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Dogecoin is priced in Bitcoin though. Everything will eventually be priced in Bitcoin. And Chrisbucks are the reason why altcoins have no long-term value. If

Dogecoin is priced in Bitcoin though. Everything will eventually be priced in Bitcoin. And Chrisbucks are the reason why altcoins have no long-term value. If anyone can create coins then there's an infinite supply and their value will go to zero. Bitcoin is the only system which has not attempted to inflate the supply beyond the originally programmed supply. The original supply was necessary because it was the first asset of its kind. Everything else misses the point.

AnimalMuppet 8y ago
> Everything will eventually be priced in Bitcoin. Objection, your honor. Assumes facts not in evidence. We get it, you've bought in to the idea that Bitcoin is the one true currency. (That's why a statement like "1 Bitcoin is still 1 Bitcoin even after 100 years" makes sense to you.) The rest of us, however, are not sold on this. We suspect that 100 years from now one Bitcoin will get you exactly nothing of value. Speaking to us from a perspective that Bitcoin is the one true currency is completely unpersuasive to us. If you want to convince us, you need to tell us something that makes sense in our viewpoint. > Take any point in Bitcoin's history and compare its value then to three years earlier. There is no case where it was worth more three years before. That's a decent attempt at doing what I asked for. Unfortunately, I find it less than persuasive. It's an asset that has a total history of 10 years; there's a pretty small sample size here.
- hndamien 8y ago
  The people on the outside aren't really relevant to the value and market price of Bitcoin. The price is a reflection of the activity of the market participants economic equilibrium. Non-participants can gawk at the price, but so long as there are enough participants using the system, trading and creating wealth then the system will continue to grow, and attract more participants one would assume (although this is not necessary). Eg, your opinion of a foreign currency and their monetary policy makes little difference to them and the forex price until you participate in their economy.
  - AnimalMuppet 8y ago
    All true. And Bitcoin could have a real value long-term (decades), if enough people believe (and continue to believe) that it does. The forex example is a bit off, though. If I don't believe the price of the Euro, for example, well, there's still a ton of stuff being produced in countries that use the Euro, and they trade with other countries, and that sets a price for the Euro in relation to those other countries. But how much stuff is produced in places that use Bitcoin? Perhaps I should have said in "places" that use Bitcoin, because it doesn't have to be countries. But how much stuff is for sale only in Bitcoin? That's where Bitcoin is going to have a price as a currency. If there aren't many things with Bitcoin-only prices, then Bitcoin can still have a value, but it's value is more like gold - as an investment that's not subject to inflation. Even as that, it can have a value forever - gold's done pretty well at that, after all. But I still think it's too soon to see if Bitcoin will do that. Gold has several millenia of being accepted; Bitcoin has 10 years. We'll see what happens in the long term.

AnimalMuppet 8y ago

> Everything will eventually be priced in Bitcoin. Objection, your honor. Assumes facts not in evidence. We get it, you've bought in to the idea that Bitcoin is the one true currency. (That's why a statement like "1 Bitcoin is still 1 Bitcoin even after 100 years" makes sense to you.) The rest of us, however, are not sold on this. We suspect that 100 years from now one Bitcoin will get you exactly nothing of value. Speaking to us from a perspective that Bitcoin is the one true currency is completely unpersuasive to us. If you want to convince us, you need to tell us something that makes sense in our viewpoint. > Take any point in Bitcoin's history and compare its value then to three years earlier. There is no case where it was worth more three years before. That's a decent attempt at doing what I asked for. Unfortunately, I find it less than persuasive. It's an asset that has a total history of 10 years; there's a pretty small sample size here.

hndamien 8y ago
The people on the outside aren't really relevant to the value and market price of Bitcoin. The price is a reflection of the activity of the market participants economic equilibrium. Non-participants can gawk at the price, but so long as there are enough participants using the system, trading and creating wealth then the system will continue to grow, and attract more participants one would assume (although this is not necessary). Eg, your opinion of a foreign currency and their monetary policy makes little difference to them and the forex price until you participate in their economy.
- AnimalMuppet 8y ago
  All true. And Bitcoin could have a real value long-term (decades), if enough people believe (and continue to believe) that it does. The forex example is a bit off, though. If I don't believe the price of the Euro, for example, well, there's still a ton of stuff being produced in countries that use the Euro, and they trade with other countries, and that sets a price for the Euro in relation to those other countries. But how much stuff is produced in places that use Bitcoin? Perhaps I should have said in "places" that use Bitcoin, because it doesn't have to be countries. But how much stuff is for sale only in Bitcoin? That's where Bitcoin is going to have a price as a currency. If there aren't many things with Bitcoin-only prices, then Bitcoin can still have a value, but it's value is more like gold - as an investment that's not subject to inflation. Even as that, it can have a value forever - gold's done pretty well at that, after all. But I still think it's too soon to see if Bitcoin will do that. Gold has several millenia of being accepted; Bitcoin has 10 years. We'll see what happens in the long term.