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Well to be honest all human history can be described down to greed - all wars, conquests, colonisation, banking, investing, stocks and more. It's all about making profit.

Whatever bad you can say about blockchain and coins, one is undisputed - it's the first time in hundreds of years when an individual can print money and not be called a criminal. And that's a big shift of power.

To elaborate: thanks to blockchain there's nothing stopping you to create a coin for your group, your neighbourhood or your town - or the internet - that if adopted, will be accepted. And thanks to blockchain that coin actually works, is hard to forge, crack or counterfeit.

And the mainstream electricity argument is short-sighted. Humans need energy to evolve (fyi Kardashev scale). Bitcoin et al is the best incentive to actually create innovative, powerful and cheap energy sources.




it's the first time in hundreds of years when an individual can print money and not be called a criminal...thanks to blockchain there's nothing stopping you to create a coin for your group, your neighbourhood or your town

Local currencies have been created and used in many places all over the world for a long time, without needing anything like crypto. Nobody is being called a criminal over this, it's quite common.

https://en.wikipedia.org/wiki/Local_currency https://en.wikipedia.org/wiki/List_of_community_currencies_i...


Yes, but which of these currencies are not operated by a registered or regulated entity?


Trick question: all of them are regulated, because they're operating within the legal environment of some country, plus the US tends to claim global jurisdiction on anyone selling things to Americans.

Technically everyone running a bitcoin miner is violating securities law. It's just that SEC enforcement of this is going after the most fraudulent crypto enterprises first.


That's a stretch. Bitcoin hasn't been defined (and probably won't be for a variety of reasons) as a security.


..and its always been ok to make coins. Its only printed money that was protected?


Nope, printed money is fine too. I used to live in Ithaca, NY, which had a fairly successful printed currency called the "Ithaca Hour": https://en.wikipedia.org/wiki/Ithaca_Hours


The only possibly illegal thing is you must settle your debts for state currency if your debtors request it.

It's to ensure company scrip remains suitably illegal.


It's legal in the UK: https://bristolpound.org/

Plenty of places take this money. I have never seen one in the flesh.


> Well to be honest all human history can be described down to greed - all wars, conquests, colonisation, banking, investing, stocks and more. It's all about making profit.

Blockchain's early history was basically crypto-nerds trying to find a new application of cryptography. Back then, people would give away Bitcoins for free in "Bitcoin fountains", and discussion focused on protocol issues and other aspects of building the technology.

Greed came into the picture long afterwards.


Well this scenario applies to so many fields. Social media was a fun way to interact with friends. Then people started to show off professionally and endorse products for cash. Greed. "Greed is good" ;)


I think "Greed can be good" is really what people should realize. Greed is bad in many situations. But if you design your system SUCH THAT Greed is good, then the system will survive.

Bitcoin has a bit of "greed is good" built in: the bitcoin miners are the mechanism that provide timestamps to the whole system. But higher-levels of greed were not accounted for (ex: ASICs farms using up so much electricity that the carbon footprint of BTC is HUGE now).


Have you ever heard of the term "commercial paper"? Look it up: it is any corporation with sound financials being able to "print money" - just using debt and financial instrument terms. But it's the same thing, and is available to any corporation with good credit.


Hmm, is it me or does the word "individual" mean something different than I think it means. Several commenters point me to various currencies that are operated by registered companies or government bodies. How is that related to what I am saying?


Any individual can be a corporation with a little paperwork and incorporation fees. Your statement "it's the first time in hundreds of years when an individual can print money and not be called a criminal" is not correct due the previous sentence being true.


> an individual can print money and not be called a criminal.

> there's nothing stopping you to create a coin for your group

I am not sure this is still true, due to the recent actions by the SEC. Now that ICO's are considered securities, and they are governed by those laws, many people who ran successful ICOs are worried about jail, and many who thought of doing so are no longer.

It is still true as long as you stay small enough to fly under government radar, but that is true if you printed your own local physical money as well, as many fairs and schools do.


You can create a coin with very little effort and technical knowledge. An interview with one of the Turtlecoin developers was done where they created a new fork in a live 2 hour stream. https://www.youtube.com/watch?v=U7oqPL_4uXM

Or see the same developers post on creating the Athena fork https://medium.com/@turtlecoin/altcoin-101-create-a-cryptono...


Indeed it's sad, but at least "for a time, it was good". Still, that only applies to some parts of the world at the moment. And I hope the next generation of coins will mitigate these laws.


[flagged]


Personal attacks will get you banned here, regardless of how wrong another comment is. Please review https://news.ycombinator.com/newsguidelines.html and don't do this again.


Please elaborate, I'm going for popcorn.


You basically said something to the effect of "Purple elephants are the best incentive for solving world hunger."


It was a pretty bold claim lacking evidence but your analogy is way off base. His claim has one missing step, while yours is a journey of a thousand miles.


It's hard to understand your point when you don't lay out a readable argument, but I assume your biggest grief is with the word "best" – ok, "good" also fits. Still can't see why it's so unbelievable to you. Maybe you have to think it through?


/r/IAmVerySmart




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