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"My toenail clippings are limited in quantity, but valueless." Indistinguishable from other toe-nail clippings, for which supply is not limited. Not easy to tr
by ohaideredevs 7y ago
"My toenail clippings are limited in quantity, but valueless."
Indistinguishable from other toe-nail clippings, for which supply is not limited. Not easy to transport internationally quickly.
- empath75 7y agoBitcoin is indistinguishable from any of its various forks. Cryptocurrency tokens as a class are not rare.
- ohaideredevs 7y agoIt's distinguishable by being the first and most heavily invested in, as well as having the most infrastructure around it, especially institutional. Keep downvoting literally because you don't like facts.
- Udik 7y agoTrue, I've been saying the same for a long time. However, forks are extremely susceptible to 50% attacks, the more so the more computing power concentrates on bitcoin. Anyway, the prices of all main cryptocurrencies go up and down together with very similar trends, so I guess the crypto inflation is already factored in the current price.
- village-idiot 7y agoSo bitcoin is more valuable than its hard forks because there’s more hashing power. Ok, that makes sense. So why is there more hashing power on bitcoin than the hard forks? Oh, because bitcoin is more valuable and so the mining reward is higher once converted to fiat? Well, that seems like a problem.
- jraedisch 7y agoWhy?
- village-idiot 7y agoCircular dependencies are never considered a good thing.
- oconnor663 7y agoReal diamonds are indistinguishable from artificial diamonds, but nonetheless the market treats them as a different product, even with the risk that some criminal might try to substitute them. Bitcoin is in a better position, with no risk of accepting a forked coin unless you want to. It might be all human irrationality all the way down, but if so it's the kind of irrationality that's been around forever.
- jraedisch 7y agoYes, it is. It is the first, arguably the most decentralized and safe, and absolutely the most valuable (by market cap) and thus most trusted store of value.
- village-idiot 7y agoI can come up with myriad examples of verifiably limited items that are valueless, I don’t think there’s any point in litigating that issue. And bitcoin is easy to move internationally, but that’s just begging the question. Why would anyone want to move bitcoin? Presumably because it’s valuable, but now we have a circular dependency; bitcoin is valuable because you can move it internationally, and people want to move it internationally because it’s valuable and can be converted into currencies in which people can actually buy goods and services.