4 ms·

I know I will get a hell of downvotes for this, but "Brainwashed" term can also be applied to people trading Bitcoins? Some people agreed that it is valuable an

by Oras 8y ago

I know I will get a hell of downvotes for this, but "Brainwashed" term can also be applied to people trading Bitcoins? Some people agreed that it is valuable and gave some tokens a huge value and its a market now.

zeroxfe 8y ago
Diamond prices are artificially inflated by a single organization. Bitcoin is priced by the market. (Yes, there is lots of manipulation in the latter, but it's still not comparable to diamonds.)
- bluedevil2k 8y ago
  Wrong. The DeBeers monopoly doesn't exist anymore and the market sets the prices on diamonds. Nearly all diamonds are priced through auctions now a days.
nialv7 8y ago
Well, I guess it could be true that some people are "brainwashed" to trade bitcoin. But I think there are some differences between the two. First, diamond is not in itself useful. While it some industrial uses, that is not where its value comes from. The value of diamond is the result of misinfomation about its rarity and an extensive marketing campaign. On the other hand, BitCoin (or rather, blockchain) promised to be a distributed exchange, and more or less acheieves that. And although it is debateable whether its current valuation is reasonable, at least that grows organically from its use. The value BitCoin and diamond are both influenced by their limited availability. Diamond supply is tightly controlled by a corperation, but there is no guarantee that corperation will continue to have this controll indefinitely. On the other hand the limit on the number of bitcoins is more rigid and will only break if someone took controll of at least half of the network.
- bluedevil2k 8y ago
  Wrong. The belief that DeBeers is a diamond monopoly and controls the market is outdated. In fact, DeBeers is now only the 2nd largest diamond miner, after Alrosa, a Russian mining company.

4 ms·

I know I will get a hell of downvotes for this, but "Brainwashed" term can also be applied to people trading Bitcoins? Some people agreed that it is valuable an

by Oras 8y ago

zeroxfe 8y ago
Diamond prices are artificially inflated by a single organization. Bitcoin is priced by the market. (Yes, there is lots of manipulation in the latter, but it's still not comparable to diamonds.)
- bluedevil2k 8y ago
  Wrong. The DeBeers monopoly doesn't exist anymore and the market sets the prices on diamonds. Nearly all diamonds are priced through auctions now a days.
nialv7 8y ago
Well, I guess it could be true that some people are "brainwashed" to trade bitcoin. But I think there are some differences between the two. First, diamond is not in itself useful. While it some industrial uses, that is not where its value comes from. The value of diamond is the result of misinfomation about its rarity and an extensive marketing campaign. On the other hand, BitCoin (or rather, blockchain) promised to be a distributed exchange, and more or less acheieves that. And although it is debateable whether its current valuation is reasonable, at least that grows organically from its use. The value BitCoin and diamond are both influenced by their limited availability. Diamond supply is tightly controlled by a corperation, but there is no guarantee that corperation will continue to have this controll indefinitely. On the other hand the limit on the number of bitcoins is more rigid and will only break if someone took controll of at least half of the network.
- bluedevil2k 8y ago
  Wrong. The belief that DeBeers is a diamond monopoly and controls the market is outdated. In fact, DeBeers is now only the 2nd largest diamond miner, after Alrosa, a Russian mining company.