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Just like with dot com burst, it doesnt mean someone will turn the lights off forever. Just like the internet eventually got mainstream and websites are being b

Just like with dot com burst, it doesnt mean someone will turn the lights off forever. Just like the internet eventually got mainstream and websites are being bought and sold for billions these days, same way BitCoin will never be at 0,001 cent with nobody touch it with a long stick.

omegaworks 9y ago
As the blockchain grows ever larger the thing gets more and more useless as a currency. Just look at how long it takes a transaction to confirm.* It's digital Beanie Babies. *https://blockchain.info/charts/avg-confirmation-time?timespan=180days# https://blockchain.info/charts/avg-confirmation-time?timespa...
- bduerst 9y ago
  Yep, these comparisons between Bitcoin and other successful technologies are like a new type of fallacy (techno-fallacy?) where people assume that because it's technically-complex it is somehow destined to succeed like other technically-complex successes. It's a form of survivor bias because you never see or think about the technically-complex failures, or "not-successes", like the Tamagatchi, Laser disc, WebTV, Webvan, etc. I mean, how come none of it's proponents compare Bitcoin to the Segway? Sure, you can say we have hoverboards now but those are not Segway, the same way Eth and Monero are not Bitcoin.
  - cantrip 9y ago
    The self balancing technology in the Segway, revolutionary at the time, paved the way for hoverboards. The forms are changed but the underlying technology is the same. In the same way, Eth and Monero are further iterations of Bitcoin.
    - bduerst 9y ago
      No, Segway didn't. Hoverboards are specifically based off of a patent made by some guy living in Oregon, and are actually ingenuitive in their own right. There's a good planet money podcast about it: https://www.npr.org/sections/money/2015/11/27/457404184/episode-666-the-hoverboard-life https://www.npr.org/sections/money/2015/11/27/457404184/epis... Bitcoin, Eth, and Monero are all implementations of blockchain. Bitcoin is technically inferior to Eth, Monero, even Dogecoin, but that doesn't stop GP and others from comparing it to the internet's success in saying that Bitcoin is destined for similar success.
  - AstralStorm 9y ago
    Tamagotchi were actually a success that has rescued Bandai. Millions were sold. Tiny numbers are still sold to this day which is quite a longevity for a fad toy.
- cantrip 9y ago
  >As the blockchain grows ever larger the thing gets more and more useless as a currency. Just look at how long it takes a transaction to confirm. Blockchain size and confirmation times are two entirely different things.
  - omegaworks 9y ago
    Good to know, what is it based upon? I know you can spend coin to prioritize a transaction, is it formulaic?
    - bduerst 9y ago
      Block size is limited by bytes allowed in the block, usually about 7 transactions a second (on average) for Bitcoin. Increased demand for transactions increased tx fees. The length of the chain can affect processing power and bandwidth, as each block contains all previous blocks.
    - cantrip 9y ago
      No, why are you making claims such as Bitcoin is the new Beanie Babies when you have literally no idea how any of it works?
      - bduerst 9y ago
        You don't have to be a carpenter to know if a house is built poorly, just if you try to describe the cause. They were right in their criticism of transaction fees, but were off in what was causing it.
- averagewall 9y ago
  The blockchain is only growing linearly isn't it? I just downloaded almost the entire blockchain the other day. It was a struggle, but it was also a struggle years ago. It hasn't become impossibly difficult or started to require fancy computers or internet connections.
craigmi 9y ago
the internet is far more useful than an alternative currency
s73ver_ 9y ago
The internet had a significant use. Bitcoin hasn't really found one yet. And I would say that the proper comparison would be to a company during the .Com bust.
adventured 9y ago
Bitcoin isn't the Internet in that example. Blockchain is. Bitcoin may be DrKoop.com or it may be AOL or Cisco, of the dotcom bubble. Wealth is created primarily from productivity gains. Bitcoin generates very little in the way of productivity gains. Services built on top of blockchain or similar tech, will be where most of the wealth will be generated, because those services / products will or might spur productivity gains.
rconti 9y ago
Sure, if you cherry pick. What ever happened to the supposed value of "hot" domain names? Right, we got search, and got used to typing in weird strings, and stopped caring about owning car.com or whatever.
- brucephillips 9y ago
  How much do you think car.com is worth?
- phil21 9y ago
  > What ever happened to the supposed value of "hot" domain names? Skyrocketed in value from hundreds of dollars in the mid-late 90's to tens/hundreds of thousands of dollars today? Not sure that's the point you were trying to make though :)
  - rconti 9y ago
    There are a lot of very generic domain names out there that were worth millions in the late 90s and never got used, and sit parked today. Businesses are more willing to spend to have "their" domain name, perhaps, but the overall value of a "hot" domain name seems lower.
- joering2 9y ago
  If you own car.com i would gladly pay $500,000, maybe more. Please DM me.
  - deleted 9y ago
    [deleted]
- puranjay 9y ago
  I'm still kicking myself for getting out of the domain market in 2008. The aftermarket prices crashed following the recession. I remember at one point, I bought out all the remaining 5 number .com names (like 78542.com). Must have been close to 400. I let them all expire since they were worthless a year later. Fast forward to 2015 and they're all selling for a minimum of $200+.

