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How do I know what? That it will crash and burn? Because it is a useless resource. It is only worth something because other people say it is worth something, and unlike paper money it is not backed by anything significant. It is a bubble of hot air, ready to pop at any time.

It might continue rising for years or decades. But it is not usable as a real currency, so it will always remain a useless waste of resources.

There might be a replacement cryptocoin that will actually be useful in the future, but it won't be bitcoin. Bitcoin will be the thing that started the "future", but it will not be the thing that remained the future.
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If you are looking for recommendations, I am finding the OAk app to be very useful.
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Meh. Just because companies want the lazy way out doesn't mean it's actually a good idea. Differences between patforms don't go away just because you close your eyes to them.
> HN consistently jumps on these stories to vent its outrage but the same people don't think independent filmmakers and musicians should be able to control distribution if people want to torrent/stream their stuff.

What makes you think these are the same people?
P/E is a nonsensical measure for currency and assets. No one holding BTC expects to earn transaction fees. The miners get those fees. If we're talking about market cap of the miners themselves then this would be useful. Otherwise, the value of BTC should go up the smaller the transaction fees become. Why? Because less value is lost in transmission.
To extrapolate the excellent stats above from @dingaling - Lets compare the 777-300ER with a modern F1 car.

All F1 cars (under 2017 regulations) start a 45-55 lap (2 hour) race with 100Kg of fuel. No more can be added. Given that the cars will probably do another 50 odd laps during the 3 practice sessions and qualifying sprints, then each car will use about 200Kg of fuel per race meet. Lets round it up to 250Kg to allow for idling/testing in the garage, in/out sequences into the pit lane etc.

There were 20 cars competing in the 2017 season (10 teams with 2 cars each), across 20 different tracks:

250 x 20 x 20 = 100000Kg of fuel used over the 2017 season.

The time to fly from London to New York is around 8 hours, so the 777 would burn:

8 x 8500 = 68000Kg

So, a modern airliner would save a little more fuel on a transatlantic one way flight, but we are still around 2/3rds of the entire F1 season's worth of fuel - and that is just ONE plane out of the hundreds that make that flight every single day. (and don't forget that I added about another 25% of fuel load onto the F1 figures to allow for errors, but I don't think many cars will do more than 100 laps on a race weekend - so ACTUAL usage may be 25% LESS than I extrapolated, making them almost equivalent figures for both plane and F1 season).
Of course you are free to do so, but back in the days of daemon possession, most people were just as free to reject the claim that they were possessed. What mattered back then, was not the claim though, what mattered back then was that ordinary people would look at someone and think "oh he's acting weird, he must be possessed". And that "possessed person" would then be feared. It interfered with the process of empathy.
That is a lot of information to dig through. The reason it got me asking was because I thought with asthma couldn't run a marathon.

Even in my earlier year of youth when I was fit I could never run a marathon. Or even 10km. But i was never diagnosed as one with Asthma. I had always felt the air was lacking "oxygen", I am now guessing may be again my big pipes is good, but small pipes are bad.
VC-like money? The risk/reward schedule on bitcoin is not that far out of ordinary when compared to market conditions on "comparable" investments. For some generous definition of comparable.
Prepaid Credit Cards are also usually poorly supported and may get your account locked up (tried to signup for Mailgun).

Which I find a bit weird, a Prepaid Card is my safest option considering I have no want for a Credit Card at all. I pay my bills immediately or as early as possible, I don't even like ongoing costs and I try to buffer then into yearly payments if possible (which usually also means you get stuff cheaper)
So he basically uses ec2 equivalent service and is complaining about the existence of other services.
"used to" - correct. my thoughts exactly 1 year ago: https://news.ycombinator.com/item?id=12235003
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Also, some GCP folks are hanging out here and it's nice to have some insights into platform internals.
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These policies of "harassment complaint", reputation, and recourse systems seem to me a bit like "you will be safe from the unwashed masses".

Paid service apartheid?
Was the collapse of the German Deutsche Mark, the Zimbabwean Dollar, the Venezuelan Bollivar a bubble too? Good money drives bad money out, so I’d argue that no, Bitcoin’s price is not a bubble. Clearly there’s no price that bitcoin holders will sell at so they’re clearly exiting the USD ecosystem.

I think the logical fallacy that’s occuring right now with critics of bitcoin’s price rise is that all bubbles has dramatic price rises (Pets.com, endless bullshit dot com IPOs, housing bubble) but not all dramatic price rises are bubbles (currency collapses)

Because bitcoin is measurable scarcity one can provable show it’s a good store of wealth.

