4 ms·

Give it another 15-20 years and let's see what happens: Ethereum, golem, decentraland, storj, ICONOMI,steemit, Basic Attention Token funded buy bitcoin.

dragontamer 9y ago
How is it "funded by" bitcoin? Tell me. If all the money in BTC markets dried up tomorrow, would the cryptocurrency innovation stop? I argue that innovation would continue, even if BTC crashes to $5 tomorrow. Because cryptocurrencies, as they are currently implemented, don't require money for people to improve them. The entire concept of "equity" and "market cap" is completely, and utterly devoid of meaning in this space. If you buy up Google or TSLA stock, those companies have more money to actually make factories, data-centers, or buy computers. This happens through a mechanism called stock offerings. Ex: https://www.cnbc.com/2016/05/20/tesla-raises-146b-in-stock-sale-at-a-lower-price-than-its-august-2015-sale-ifr.html https://www.cnbc.com/2016/05/20/tesla-raises-146b-in-stock-s... If you buy up BTC, the innovators do NOT get money. Only the miners do. Its way better to just Paypal the money directly to BTC foundation or directly to Etherium developers if you actually care about "funding" those projects. ------------ As it stands right now, the Winklevoss Twins are getting more BTC money than the BTC core developers. The "investment" scheme of the BTC world is broken. BTC "market cap" does NOT benefit the devs. https://cointelegraph.com/news/winklevoss-twins-become-first-official-bitcoin-billionaires https://cointelegraph.com/news/winklevoss-twins-become-first...
- sharemywin 9y ago
  if google, facebook etc get disintermediated by blockchain than the stock is worthless too. The value is in the network. Not the code. Should devs get paid? yes. why should a dev get any premium over any other early adopter that contributed value to a network? In my opinion the work(dev, qa, docs etc) of a network should be put out for bid with a minimal as possible funded by trx fees. Bitcoin already served it's purpose to get money into the crypto ecosystem.
  - dragontamer 9y ago
    > if google, facebook etc get disintermediated by blockchain than the stock is worthless too. Stock can be worthless, but the resulting company can still provide a useful service and job to many. Still, high stock prices provide a benefit to the company. Everyone knows TSLA's stock is overpriced, but that's basically a good thing for TSLA. BTC is the opposite. At $20,000 per BTC, it was impossible to transact BTC for less than $30 per transaction. The network grew less and less valuable as the price of BTC goes up (and as BTC Transaction Fees are typically paid in... BTC... higher USD/BTC means higher transaction fees). A high-stock price is beneficial to the company. A high BTC price is detrimental to the BTC community. BTC will survive this crash. Cryptocurrencies will survive. AND they will become more useful when the prices drops down to something reasonable (Watch as transaction fees are dropping with these lower prices). It sure sucks for the "investors" who were suckered into believing otherwise. But seriously, there's very little value in attracting "dumb money" investors who would have lost their money in the next dumb penny-stock herd-mentality scheme anyway.
    - sharemywin 9y ago
      Like a bad strand of DNA bitcoin will probably die. The miners had too much power and so the chain didn't adapt.

dragontamer 9y ago

How is it "funded by" bitcoin? Tell me. If all the money in BTC markets dried up tomorrow, would the cryptocurrency innovation stop? I argue that innovation would continue, even if BTC crashes to $5 tomorrow. Because cryptocurrencies, as they are currently implemented, don't require money for people to improve them. The entire concept of "equity" and "market cap" is completely, and utterly devoid of meaning in this space. If you buy up Google or TSLA stock, those companies have more money to actually make factories, data-centers, or buy computers. This happens through a mechanism called stock offerings. Ex: https://www.cnbc.com/2016/05/20/tesla-raises-146b-in-stock-sale-at-a-lower-price-than-its-august-2015-sale-ifr.html https://www.cnbc.com/2016/05/20/tesla-raises-146b-in-stock-s... If you buy up BTC, the innovators do NOT get money. Only the miners do. Its way better to just Paypal the money directly to BTC foundation or directly to Etherium developers if you actually care about "funding" those projects. ------------ As it stands right now, the Winklevoss Twins are getting more BTC money than the BTC core developers. The "investment" scheme of the BTC world is broken. BTC "market cap" does NOT benefit the devs. https://cointelegraph.com/news/winklevoss-twins-become-first-official-bitcoin-billionaires https://cointelegraph.com/news/winklevoss-twins-become-first...

sharemywin 9y ago
if google, facebook etc get disintermediated by blockchain than the stock is worthless too. The value is in the network. Not the code. Should devs get paid? yes. why should a dev get any premium over any other early adopter that contributed value to a network? In my opinion the work(dev, qa, docs etc) of a network should be put out for bid with a minimal as possible funded by trx fees. Bitcoin already served it's purpose to get money into the crypto ecosystem.
- dragontamer 9y ago
  > if google, facebook etc get disintermediated by blockchain than the stock is worthless too. Stock can be worthless, but the resulting company can still provide a useful service and job to many. Still, high stock prices provide a benefit to the company. Everyone knows TSLA's stock is overpriced, but that's basically a good thing for TSLA. BTC is the opposite. At $20,000 per BTC, it was impossible to transact BTC for less than $30 per transaction. The network grew less and less valuable as the price of BTC goes up (and as BTC Transaction Fees are typically paid in... BTC... higher USD/BTC means higher transaction fees). A high-stock price is beneficial to the company. A high BTC price is detrimental to the BTC community. BTC will survive this crash. Cryptocurrencies will survive. AND they will become more useful when the prices drops down to something reasonable (Watch as transaction fees are dropping with these lower prices). It sure sucks for the "investors" who were suckered into believing otherwise. But seriously, there's very little value in attracting "dumb money" investors who would have lost their money in the next dumb penny-stock herd-mentality scheme anyway.
  - sharemywin 9y ago
    Like a bad strand of DNA bitcoin will probably die. The miners had too much power and so the chain didn't adapt.