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It may just as well end in tears for the nay-sayers who were too chicken shit to buy in while teenagers got rich off decentralized currency.
by rubbingalcohol 9y ago
It may just as well end in tears for the nay-sayers who were too chicken shit to buy in while teenagers got rich off decentralized currency.
- the_cat_kittles 9y agosince there really arent that many fundamentals to bitcoin's value, at least obvious ones to me, i think its mostly a gamble. not that that is bad or good. just that i dont think its worth attributing to much credit or blame to winning and losing parties. ive followed it since it was a dollar in 2011... i still dont know what makes it go up and down except hype, china banning or unbanning it, and exchange thefts. someone got rich off beanie babies, are the people who didn't "too chicken shit" too?
- flignats 9y agoThere are many obvious fundamentals to cryptocurrencies. This is a revolution, this is huge.
- mattchristen 9y agoAnd what might the obvious ones be?
- luxuryballs 9y agoI think it's obvious that he's just pumping bitcoin
- flignats 9y agopumping bitcoin, lol - you don't get it.
- rubbingalcohol 9y agoYeah after people on Hacker News find out about Bitcoin the price will skyrocket and imma cash out
- clavalle 9y agoCost and ease of transaction. Difficult to steal or confiscate. Confidence of transaction completion in a low trust environment. I'm sure there are more but those are three off the top of my head.
- flignats 9y agostorage of value, information integrity, speed - If you don't see obvious utility with cryptocurrency then you haven't done enough/very little research. Why would ycombinator backed REQ try to replace Paypal with crypto technology if there wasn't fundamental value in the tech?
- icebraining 9y agoYC's whole model is making many investments which are likely to fail, assuming a lucky few will pay for the rest. It only works because they diversify, rather than going all-in on a single one.
- flignats 9y agothe statement why REQ would try this, not ycomb's investment strategy.. They don't just invest in anyone, they do due diligence, why would they conclude this is even a viable risk taking opportunity if it was easy to see there is no utility in the technology?
- the_cat_kittles 9y agothose things havent changed since its been around. im talking about fundamentals that drive the price of bitcoin
- the_cat_kittles 9y agook go ahead and list them?
- twayamznacct 9y agoI keep hearing about how cryptocurrencies are a revolution and the "Greatest Transfer of Wealth in History" and all I have in response is that it appears to be nothing more than yet another transfer of wealth in the wealthy elite's favor. The wealthy get wealthier, while those not wealthy may get a few crumbs to placate them (10x returns on 6 - 8 figures investments + funding to build massive scale ASIC/GPU farms versus 10x returns on 3 - 4 figure investments and no ability to generate meaningful returns via personal mining). Business as usual.
- flignats 9y agoGreat, I'll keep accumulating and you can stay away so I can accumulate at a cheaper price. I highly suggest you do a little more research. This is a transfer of wealth on scale that I haven't seen in my lifetime. I'm not a wealthy elite. I'm getting wealthier.
- twayamznacct 9y agoI'd argue you're getting richer, not wealthier. A very key distinction. I do have money in cryptocurrency, just to be clear. Only because I expect to be able to sell it for a higher value to a greater fool down the line (and have no misconceptions about what it is and the risks involved).
- flignats 9y agoIf you can't see the utility then you haven't done any due diligence. Most here just want to read a headline and add their opinions.
- jerkstate 9y agoI agree that crypto has tons of obvious fundamentals. In 2017, I would agree that ETH, LTC, XMR, XRP, NEO, POWR etc have utility, but BTC has name recognition.
- rubbingalcohol 9y agoIt's good for moving money out of countries with strict currency controls. There's a ton of conceptual value to a currency that exists beyond the control of any central authority.
- the_cat_kittles 9y agoi dont dispute there is some utility to the currency. i mean, i guess you could say that governmental instability / dumb monetary policy drives bitcoin's price to some degree?
- the_cat_kittles 9y agoEDIT: i guess its ambiguous in my parent comment- i mean fundamentals that drive the PRICE of bitcoin. i dont want to hear about its intrinsic value, i know there is some.