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Satoshi used his/her economic theories to create a 100 billion market cap asset from literally zero... what would they have to do to convince you folks that the
by drcode 7y ago
Satoshi used his/her economic theories to create a 100 billion market cap asset from literally zero... what would they have to do to convince you folks that they were on to something with their ideas? Also cure cancer?
- oblio 7y agoThere's been fads bigger than Bitcoin that no one remembers anymore. The true test of Bitcoin is longevity.
- drcode 7y agoNo, there has never been a "fad" that had a 100 billion dollar market cap.
- qubex 7y agoYeah... but... nah... it being the biggest fad in history does not mean it’s not a fad. If even 5% of bitcoin held were placed on the market simultaneously the whole thing would implode like a coke can filled with a vacuum. It’s totally illiquid and any attempt to cash out by a significant proportion of holders would herald instant disaster. That’s why it’s so volatile. Research shows the 2017 peak and crash were due transactions by a single ‘whale’.
- SketchySeaBeast 7y agoI wonder what the total worth of tulips during tulip mania were worth.
- doublement 7y agoBitcoin isn't used for anything except to transfer dollars from regular buyers to miners and/or large early adopters.
- drcode 7y agoNobody is forced to buy Bitcoin.
- doublement 7y agoYet they do it anyway.
- andirk 7y agoI buy things with it. Such as on Overstock.com and elsewhere.
- seiferteric 7y agoWouldn't that be true of someone who created a ponzi scheme also? Do you consider Madoff a success?
- drcode 7y agoMadoff was a product of the artificially low interest rates established by the US Fed, causing people to participate in all sorts of risky schemes to see some investment returns. So yes, one could argue that the Fed "succeeded" at creating lots of bubbles and fueling lots of scams in recent history, though the details of the situation are of course a lot more complicated.
- neilk 7y agoBe able to buy something with it