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Assuming Bitcoin is totally worthless in the long run (which I strongly believe it is), the right way to think of it is that people who own it have lost however
by umanwizard 9y ago
Assuming Bitcoin is totally worthless in the long run (which I strongly believe it is), the right way to think of it is that people who own it have lost however much they paid for it. When you think of it that way, all the sums add up to zero.
- sillysaurus3 9y agoSuppose Bitcoin ends up worth a dollar. Since there will be 22 million BTC, it seems true to say that it added at least as much wealth to the world as a failed (acqui-hired) startup. Therefore it wasn't zero sum, correct? It's not like we're doing anything else with our time, so we may as well have a thought experiment.
- wolco 9y agothe fiat currency required to fullfill the 22 million coins being cashed out would be removed from other areas of society
- sillysaurus3 9y agoWhy is that different from a startup being acquired for $22M? In both cases, people now have $22M to spend that they otherwise wouldn't have had.
- rspeer 9y agoStartups are bought because the buying company plans to use them in a profitable enterprise. What would you do with post-crash Bitcoins that you paid a dollar for?