OTOH, the ICO binge is an apt analogy for the IPO craze of the 90s. Investors are buying up securities with no viable business model expecting returns which isn’t going to happen on software that anyone can copy and run themselves. It doesn’t take a $200 million raise for a few engineers to build an MVP. It does take $200 million to run a successful Ponzi scheme (ICOs are probably not scarce and are therefore improper stores of wealth)
I think the difference is that in "thar" culture you begin with 100 honor points and can only lose them. In western "honor" culture you start with 0 honor points and you are expected to gain them. The first system makes everybody paranoid, the latter system makes people compete.
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I don't know any Web developers using Linux on their desktops, as company policy requires Windows desktops.

Linux is only used for Java based backends, when deploying into production.

With .NET deployments being done on IIS, even with .NET Core.

Some of the designers are using Photoshop on macOS.

Anecdote data.
The idea that you can value bitcoin via P/E, utilizing mining fees as the "E" is incorrect. It's akin to valuing gold through P/E, by utilising the cost of extraction as the "E".

This is obviously wrong because holding gold doesn't entitle the bearer to a portion of those mining costs, same with Bitcoin.

The reality is that gold cannot be objectively valued because it doesn't have an objective value (beyond its industrial use, which accounts for less than 10% of its actual current price).

As a society, we collectively agree that gold is worth something because we agree that it is worth something.

With Bitcoin, we are doing the same. But if we had centuries to consolidate our appreciation of gold, we are compressing price discovery for Bitcoin in just a few years.

Interestingly, Bitcoin offers several improvements over gold (being digital, lightweight, cheap to move, proven limited supply). It also has drawbacks.

Lastly: the author's contention that you can take value away from Bitcoin by just copying its code is misguided. It would be akin to saying that you can replicate Facebook's valuation by copying its codebase. Facebook's value comes from its network. The same happens with Bitcoin, since its fundamental properties (censorship-resistance, security) are functions of network size and node-dispersion.
I don't like it because I think HN/YC should be a place to voice unpopular opinions.

I think it's fine to downvote an opinion you don't like. The whole purpose of upvote/downvote would be more to 'bump' opinions you think is useful. I sometimes upvote an opinion I disagree with if I think it should be more visible. But I think most people just use it as a boo/cheer button.
Bitcoin has scarcity, but so does Litecoin or Bitcoin Cash

What makes Bitcoin special?
:D yeah, paper money .... backed by what? debt, yes. Militaryindustrial complex, yes. QE, yes. bitcoin is backed by mathematical algorithm, that has a limit on the amount of coins mined.

Go read some more Wallstreet Journal
People should not see cryptocrruencies as a stock market, you should not expect any ROI, it's not a placement.

Cryptocrruencies (for me) are meant to be used, exchanged, a good metric to value a cryptocrruencie should be the 'cash flow (? exchange of money per unit of time)'.

Bitcoin is actually inefficient with its high transaction fees.
Attempting price/earnings analysis here is not sensible, because bitcoin is not a stock: simply owning some doesn't earn you any "dividends" (mining rewards).

A better parallel is gold, which is a store of value that produces nothing of value for its owners, but is valuable because the supply is limited and there's a collective belief that this shiny metal is worth much more than its practical uses.

Bitcoin is going up because of those same properties. If supply ever becomes unlimited (say, there's a critical bug found), or its investors lose faith, it will crash.
yes. except DO bandwidth is $0.006 instead of $0.09/GB. am I paying extra for the sole existence of other services?
I think it amusing that the value of all 90s dot com IPOs were $44 billion. If that's accurate then it sounds like the dot com market as a whole was a bargain, because Google alone is worth >$700 billion and Amazon is worth >$500 billion.
It's (looking like it's turning out to become) digital gold. When is the last time you bought a family dinner with gold?
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you do not understand bitcoin, and thats ok :)
Then use CentOS?
> What kind of logic is that? Holding bitcoin doesn't give you any earnings.

Well, holding USD gives you inflation (i.e., negative interest).

Holding BTC doesn't (assuming the 21 mn are already priced in).
Network effect - same thing for Facebook. The more valuable bitcoin is the more secure and more resilient. Thus purely by price appreciation bitcoin is doing hiperbitcoinization - once people realize that fundamental value of fiat currency is a myth, more fiat currencies will collapse
> bitcoins have generated transaction fees of nearly $219 million. And at $9,600 a piece, the total value of all bitcoins -- their market cap -- now tops $155 billion. That gives bitcoins the equivalent of a trailing P/E ratio of 708.

Absurdly idiotic analogy, as holding the underlying is in no way related to the revenues that miners earn.
> Did anybody liked writing data migration?

Yes, I like it. And you know what? My databases have lots of checks in the schema. This way I know, that I get correct data when I query the database. In MongoDB I'm not sure. I can throw there anything, and get anything. It's just a normal GIGO queue.

