, BFT literature like HotStuff, or scaling research like Block-STM.

Some HNers just aren't that interested in the use cases, which is fine. But others tend to critique decades-old technology, and don't seem interested in learning about modern solutions, since their minds are made up.

[bostonsre]

Yea, I'm not sure what proportion of the negative camp is negative because of issues in early iterations like power consumption used by bitcoin which is solved with newer tech and what proportion is negative due to the use cases themselves. I do think that a lot of the tech itself is pretty elegant but I'm less certain on whether it's the right solution. I also think the fact that many in the pro camp have investments in crypto currency can muddy the waters some and it's not clear whether a person in this camp believes it can be a proper technology that can benefit humanity or if they like it because it's a historically high growth investment where they are trying to make money currently.

At least for me, my main concerns are with the seemingly short sighted libertarian implementations that don't take into account the bad actors of this world. I think there are definitely some issues with our current financial system, but I think its like democracy in that it seems to be the least bad solution. I wouldn't want to live in a world without regulation of our financial markets. It is too easy for people to defraud the little guy and for criminal organizations to prosper. Do you think there are solutions in newer technologies for those concerns?

I feel like both sides should be able to agree that there are pros and cons to the different technologies and use cases, that there are some that are better for the pro camp and less negative for the against camp. Maybe pushing harder to make the cream rise to the top could make these conversations less tribal and divisive?

[rsynnott]

> like power consumption used by bitcoin which is solved with newer tech

To be clear, that is absolutely not solved for Bitcoin, which still wastes energy at a disgusting rate. Some crypto things have shifted to non-proof-of-work approaches, usually proof of stake, but Bitcoin is still pumping out more CO2 than many countries.

[GoblinSlayer]

You hope for regulation, but so far regulation protected the capital from responsibility.

[bostonsre]

Regulation would be the least bad approach I think. The current crypto currency direction is untenable currently with the massive amounts of fraud present.

[GoblinSlayer]

It's not least bad in every aspect.