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People said the same things about their $4000 BB’s, until they were worthless. That’s sort of the point of an intrinsically worthless object of speculation and

People said the same things about their $4000 BB’s, until they were worthless. That’s sort of the point of an intrinsically worthless object of speculation and artificial scarcity, it seems like it can’t lose, until it loses.

stickfigure 8y ago
This is not at all a fair comparison. For one thing, the scarcity of bitcoin is not really all that artificial. You can't forge BTC and there's no central organization that can suddenly print more. The other thing is that bitcoin actually solves a need in the world - the ability to transfer wealth from one person to another anywhere in the world without intermediaries. Folks can argue about how necessary this is for the average person, but it's certainly something that beanie babies (or any other physical collectible good) cannot provide.
- cycrutchfield 8y ago
  >The other thing is that bitcoin actually solves a need in the world - the ability to transfer wealth from one person to another anywhere in the world without intermediaries. See, the only people for whom this is an actual “need” are crazy libertarians (questionable) and criminals (absolutely). Nobody else in the world considers this an unmet need. What good is a solution in search of a problem?
  - stickfigure 8y ago
    Nobody else in the world considers this an unmet need. Pretty much the entire population of Venezuela and Zimbabwe would beg to differ... and that's just recent history.
icelancer 8y ago
And most people here calling BTC a tulip don't have the balls to short it. Easy to say a lot of stuff with zero skin in the game.
- GW150914 8y ago
  Or those people understand that the market can remain irrational longer than you can remain solvent. That doesn’t change the inevitable result.
- cycrutchfield 8y ago
  And most people hyping BTC are bagholders who have a vested interest in shilling their useless product. How about you divest your cryptocurrencies before we believe anything you have to say about them?

stickfigure 8y ago

This is not at all a fair comparison. For one thing, the scarcity of bitcoin is not really all that artificial. You can't forge BTC and there's no central organization that can suddenly print more. The other thing is that bitcoin actually solves a need in the world - the ability to transfer wealth from one person to another anywhere in the world without intermediaries. Folks can argue about how necessary this is for the average person, but it's certainly something that beanie babies (or any other physical collectible good) cannot provide.

cycrutchfield 8y ago
>The other thing is that bitcoin actually solves a need in the world - the ability to transfer wealth from one person to another anywhere in the world without intermediaries. See, the only people for whom this is an actual “need” are crazy libertarians (questionable) and criminals (absolutely). Nobody else in the world considers this an unmet need. What good is a solution in search of a problem?
- stickfigure 8y ago
  Nobody else in the world considers this an unmet need. Pretty much the entire population of Venezuela and Zimbabwe would beg to differ... and that's just recent history.

icelancer 8y ago

And most people here calling BTC a tulip don't have the balls to short it. Easy to say a lot of stuff with zero skin in the game.

GW150914 8y ago
Or those people understand that the market can remain irrational longer than you can remain solvent. That doesn’t change the inevitable result.
cycrutchfield 8y ago
And most people hyping BTC are bagholders who have a vested interest in shilling their useless product. How about you divest your cryptocurrencies before we believe anything you have to say about them?