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A bug is discovered allowing fraudulent creation of bitcoins, and no easy or timely fix is possible. That or governments outlaw it entirely.
by Joeri 9y ago
A bug is discovered allowing fraudulent creation of bitcoins, and no easy or timely fix is possible.
That or governments outlaw it entirely.
- adamnemecek 9y agoYou are fundamentally arguing that cryptocurrencies, all of them, will be gone? That like 30 years from now, there will be 0 things that are basically cryptocurrencies or something that replaced them?
- Retric 9y agoThat's irrelevant. If every cryptocurrency around in 30 years has yet to be created then every current cryptocurrency would be dead. Consider, what happens if the Internet dies? Well you could run a private coin on an old laptop, but that's not really meaningful.
- 20after4 9y agoNow that's a scary thought.
- adamnemecek 9y agoIt's not an overnight thing. Like the transfer from Bitcoin to the new thing would be very gradual, standard technology adoption rate curve. And like, it's not clear by how much would you really diminish Bitcoin. Like crpyto became a thing but I dont think it was at the stock market.
- teraflop 9y agoIt's a possibility. Maybe they'll still be here, maybe they'll be totally gone; maybe they'll exist, but only in certain niches, or in a form that's unrecognizably different than what they look like now. By analogy: two decades ago, US consumers were buying almost a billion dollars' worth of photographic film a year [1]. Photography hasn't gone anywhere -- people are taking orders of magnitude more photos than they used to -- but if you had invested your entire net worth into Kodak in 2000, you'd be penniless now. [1]: http://blog.keh.com/the-evolution-of-photo-lab-life/ http://blog.keh.com/the-evolution-of-photo-lab-life/
- to3m 9y agoBut this time it's different, because you can invest your entire net worth into KODAKCoin: https://www.kodak.com/kodakone/default.htm https://www.kodak.com/kodakone/default.htm
- adamnemecek 9y agoOk so we disagree on whether Bitcoin has peaked or not. Do you feel like crypto has peaked? There's this half trilion just waiting to be multiplied. Like people just bought in, they wont be selling. In some sense, I wonder if the fact that beginner investors bought in means that it's more resistant to a price dump as they wont have stop losses. If they bought for 1000, they wont sell for 500 thereby keeping the price afloat. Not saying that's the case.
- JumpCrisscross 9y ago> Like people just bought in, they wont be selling Is this a serious argument?
- adamnemecek 9y agoYou've never met a "naive" investor.
- Jtsummers 9y agoSomeone buying for $1000 and not selling for $500 will not keep the price afloat. It just means they're stuck with something they refuse to sell and no one else wants to buy. Other people will sell at the lower price (to get out and write off their losses rather than incur more) and the price will drop anyways.
- adamnemecek 9y agoIt's not someone. It could be large part of the market.
- 9y ago
- oreo81 9y agoGovernments outlawing numbers, that'll be the day.
- em3rgent0rdr 9y agoGovernments outlawing of numbers has been going on for a long time: https://en.wikipedia.org/wiki/Illegal_number https://en.wikipedia.org/wiki/Illegal_number
- oreo81 9y agoAll those of those are examples of numbers that have already been discovered, not preemptively banning numbers yet to be found.
- em3rgent0rdr 9y agoThey still pre-emptively ban numbers, for instance if they represent something illegal: "Any image file or an executable program can be regarded as simply a very large binary number. In certain jurisdictions, there are images that are illegal to possess, due to obscenity or secrecy/classified status, so the corresponding numbers could be illegal." Also, the concept of "numbers yet to be found" is philosophically questionable.
- gspetr 9y agoIn 2017, far-right Slovak politician Marian Kotleba was criminally charged for donating 1,488 euro to a charity.
- throwawaymsft 9y agoDrug prices don't dip when the government outlaws them. If anything, the need to outlaw crypto validates their utility.
- Joeri 9y agoDrugs have a purpose beyond trade, cryptocurrency doesn’t. Make it illegal to sell, and there’s no reason to buy it.