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Huh? It's a trustless timestamping service. That's a thing that some protocols benefit from. Digital notaries, for instance. That surely justifies a valuation
by chowells 9y ago
Huh? It's a trustless timestamping service. That's a thing that some protocols benefit from. Digital notaries, for instance.
That surely justifies a valuation around a few cents per bitcoin.
- acdha 9y agoBefore assigning a valuation you’d have to ask whether this was better than alternatives. In the case of digital notaries, PKI does the same job except for anonymity and it seems like many people – especially in legal contexts – would value the notaries not being anonymous.
- fwdpropaganda 9y agoLets say we agree that this timestampting service is trustless (I don't, but for the sake of the argument lets say I do). Care to explain how you go from that to "few cents per bitcoin"? I'm asking for an actual calculation.
- chowells 9y agoYou're asking for "an actual calculation" to back up a Fermi estimate of the true value of an irrationally-priced good? Of course there isn't one. It's a Fermi estimate. The main points were that the value is greater than 0 but the use is exceptionally niche. Pick any other Fermi estimate you feel is appropriate for those conditions. It doesn't change my point.
- fwdpropaganda 9y ago"Fermi estimate"? You know that Fermi was known for backing up his talk with numbers, right? How can you say that then "surely it's a few cents"?
- chowells 9y agoSo, you have no disagreement with my actual point?
- fwdpropaganda 9y agoIs your actual point that bitcoin should be worth at last a few cents just because the blockchain can be used for timestamping?