omegaworks 9y ago

As the blockchain grows ever larger the thing gets more and more useless as a currency. Just look at how long it takes a transaction to confirm.* It's digital Beanie Babies. *https://blockchain.info/charts/avg-confirmation-time?timespan=180days# https://blockchain.info/charts/avg-confirmation-time?timespa...

bduerst 9y ago
Yep, these comparisons between Bitcoin and other successful technologies are like a new type of fallacy (techno-fallacy?) where people assume that because it's technically-complex it is somehow destined to succeed like other technically-complex successes. It's a form of survivor bias because you never see or think about the technically-complex failures, or "not-successes", like the Tamagatchi, Laser disc, WebTV, Webvan, etc. I mean, how come none of it's proponents compare Bitcoin to the Segway? Sure, you can say we have hoverboards now but those are not Segway, the same way Eth and Monero are not Bitcoin.
- cantrip 9y ago
  The self balancing technology in the Segway, revolutionary at the time, paved the way for hoverboards. The forms are changed but the underlying technology is the same. In the same way, Eth and Monero are further iterations of Bitcoin.
  - bduerst 9y ago
    No, Segway didn't. Hoverboards are specifically based off of a patent made by some guy living in Oregon, and are actually ingenuitive in their own right. There's a good planet money podcast about it: https://www.npr.org/sections/money/2015/11/27/457404184/episode-666-the-hoverboard-life https://www.npr.org/sections/money/2015/11/27/457404184/epis... Bitcoin, Eth, and Monero are all implementations of blockchain. Bitcoin is technically inferior to Eth, Monero, even Dogecoin, but that doesn't stop GP and others from comparing it to the internet's success in saying that Bitcoin is destined for similar success.
- AstralStorm 9y ago
  Tamagotchi were actually a success that has rescued Bandai. Millions were sold. Tiny numbers are still sold to this day which is quite a longevity for a fad toy.
cantrip 9y ago
>As the blockchain grows ever larger the thing gets more and more useless as a currency. Just look at how long it takes a transaction to confirm. Blockchain size and confirmation times are two entirely different things.
- omegaworks 9y ago
  Good to know, what is it based upon? I know you can spend coin to prioritize a transaction, is it formulaic?
  - bduerst 9y ago
    Block size is limited by bytes allowed in the block, usually about 7 transactions a second (on average) for Bitcoin. Increased demand for transactions increased tx fees. The length of the chain can affect processing power and bandwidth, as each block contains all previous blocks.
  - cantrip 9y ago
    No, why are you making claims such as Bitcoin is the new Beanie Babies when you have literally no idea how any of it works?
    - bduerst 9y ago
      You don't have to be a carpenter to know if a house is built poorly, just if you try to describe the cause. They were right in their criticism of transaction fees, but were off in what was causing it.
averagewall 9y ago
The blockchain is only growing linearly isn't it? I just downloaded almost the entire blockchain the other day. It was a struggle, but it was also a struggle years ago. It hasn't become impossibly difficult or started to require fancy computers or internet connections.

craigmi 9y ago

the internet is far more useful than an alternative currency

s73ver_ 9y ago

The internet had a significant use. Bitcoin hasn't really found one yet. And I would say that the proper comparison would be to a company during the .Com bust.

adventured 9y ago

Bitcoin isn't the Internet in that example. Blockchain is. Bitcoin may be DrKoop.com or it may be AOL or Cisco, of the dotcom bubble. Wealth is created primarily from productivity gains. Bitcoin generates very little in the way of productivity gains. Services built on top of blockchain or similar tech, will be where most of the wealth will be generated, because those services / products will or might spur productivity gains.

rconti 9y ago

Sure, if you cherry pick. What ever happened to the supposed value of "hot" domain names? Right, we got search, and got used to typing in weird strings, and stopped caring about owning car.com or whatever.

brucephillips 9y ago
How much do you think car.com is worth?
phil21 9y ago
> What ever happened to the supposed value of "hot" domain names? Skyrocketed in value from hundreds of dollars in the mid-late 90's to tens/hundreds of thousands of dollars today? Not sure that's the point you were trying to make though :)
- rconti 9y ago
  There are a lot of very generic domain names out there that were worth millions in the late 90s and never got used, and sit parked today. Businesses are more willing to spend to have "their" domain name, perhaps, but the overall value of a "hot" domain name seems lower.
joering2 9y ago
If you own car.com i would gladly pay $500,000, maybe more. Please DM me.
- deleted 9y ago
  [deleted]
puranjay 9y ago
I'm still kicking myself for getting out of the domain market in 2008. The aftermarket prices crashed following the recession. I remember at one point, I bought out all the remaining 5 number .com names (like 78542.com). Must have been close to 400. I let them all expire since they were worthless a year later. Fast forward to 2015 and they're all selling for a minimum of $200+.