And the migrations are fine. You just need to know the tools. I observed huge programmers' aversion to learn SQL (however they don't complain when they need to learn HQL).
> There’s a question in the application: “Why do you want to work for us?”. Typical answers are “I want to work in a product team” or “I’m excited about new UI frameworks”. Those answers leave a bit to be desired.

Do they? Working "to save the world" is normally something that I tend to avoid, for many reasons. I'll list a few:

1) Hey, you're saving the world! - normally it means that you can't complain. Being asked of working weekends or late nights? You're saving the world, how can you be so selfish to say no? Same with responding to mails after work, or moving your holidays because there's an impending deadline. There's more in a job than salary.

2) Normally, these jobs mean a "diverse and inclusive environment", which is code word for "PC hell". No-one can be criticized. You have to evaluate candidates based on their race or gender when hiring and reviewing, which means you're not really free to build a team or fire people (= other factors other than merit are factored in).

3) These companies expect you to share a certain moral stance and political alignment. I personally don't like to be told how should I think by no one, let alone the company I'm employed in. You (respectfully) express a viewpoint on Twitter that's not the company's? Boom, fired. I like to work in a place where you can be anywhere in the political spectrum, assuming that you are respectful and abide the current laws.
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I tried to use the Firefox debugger recently, but I could find where you set "event listener breakpoints" (e.g. a breakpoint that stops whenever a click handler runs, regardless of which element was clicked). Some documents seemed to suggest that Firefox has this feature but I tried multiple versions of Firefox (including fiddling with the "new debugger frontend" flag in about:config) but I just couldn't find it anywhere?
What about methane? I can't find the source right now, but I read somewhere that animals fart more than plants.
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> Good money drives bad money out

what? dude that's some serious misinformation you're spreading here
They don't do the hit to make a living, but they might commit the run to continue doing so.
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AFAICT transaction fees aren't the reason someone "invests" or buys bitcoin, if you buy bitcoin you don't get a fraction of those fees. If you want that you should invest in mining, so I think the initial part of the analysis is flawled.

The second part looks like nothing to say, backed by a lot of non sensical numbers, but I'm not a native english speaker and also generally don't read nor like economic "analysis", so I may be wrong
Maybe he has confused cause and effect?
When you're poor these honor systems may be all you have.
> What's really happening is that people are afraid to think in the presence of the boss

Is it too much to ask they do the thinking before meeting him?
It seems clear to me that the process that Bezos has institutionalized for meetings at Amazon aims to achieve exactly that.

A person that is senior enough to report or present to Bezos is probably involved in taking huge, high-pressure decisions. If one can handle those, one can handle a meeting with Bezos, and vice-versa.
Here is a chart of transaction volume on several of the major crypto currencies...

https://bitinfocharts.com/comparison/transactions-btc-eth-bc...

Anyone see a trend...
The experience of a small portion of poor customers who cannot afford fast internet and have trouble streaming at full quality and realize that they are not streaming at full quality and decide to do something about it doesn't typically interest large companies. People have bad experiences all the time. My parent in laws bought and paid for digital HDTV, and had a set-to-box that only delivered standard TV format. They didn't even realize that there was a problem until I pointed it out to them. And they aren't even poor and uneducated.

It's not like someone who has <10Mbs connection and finds netflix to be crappy is going to lawyer up and sue netflix and win.
Network effects. It's the reserve currency of the entire crypto ecosystem.
I wonder how the environmental impact of mining gold compares to mining bitcoin?
What do you mean by 'anything significant'? Paper money is not backed by anything material. Rather, it is backed by institutions (central banks, governments, banks) and individuals using them. To me, that's pretty much the same as cryptocurrencies.
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Maybe it's digital gold.

Maybe when the price stops rising no one feels any desire to buy it anymore and people are left holding worthless numbers.
Bitcoin on the main chain has scarcity.

Anyone can fork the codebase, or even the blockchain, or one of the many other blockchains out there. There is absolutely nothing provable about BTC as a store of wealth.

The amount of leaves produced by the cherry tree in my back garden during its expected lifetime is limited too, that doesn't make them a provable store of wealth.
They're not broken to the point of being unusable, but they're a pain to use.

And it's not just a DE vs WM thing. I'm fine with Gnome 2, for example - it also "just works" in that sense. And Xfce is really a DE these days, as well (I'd say that feature-wise, it's on par with earlier Gnome 2 releases now).
though this hasn't happened yet, there's no reason that a company couldn't put DRM in its toasters to control whose bread you can use

...there was this recent attempt at adding DRM to a (not-quite) juicer, which --- fortunately --- didn't become successful: https://news.ycombinator.com/item?id=14148216
This is exactly right.

If you create a company and copy Facebook's code, the resulting company will not be worth as much as Facebook.

