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I dont think poopooing bitcoin's speculative bubble has to do with poopooing it as a technology. For its original purpose as a digital currency, USD value shou
by ufo 9y ago
I dont think poopooing bitcoin's speculative bubble has to do with poopooing it as a technology.
For its original purpose as a digital currency, USD value should not matter (as long as it doesn't fluctuate too much)
- brndnmtthws 9y agoThat's similar to the argument that "blockchain good, Bitcoin bad". Bitcoin is the killer app. Similarly, the internet is great not because of TCP, but because of the information (which is what gives it value).
- deevolution 9y agoThe medium is the message. I'd argue the underlying technology, that is blockchain, is actually the most impactful. Bitcoin is just an implementation and an example of how blockchain based technology can affect society.
- adrianveidt 9y agoPoW costs money. As PoW difficulty increases, and mining reward decreases, it makes sense for value to increase to make it sustainable.
- ufo 9y agoBitcoin's price is determined by supply and demand, not by the mining reward curve. But yes, Bitcoin would need an exponentially increasing price to be sustainable in the long term without higher transaction fees.