4 ms·

To go one step further, who says inventing a better currency shouldn't be worth 3x as much as creating e.g. walmart or microsoft? Sounds exactly like the sort o

To go one step further, who says inventing a better currency shouldn't be worth 3x as much as creating e.g. walmart or microsoft? Sounds exactly like the sort of civilisational step forward that should be rewarded handily. Remember, we're talking about a world in which bitcoin has absorbed 50% of the world's assets, presumably because it's better in some real way than other currencies.

pedrocr 9y ago
>Remember, we're talking about a world in which bitcoin has absorbed 50% of the world's assets Bitcoin proponents keep misunderstanding this. Most of the world's assets are not currencies, they are stocks, bonds, land, etc that we do use currencies to price but we are not holding currencies when we own them. The fact that central banks can inflate currencies doesn't change the value of assets just their pricing under those currencies. So creating a new way to price assets with something that has a guaranteed fixed supply is not a big innovation. If you want that just use gold. It has a much longer history, much less volatility, much less chance of being replaced by the next fad, and isn't mainly owned by a few recent early adopters. >presumably because it's better in some real way than other currencies. That's the point someone still needs to make. Modern financial systems are pretty efficient and featureful. Bitcoin is for people that believe in a narrow scenario where normal institutions have failed and yet the internet and the mining infrastructure is still working. To me that seems incredibly unlikely especially given how mining economics and evolution have made it highly centralized in a few players in China.
- cromon 9y ago
  Considering how old gold is its distribution is pretty slim https://www.wealthdaily.com/articles/who-owns-worlds-gold/2491 https://www.wealthdaily.com/articles/who-owns-worlds-gold/24... And it's far from immune to being manipulated. http://news.goldseek.com/GoldSeek/1489601367.php http://news.goldseek.com/GoldSeek/1489601367.php

pedrocr 9y ago

>Remember, we're talking about a world in which bitcoin has absorbed 50% of the world's assets Bitcoin proponents keep misunderstanding this. Most of the world's assets are not currencies, they are stocks, bonds, land, etc that we do use currencies to price but we are not holding currencies when we own them. The fact that central banks can inflate currencies doesn't change the value of assets just their pricing under those currencies. So creating a new way to price assets with something that has a guaranteed fixed supply is not a big innovation. If you want that just use gold. It has a much longer history, much less volatility, much less chance of being replaced by the next fad, and isn't mainly owned by a few recent early adopters. >presumably because it's better in some real way than other currencies. That's the point someone still needs to make. Modern financial systems are pretty efficient and featureful. Bitcoin is for people that believe in a narrow scenario where normal institutions have failed and yet the internet and the mining infrastructure is still working. To me that seems incredibly unlikely especially given how mining economics and evolution have made it highly centralized in a few players in China.

cromon 9y ago
Considering how old gold is its distribution is pretty slim https://www.wealthdaily.com/articles/who-owns-worlds-gold/2491 https://www.wealthdaily.com/articles/who-owns-worlds-gold/24... And it's far from immune to being manipulated. http://news.goldseek.com/GoldSeek/1489601367.php http://news.goldseek.com/GoldSeek/1489601367.php