Why? Because much of Facebooks' valuation derives from its network.

Bitcoin is the same.
I think this is called maturity. GCP finally knows who the target customer is, and they're building features for them. DO has really nice and simple UI, but try to spin 5,000 servers and you will see what a hot mess it is.

GCP shines at a very large scale. For us, what makes the difference, is the spending predictability and massive discounts coming from running preemptible servers or simply committing to certain usage.

GCP is not as service rich as AWS, but most of the offered services are capable of withstanding incredible loads. In our case, while running on tens of thousands of mostly preemptible servers[0], we couldn't pull this off anywhere else (trust me, we've tried).

It's great to know which service works for your loads and make the best of it.

[0] https://news.ycombinator.com/item?id=13726224
I don't get this. The dot-com bubble ran up to $6.7tn in market cap, in 2000, before crashing down to $1.7tn.

The crypto space, which seems to be shaping into an entirely new asset class, has a $300bn valuation. That's less than the value of Facebook.

The only reason why people are shouting bubble is because people were able to get in from the start, when these coins were 10 cents on the dollar. But when Facebook IPOed after 10ish years, it had a valuation of $50bn. But early angel investors also got in at 10 cents on the dollar.

It could eventually become a bubble, but I don't think think we're even nearly there yet.
Yes, maybe it will become digital gold. If it were true digital gold, it would have a similar valuation closer to gold, i.e. $8tn (a 60 fold increase of its current value).
HN's comments section can be very carping.
Handing out 15k a year to every person is just diluting the value of the money, especially if they aren't putting any effort into creating goods or 'doing' services.
Buyer: "Why is this phone 1000 dollars?"
Seller: "Well you make at least 15000 a year right, it's only a percentage..."
Now apply this to bread, gas, cars, healthcare, etc.
Cheques vs the money written on them.

The cheque is worthless by itself.
I have no experience with iDevices, but when I did use OpenVPN on Android I found it to be reliable.

If you find 3rd party apps unrelibale, perhaps you could try setting up a server that uses one of the protocols that are officially supported out-of-the-box (https://support.apple.com/en-us/HT201533) and see if they are less troublesome?
If we’re doing anecdata, then every web developer I know is on Macs, apart from those at the company I’m consulting for at the moment who have mostly standardised on Windows.
To be fair, I don't think paper money is backed by anything more than "trust" in the goverments that print it, and that people will accept that as payment.

If you "trust" the bitcoin network, and think that someone may accept bitcoin in exchange for something that you want, it looks pretty similar (obviously not comparable in scale yet)
Is there a clear definition between airfield and airport? Or rather, is there a distinction between places you can land a plane vs places an individual can buy a ticket to fly with an airline? I imagine this line gets blurred in certain countries more so than others, perhaps that's what the posted dataset is more geared towards?
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Bitcoin story about price - check

Tulip reference - check
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>Anyone can fork the codebase, or even the blockchain, or one of the many other blockchains out there. There is absolutely nothing provable about BTC as a store of wealth.

Let's rewrite the above as follows:

>Anyone can copy Facebook's model, or even its code, or one of the many other social networks out there. There is absolutely nothing provable about facebook as a good social network.
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What would good legislation look like, then, given that more practical understanding?

I believe you're correct that a lot of gun legislation is driven by an unreasonable fear of guns, and that those laws simply aren't effective as a result. However, I also believe there is also an unreasonable fear among a lot of gun owners regarding the motives behind gun control as well.
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I had queued it and later read it. I couldn’t agree it was the best I ever read but I did thoroughly enjoy it. Incidentally Amoroso was the most compelling speaker of all my professors at Stevens. It was a shame he only taught the one course.
It really feels like there has to be a bubble inflating. If this isn't a bubble, then what on earth is happening? People don't seem to be spending it.
Paper money also worth something because other people say it's worth something. You can't buy anything with Czech krones in some Kenyan village, because people there don't its worth.
> Clearly there’s no price that bitcoin holders will sell at so they’re clearly exiting the USD ecosystem

This may be true for some idealists, but most people view Bitcoin as an investment and haven't "exited" the USD ecosystem anymore than if they'd bought shares or bonds.
I like the economist a lot. They are a lot more ideological than the FT, though. As long as you bear that in mind while reading, it's still a good read.

Private Eye is also a remarkably good, although very specific, and often extremely depressing, read.
Not slack specifically, but slack, hipchat, lynx, skype, jabber, or whatever flavour of text your corp office prefers. Email may still be the only way at higher levels, but for people who actually need to do stuff quickly, there's often going to be done chat system available.
It never worked well in Windows for me. I tried, a lot. The main problem is that it doesn't have a focus stealing prevention like KWin (and maybe other Linux desktops) and eventually got annoyed and got used back to regular focus activation.