4 ms·

this is only "possible" because etherium has even less real value than btc. btc still have intrinsic value as it is traded for chinese expating money, scared V

by gcb0 9y ago

this is only "possible" because etherium has even less real value than btc. btc still have intrinsic value as it is traded for chinese expating money, scared Venezuelans, American weekend drug users, etc. etherium exists for the sole purpose of playing investing with btc. everyone I know who owns etherium bought after they decided to buy btc and got a price hike on their investment so they flip btc and etherium instead of btc and usd. because they see it as two things that ever goes up. ha. this is the most perfect scenario for a pump and dump. intentional or not.

kasey_junk 9y ago
Events like this happen on currency exchanges as well. So unless you are suggesting the Swiss national currency is also not as valuable as bitcoin your hypothesis doesn't hold up.
fivestar 9y ago
While I somewhat empathize with all those use cases (not the drug users), especially in the totalitarian world we inhabit, I don't think a money system based on black market transactions is going to survive. Weekend drug users, indeed! Fact: Venezualans screwed themselves because they were too dumb to know that Marxism sucks. Fact: The Chinese avoid doing the hard work of reforming their nation and instead allow a faux-Marxist oligarchy to rule over them with an iron fist. See? Fix the shit and you don't need to sneak around in the back alleys. It's the same theme over and over and again with the human race. And the US isn't immune, either--we're just one financial collapse away from the same totalitarianism ourselves.
- fivestar 9y ago
  You people suck and you basically deserve everything that is coming to you.
  - sctb 9y ago
    We've banned this account for continuing to violate the guidelines after we've asked you repeatedly to stop.
- tnzn 9y ago
  Fact : what you call facts are ideologically biased interpretations. Fact : things wont change by the mere will of individuals so they need to have other options before things sort out.
shawabawa3 9y ago
ethereum has 70% of the market cap of bitcoin. it's worth more than bitcoin was worth ~3 months ago
- beberlei 9y ago
  market cap is worthless when we talk about fiat currency.
  - shawabawa3 9y ago
    but ethereum/bitcoin aren't fiat currencies? market cap is useful in that it shows the total value of the coin. Comparing the price of 1BTC to 1ETH doesn't make sense, but comparing their market cap does
    - JumpCrisscross 9y ago
      > ethereum/bitcoin aren't fiat currencies The alternatives to fiat money are commodity money, e.g. gold, or representative money, e.g. pieces of paper exchangeable for gold at a fixed rate. Cryptocurrencies are more similar to fiat money in terms of their value being a function of social agreement versus utility.
    - lkbm 9y ago
      gcb0 isn't proposing that value should be measured in ETH per BTC. Sounds like they think the value of currency is in people using it for a medium of exchange--e.g., Oversatock.com accepting bitcoin makes bitcoin valuable. "Useful" might be a better term, but it makes some sense to equate those two.
    - ty_a 9y ago
      >but ethereum/bitcoin aren't fiat currencies? Fiat currencies are created by fiat (legal declaration). No government created either, so no, they are not fiat currencies.
      - beberlei 9y ago
headcanon 9y ago
Today, yes, more people accept BTC for real-world goods than ETH. I, and most ETH holders, are betting that tomorrow that may not be the case. The strength of a cryptocurrency is the strength of it's platform, and Ethereum is basically Google to Bitcoins Yahoo, or Facebook to Myspace, take your pick. The reason? It's an applications platform, not just a currency. It brings fundamental innovations in decentralized computing that means it can reach places Bitcoin never could. And when that happens, the utility (and price :) of ETH will match.

by gcb0 9y ago

kasey_junk 9y ago

Events like this happen on currency exchanges as well. So unless you are suggesting the Swiss national currency is also not as valuable as bitcoin your hypothesis doesn't hold up.

fivestar 9y ago

While I somewhat empathize with all those use cases (not the drug users), especially in the totalitarian world we inhabit, I don't think a money system based on black market transactions is going to survive. Weekend drug users, indeed! Fact: Venezualans screwed themselves because they were too dumb to know that Marxism sucks. Fact: The Chinese avoid doing the hard work of reforming their nation and instead allow a faux-Marxist oligarchy to rule over them with an iron fist. See? Fix the shit and you don't need to sneak around in the back alleys. It's the same theme over and over and again with the human race. And the US isn't immune, either--we're just one financial collapse away from the same totalitarianism ourselves.

fivestar 9y ago
You people suck and you basically deserve everything that is coming to you.
- sctb 9y ago
  We've banned this account for continuing to violate the guidelines after we've asked you repeatedly to stop.
tnzn 9y ago
Fact : what you call facts are ideologically biased interpretations. Fact : things wont change by the mere will of individuals so they need to have other options before things sort out.

shawabawa3 9y ago

ethereum has 70% of the market cap of bitcoin. it's worth more than bitcoin was worth ~3 months ago

beberlei 9y ago
market cap is worthless when we talk about fiat currency.
- shawabawa3 9y ago
  but ethereum/bitcoin aren't fiat currencies? market cap is useful in that it shows the total value of the coin. Comparing the price of 1BTC to 1ETH doesn't make sense, but comparing their market cap does
  - JumpCrisscross 9y ago
    > ethereum/bitcoin aren't fiat currencies The alternatives to fiat money are commodity money, e.g. gold, or representative money, e.g. pieces of paper exchangeable for gold at a fixed rate. Cryptocurrencies are more similar to fiat money in terms of their value being a function of social agreement versus utility.
  - lkbm 9y ago
    gcb0 isn't proposing that value should be measured in ETH per BTC. Sounds like they think the value of currency is in people using it for a medium of exchange--e.g., Oversatock.com accepting bitcoin makes bitcoin valuable. "Useful" might be a better term, but it makes some sense to equate those two.
  - ty_a 9y ago
    >but ethereum/bitcoin aren't fiat currencies? Fiat currencies are created by fiat (legal declaration). No government created either, so no, they are not fiat currencies.
    - beberlei 9y ago

headcanon 9y ago

Today, yes, more people accept BTC for real-world goods than ETH. I, and most ETH holders, are betting that tomorrow that may not be the case. The strength of a cryptocurrency is the strength of it's platform, and Ethereum is basically Google to Bitcoins Yahoo, or Facebook to Myspace, take your pick. The reason? It's an applications platform, not just a currency. It brings fundamental innovations in decentralized computing that means it can reach places Bitcoin never could. And when that happens, the utility (and price :) of ETH will match.