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Baffling that tech types here aren’t grasping digital money, basicaly a self custody PGP key with value, and instead defending the status quo with poorly resear

Baffling that tech types here aren’t grasping digital money, basicaly a self custody PGP key with value, and instead defending the status quo with poorly researched FUD like layer 1 scaling limits, power usage, and fear of regulators!? You guys sound like Paul Krugman, meanwhile Tesla and MicroStrategy are taking all the trending bitcoins off the table… the only point I disagree with LynAlydn, who wrote a great article, is that Bitcoin doesn’t offer yield. You can get yield on Bitcoin by either loaning it out or staking in in the lightning network to collect fees for providing liquidity.

andrewmcwatters 5y ago
What does being a "tech type" have anything to do with currency?
- easymovet 5y ago
  “Software eating the world” now applies to money.
rawtxapp 5y ago
I've seen this a lot with my own circle of friends, I think there's a few reasons why "techies" don't like it as much: - they already trust the government and their institutions and don't see the need for it, - they hear all the FUD and don't want/have time to research further, - maybe some feeling of having missed out (especially for those that knew about it very early on or sold it for very cheap), - seeing some "stupid loud mouths" who yolo'd and made a lot of money in it. It's very interesting to see.
- gruez 5y ago
  >- they already trust the government and their institutions and don't see the need for it, Strange given that most americans don't trust their government (https://www.pewresearch.org/politics/2021/05/17/public-trust-in-government-1958-2021/ https://www.pewresearch.org/politics/2021/05/17/public-trust...) Maybe trust in government is correlated with how well you're doing, and techies tend to be doing very well?
kerng 5y ago
The reason is that this is a societal and economical issue, beyond tech. American education is not helping either, like most people don't know about Austrian economics for instance - which is kind of a background you need to have been exposed to, to have in depth discussions that go beyond the typical posts you get on forums.
- wmf 5y ago
  Yeah, we're not teaching people that Austrian economics doesn't work so they end up getting redpilled into thinking it's some kind of secret awesome suppressed knowledge.
  - kerng 5y ago
    It's interesting because it seems that democratizing money is what we should be good at based on founding principles - rather we have bunch of flawed central planning disasters and bailouts.
    - wmf 5y ago
      Under a system with hard money and free banking we would instead have occasional emergent disasters and nothing could be done about them.
      - tablespoon 5y ago
        > Under a system with hard money and free banking we would instead have occasional emergent disasters and nothing could be done about them. And my understanding is that such disasters used to happen with some regularity, but they weren't wars so people don't typically learn about them in school.
      - kerng 5y ago
        That would be natural selection, which might be preferable in a free market. Small constant corrections, rather than larger distasters we experienced the last 50-100 years (bailouts and going to war every 10-12 years) It would arguable allow people to safe their wealth rather than being forced to spend money all the time.
wmf 5y ago
Plenty of people grasp digital cash but (1) they don't want cash and (2) current cryptocurrencies aren't good digital cash. And most people don't want (digital) gold either.
splitstud 5y ago
Because we're also financial types?
- easymovet 5y ago
  Bitcoin has out performed any other asset over the past 10 years. https://www.microstrategy.com/en/hyperintelligence/asset-vs-btc https://www.microstrategy.com/en/hyperintelligence/asset-vs-...

andrewmcwatters 5y ago

What does being a "tech type" have anything to do with currency?

easymovet 5y ago
“Software eating the world” now applies to money.

rawtxapp 5y ago

I've seen this a lot with my own circle of friends, I think there's a few reasons why "techies" don't like it as much: - they already trust the government and their institutions and don't see the need for it, - they hear all the FUD and don't want/have time to research further, - maybe some feeling of having missed out (especially for those that knew about it very early on or sold it for very cheap), - seeing some "stupid loud mouths" who yolo'd and made a lot of money in it. It's very interesting to see.

gruez 5y ago
>- they already trust the government and their institutions and don't see the need for it, Strange given that most americans don't trust their government (https://www.pewresearch.org/politics/2021/05/17/public-trust-in-government-1958-2021/ https://www.pewresearch.org/politics/2021/05/17/public-trust...) Maybe trust in government is correlated with how well you're doing, and techies tend to be doing very well?

kerng 5y ago

The reason is that this is a societal and economical issue, beyond tech. American education is not helping either, like most people don't know about Austrian economics for instance - which is kind of a background you need to have been exposed to, to have in depth discussions that go beyond the typical posts you get on forums.

wmf 5y ago
Yeah, we're not teaching people that Austrian economics doesn't work so they end up getting redpilled into thinking it's some kind of secret awesome suppressed knowledge.
- kerng 5y ago
  It's interesting because it seems that democratizing money is what we should be good at based on founding principles - rather we have bunch of flawed central planning disasters and bailouts.
  - wmf 5y ago
    Under a system with hard money and free banking we would instead have occasional emergent disasters and nothing could be done about them.
    - tablespoon 5y ago
      > Under a system with hard money and free banking we would instead have occasional emergent disasters and nothing could be done about them. And my understanding is that such disasters used to happen with some regularity, but they weren't wars so people don't typically learn about them in school.
    - kerng 5y ago
      That would be natural selection, which might be preferable in a free market. Small constant corrections, rather than larger distasters we experienced the last 50-100 years (bailouts and going to war every 10-12 years) It would arguable allow people to safe their wealth rather than being forced to spend money all the time.

wmf 5y ago

Plenty of people grasp digital cash but (1) they don't want cash and (2) current cryptocurrencies aren't good digital cash. And most people don't want (digital) gold either.

splitstud 5y ago

Because we're also financial types?

easymovet 5y ago
Bitcoin has out performed any other asset over the past 10 years. https://www.microstrategy.com/en/hyperintelligence/asset-vs-btc https://www.microstrategy.com/en/hyperintelligence/asset-vs-...