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Comparing cryptocurrencies to actual companies isn't fair. A lot of companies that went bankrupt (aka worth $0) had assets. Those assets were worth something
by matt_s 9y ago
Comparing cryptocurrencies to actual companies isn't fair. A lot of companies that went bankrupt (aka worth $0) had assets. Those assets were worth something and were probably sold off and used to pay debtors.
What assets does a cryptocurrency have? What value is actually there?
- blhack 9y agoIt's also not fair because a company can actually "go away" as in they sell the building and stop operating. You can't really do this with bitcoin. It's never going to "shut down".
- matt_s 9y agoTrue - it's society's value on the exchange of bitcoin to $USD that could go to $0. The ledger of all those transactions would still be out there.
- Retric 9y agoIf nobody mines it then it really can go away.
- inyourtenement 9y agoIf everybody woke up at once, came to their senses, and realized bitcoin was all just a waste of time and literal energy, and turned off their machines, bitcoin would be "shut down".
- fastball 9y agoNope, because then the next day someone would start mining again in the hope that people would want BTC someday.
- inyourtenement 9y agoThat is a wild assumption.
- jen729w 9y agoIt takes a cynical person indeed to think that Bitcoin is “a waste of time”. Love it or hate it, it’s an amazing idea. Waste of energy, however, is harder to argue with. Hence PoS etc.
- netsharc 9y agoThis is why some people think it could be a perpetual ponzi scheme/bubble... price goes up, people get interested, price shoots up, more people get interested, price drops down, a lot of people lose their shirts, but other people will think, "Oh, Bitcoin is cheap now, I should get into that!". I guess until you run out of people, or until it's ruled "illegal" that the pool of people shrinks.