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I'm speaking broadly to decentralized "blockchains". If any or all were to crash a new one will replace it. In that sense the cat is out of the bag and "the gam

I'm speaking broadly to decentralized "blockchains". If any or all were to crash a new one will replace it. In that sense the cat is out of the bag and "the game has changed". It doesn't matter if any websites from the 90's still operates, the internet was a game changing invention regardless of when mass adoption took place.

setr 9y ago
Well no, bitcoins current value is clearly primarily based on speculation, and distinctly divorced from its value in usage. If it vanished tomorrow, and was replaced, the new coin will likely not reach the same height as bitcoin; its speculative valuation would vanish, and it would reach merely bitcoins true value (based on its utility). And its true value is likely quite low; at least nowhere near where its at today. That is, bitcoin doesn't yet justify its own existence. A new one will replace it, but hardly out of necessity, rather simply because it is trivial to do so. If its existence was suddenly erased, few systems would be affected (mostly layer 1 actors, those directly associated with bitcoin: miners, coin devs, a few startups, etc) and most corrected quite quickly. there's not yet a true dependency on cryptocoins or blockchaind; the game is the almost exactly the same as it was with or without the bitcoin paper. Its not yet changed.
- smokeyj 9y ago
  > If it vanished tomorrow, and was replaced But it won’t vanish. I’m still waiting. If you can make bitcoin vanish I’d give you some credibility. Until then you’re amongst a sea of journalists declaring the death of crypto. I’m waiting for it and I mean that sincerely. Yet here we are.
  - setr 9y ago
    What in the hell are you going on about? Im just talking about whether or not you should call it "game changing". Vanishing bitcoin is just a hypothetical.
    - smokeyj 9y ago
      http://blog.ycombinator.com/building-for-the-blockchain/ http://blog.ycombinator.com/building-for-the-blockchain/ The phrase "paradigm shift" seems to be thrown around quite a bit ;)

setr 9y ago

Well no, bitcoins current value is clearly primarily based on speculation, and distinctly divorced from its value in usage. If it vanished tomorrow, and was replaced, the new coin will likely not reach the same height as bitcoin; its speculative valuation would vanish, and it would reach merely bitcoins true value (based on its utility). And its true value is likely quite low; at least nowhere near where its at today. That is, bitcoin doesn't yet justify its own existence. A new one will replace it, but hardly out of necessity, rather simply because it is trivial to do so. If its existence was suddenly erased, few systems would be affected (mostly layer 1 actors, those directly associated with bitcoin: miners, coin devs, a few startups, etc) and most corrected quite quickly. there's not yet a true dependency on cryptocoins or blockchaind; the game is the almost exactly the same as it was with or without the bitcoin paper. Its not yet changed.

smokeyj 9y ago
> If it vanished tomorrow, and was replaced But it won’t vanish. I’m still waiting. If you can make bitcoin vanish I’d give you some credibility. Until then you’re amongst a sea of journalists declaring the death of crypto. I’m waiting for it and I mean that sincerely. Yet here we are.
- setr 9y ago
  What in the hell are you going on about? Im just talking about whether or not you should call it "game changing". Vanishing bitcoin is just a hypothetical.
  - smokeyj 9y ago
    http://blog.ycombinator.com/building-for-the-blockchain/ http://blog.ycombinator.com/building-for-the-blockchain/ The phrase "paradigm shift" seems to be thrown around quite a bit ;)