4 ms·
I think there's more middle ground than you think. Personally, I think blockchain is a useful, interesting technology that can be used to solve a number of prob
by CommieBobDole 8y ago
I think there's more middle ground than you think. Personally, I think blockchain is a useful, interesting technology that can be used to solve a number of problems. And I think that blockchain-based cryptocurrencies are likewise useful as a pseudonymous medium of exchange and will probably be around for a long time. Cryptocurrency has utility and therefore actual value.
I just don't think that 'actual value' is $30k/bitcoin or whatever. I think bitcoin and other coins are overvalued hundreds or maybe thousands-fold and that overvaluation is driven by an enormous speculative bubble of people who mostly don't understand anything about the thing but buy out of fear of missing out in case the price keeps going up forever.
Blockchain is here to stay. Cryptocurrency likewise. $30k coin valuation is a flash in the pan.
- xorcist 8y agoNot many people dare to give a monetary value at this point. What kind of legitimate use case would have the order of magnitude valuation you describe and what is your reasoning behind it?
- CommieBobDole 8y agoI may have implied more precision than I meant; my thought is just that the value seems more likely to be small than very large. Reasoning would be the things contributing to value are the utility (it's a medium of exchange) and the scarcity (there can only be a finite number of Bitcoin). But the latter has limited effect because anyone can create a new coin anytime they want to. I could be wrong, of course. I'm not an economist.