alt Hacker NewsI am always amazed how little knowledge and cargo culting of 2017-era bitcoin knowledge is prevalent on HN. Whatever you monetary feelings towards crypto is, the technical aspects are fascinating. But most of the time HN gets it wrong.
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xdennis • today at 9:45 AM
> cargo culting
I don't think you're using that term right. Not knowing how something works doesn't mean you're cargo culting.
People are not so knowledgeable about the other coins because the whole point of magic internet money is that it can't be controlled by anyone. If your entire account exists in some box somewhere under the control of some entity, how is that any different from a bank (which also mostly doesn't operate on cash but just moves bytes around)?
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TBH, the more you know about the technical aspects the less fascinating it gets.
Smart contracts and stablecoins by extention sound technologically interesting, but at the end you always rely on trusting people.
The core of the financial system is about managing trust and therefore a social issue, not a tech issue. It'd be nice if more tech nerds would internalize that tech can't solve social issues on it's own