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> However, given its tremendous market capitalization, it may yet turn out to be a viable way to store value. The circular logic of bitcoin shysters never ceas
by spookthesunset 9y ago
> However, given its tremendous market capitalization, it may yet turn out to be a viable way to store value.
The circular logic of bitcoin shysters never ceases to amaze.
I have created a new coin called "sand coin". Each coin is a grain of sand from my backyard Yesterday my friend bought one grain of sand from me for $1. Therefore, given the fact that there is billions of sand grains in my backyard, their market cap is giant. Given its tremendous market cap, Sandcoin is a great store of value.
- notadoc 9y agoWow a sand-grain backed crypto? Sand on blockchain? Sandcoin is easily worth $100,000 per coin! It's the future of sand!
- johndevor 9y agoYou're using derogatory terms to make an argument which is not an argument. Secondly, you could make the same argument about gold.
- skellera 9y agoThis always gets brought up but gold is used for much more. It’s in electronics, people value it as jewelry, etc. I can go to a coin shop today and exchange my gold for a much smaller fee than Bitcoin. Gold has historically shown its ability to store value. If the fees come back down, all of the Bitcoin people will start saying they never called it a store of value. People just have to justify why they’re making irrational decisions.
- Meekro 9y agoEvery day, $33 billion dollars worth of "traditional" currencies are traded for $33 billion dollars worth of cryptocurrencies[1]. Coinbase, the top bitcoin exchange, is the 5th largest personal finance site in the US[2] -- the only bigger ones are chase.com, paypal.com, wellsfargo.com, and bankofamerica.com -- and Coinbase is rapidly closing the gap and is on track to overtake all of them within 6 months [3]. This is nothing like the "sand coin" from your example. It's real, measurable economic activity on a massive scale. [1] https://coinmarketcap.com https://coinmarketcap.com (cryptocurrency 24 hour volume) [2] https://www.alexa.com/topsites/countries;1/US https://www.alexa.com/topsites/countries;1/US [3] http://www.alexa.com/siteinfo/coinbase.com#?sites=coinbase.com http://www.alexa.com/siteinfo/coinbase.com#?sites=coinbase.c...
- spookthesunset 9y agoAgain. Circular logic of crypto shysters at work. > It's real, measurable economic activity on a massive scale. What economic activity? It is people speculating. Nobody is using bitcoin for buying coffee or sending micropayments to websites. Nobody is using it as a "store of value", despite what the shysters say. It is just people buying and selling a meaningless ticker symbol hoping to get rich and buy some island in the south pacific (using fiat, I might add). With bitcoin, you might as well just throw away the technology behind it and just trade on the BTC ticker instead. I mean, that is almost what is happening given all the trades on any given exchange are off-chain transactions happening in a centralized exchange-owned database. There is no rumbling of miners recording every trade. The only people doing cross-trade are people trying to arbitrage away the price difference between exchanges.
- AlexAltea 9y ago> Nobody is using bitcoin for buying coffee or sending micropayments to websites. I was, I've spent more Bitcoins than traditional currencies on buying actual products during last year (electronics, games, hotels, flight tickets, etc.). That ended, 1 months ago when fees rose to a point limit that made such relatively small operations inviable. That said, I still hope for new cryptocurrencies to provide a solution to scalability issues. Maybe https://failsafe.network/ https://failsafe.network/ or maybe something else.
- erikpukinskis 9y agoThere’s no easy way to differentiate your authentic backyard sand from other sand, so it fails the first requirement for a currency.