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It's not a commodity and it's not a currency. It's nothing-cy. How much is 0x12efadeb8790234b5ed worth? Anyone can make a crypto "asset" with less effort tha

by YZF 9y ago

It's not a commodity and it's not a currency. It's nothing-cy. How much is 0x12efadeb8790234b5ed worth? Anyone can make a crypto "asset" with less effort than it took me to type this in. Biggest. Pyramid. Scheme. Ever. EDIT: Buffet: Crypto currencies will come to a bad ending. ... "tulips" ... Munger: I think worse about crypto currencies than you do. ... "trading turds" ...

DamnYuppie 9y ago
I don't see how Bitcoin is a pyramid scheme. I don't need others underneath me to be producing/selling/mining so that my existing BC have value. If you think it is a sham or a con that is one thing, but a pyramid scheme it isn't.
- lopatin 9y ago
  I think he meant ponzi-scheme, which would be true if Bitcoin didn't have any purpose. Anyways, this debate has been settled for us by the US government, it's a commodity.
harshreality 9y ago
The asset is the ledger-recorded amount of cryptocurrency attached to the wallet keypair, not the keypair itself. Cryptos have plenty of problems without misrepresenting what they are. Our bank accounts are also identified by mere bits. What's that quote... > Cosmo: The world isn't run by weapons anymore, or energy, or money. It's run by little ones and zeroes, little bits of data. It's all just electrons. (To be clear, I'm extremely ambivalent about cryptos, so I don't entirely disagree with your sentiment. I can see the "it's a new form of currency" side, and I can see the "mass delusion and speculation bubble" side. History will prove someone right, but I don't know how to estimate a probability of any one cryptocurrency winning, if any do.)
- YZF 9y ago
  I'm fully aware of that. My point is that its value is just about the same as any random sequence of bits. The fact that those bits are in a super inefficient ledger doesn't matter.
  - woah 9y ago
    Did you realize, that money is just green paper? Deep.
    - YZF 9y ago
      It's green paper backed by a government. If I printed my own paper money it'd also be worthless.
      - lopatin 9y ago
        If you started your own cryptocurrency, it'd also be worthless. That's not to say all cryptocurrencies are worthless.
candiodari 9y ago
Maybe we should split things up a bit ? Bitcoin is, according to group: IRS/tax offices around the world: a commodity (and thus taxed like stocks) Banks: neither (and don't you dare touch it !) Most historical bitcoin currency guys (e.g. Steam): neither (this unfortunately seems to exclude pretty much all the bigger ones) Some remaining guys[1]: currency Believers: currency [1] https://99bitcoins.com/who-accepts-bitcoins-payment-companies-stores-take-bitcoins/ https://99bitcoins.com/who-accepts-bitcoins-payment-companie...

by YZF 9y ago

DamnYuppie 9y ago

I don't see how Bitcoin is a pyramid scheme. I don't need others underneath me to be producing/selling/mining so that my existing BC have value. If you think it is a sham or a con that is one thing, but a pyramid scheme it isn't.

lopatin 9y ago
I think he meant ponzi-scheme, which would be true if Bitcoin didn't have any purpose. Anyways, this debate has been settled for us by the US government, it's a commodity.

harshreality 9y ago

The asset is the ledger-recorded amount of cryptocurrency attached to the wallet keypair, not the keypair itself. Cryptos have plenty of problems without misrepresenting what they are. Our bank accounts are also identified by mere bits. What's that quote... > Cosmo: The world isn't run by weapons anymore, or energy, or money. It's run by little ones and zeroes, little bits of data. It's all just electrons. (To be clear, I'm extremely ambivalent about cryptos, so I don't entirely disagree with your sentiment. I can see the "it's a new form of currency" side, and I can see the "mass delusion and speculation bubble" side. History will prove someone right, but I don't know how to estimate a probability of any one cryptocurrency winning, if any do.)

YZF 9y ago
I'm fully aware of that. My point is that its value is just about the same as any random sequence of bits. The fact that those bits are in a super inefficient ledger doesn't matter.
- woah 9y ago
  Did you realize, that money is just green paper? Deep.
  - YZF 9y ago
    It's green paper backed by a government. If I printed my own paper money it'd also be worthless.
    - lopatin 9y ago
      If you started your own cryptocurrency, it'd also be worthless. That's not to say all cryptocurrencies are worthless.

candiodari 9y ago

Maybe we should split things up a bit ? Bitcoin is, according to group: IRS/tax offices around the world: a commodity (and thus taxed like stocks) Banks: neither (and don't you dare touch it !) Most historical bitcoin currency guys (e.g. Steam): neither (this unfortunately seems to exclude pretty much all the bigger ones) Some remaining guys[1]: currency Believers: currency [1] https://99bitcoins.com/who-accepts-bitcoins-payment-companies-stores-take-bitcoins/ https://99bitcoins.com/who-accepts-bitcoins-payment-companie...