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guy who might know suggests to run screaming from bitcoin (www.tbray.org)

submitted 4 years ago by [email protected] to c/[email protected]

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That feels a bit unfair as a headline since it's only a part of why the post is fun to read.

Now, why do I think this has some heft to it?

I’m a person who knows a lot about how computers and software work, is generally curious, and reads fast. I’ve been wrong about lots of things over the years.

I either fit this description, am certainly going to fit this description eventually, or will do whatever it takes to fit it, so we start out being pretty spiritually aligned. Plus, in addition to the credentials he points out here, the writer was a Distinguished Engineer at a place where that is No Small Potatoes, so I'm real inclined to give his words some weight.

Anyway, I recommend reading this even if you don't care a fig about cryptocurrency; it isn't long and the anecdotes are worth it.

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[–] [email protected] 6 points 4 years ago

I've been quietly mining crypto using Nicehash for a few years now (electricity is cheap in my region, and we're in a winter country, so it helps heat the house).

It's a fun hobby, but I never considered it a serious investment vehicle, that's what my index funds are for.

It's great to see all the enthusiasm behind cryptocurrencies, but I think most people participating (me included) are more interested in the faucet of free money than the underlying technology. Anyone that spends any time learning about the tech quickly realizes that the Bitcoin project is a hot mess and the only thing it has going for it is name recognition. I don't know when the bubble will pop, but when it does it won't be pretty.