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Bitcoin market is like the regular equities market...without the halting capabilities

by sna1l 7y ago

adventured 7y ago
> Bitcoin market is like the regular equities market No it's not. The Bitcoin market is the exact opposite: it's unnecessary and of little consequential tangible value to the real economy. The regular equity markets have a large share of the productive output of nations behind them, including the employment and taxation that goes with that. Companies that actually produce goods and services. In many cases goods and services that people and other businesses have to purchase or otherwise heavily depend on. None of that is true about Bitcoin. It could disappear tomorrow and other than the lost capital trapped in it, it wouldn't matter in a meaningful way; and it wouldn't matter at all to the average person. The masses of people do not need it, they do not depend on it. Government revenue does not depend on it. The lives of billions of people do not depend on it. Now, for comparison, shut down the top five farm tractor manufacturing companies. Shut down Airbus and Boeing. Shut down Walmart, Costco, Target, and Amazon. Shut down every dental office. Shut down every auto manufacturing company and witness the industrial effects including unemployment. Close every power plant. Shut down the telecom companies and every media company. Shut down every publicly traded energy company. Close every publicly traded bank and financial firm. Close every publicly traded agricultural company including the major food producers. Compare that to Bitcoin vanishing tomorrow. By comparison, it would have zero consequence, it would not matter at all in any grand scheme of things.
- gwbas1c 7y ago
  > It could disappear tomorrow and other than the lost capital trapped in it, it wouldn't matter in a meaningful way; and it wouldn't matter at all to the average person. That's because Bitcoin is a zero-sum game. No value is created or lost, it's basically just a big game of poker.
  - backupcavalry 7y ago
    This. Stocks can still generate dividends. The only way you 're making money from Bitcoin investments is if some other sucker buys it off you for more than you spent.
  - jansan 7y ago
    It's worse. Huge amounts of energy is wasted for creating the poker chips.

Bitcoin market is like the regular equities market...without the halting capabilities

by sna1l 7y ago

Bitcoin market is like the regular equities market...without the halting capabilities

> Bitcoin market is like the regular equities market No it's not. The Bitcoin market is the exact opposite: it's unnecessary and of little consequential tangible value to the real economy. The regular equity markets have a large share of the productive output of nations behind them, including the employment and taxation that goes with that. Companies that actually produce goods and services. In many cases goods and services that people and other businesses have to purchase or otherwise heavily depend on. None of that is true about Bitcoin. It could disappear tomorrow and other than the lost capital trapped in it, it wouldn't matter in a meaningful way; and it wouldn't matter at all to the average person. The masses of people do not need it, they do not depend on it. Government revenue does not depend on it. The lives of billions of people do not depend on it. Now, for comparison, shut down the top five farm tractor manufacturing companies. Shut down Airbus and Boeing. Shut down Walmart, Costco, Target, and Amazon. Shut down every dental office. Shut down every auto manufacturing company and witness the industrial effects including unemployment. Close every power plant. Shut down the telecom companies and every media company. Shut down every publicly traded energy company. Close every publicly traded bank and financial firm. Close every publicly traded agricultural company including the major food producers. Compare that to Bitcoin vanishing tomorrow. By comparison, it would have zero consequence, it would not matter at all in any grand scheme of things.

gwbas1c 7y ago
> It could disappear tomorrow and other than the lost capital trapped in it, it wouldn't matter in a meaningful way; and it wouldn't matter at all to the average person. That's because Bitcoin is a zero-sum game. No value is created or lost, it's basically just a big game of poker.
- backupcavalry 7y ago
  This. Stocks can still generate dividends. The only way you 're making money from Bitcoin investments is if some other sucker buys it off you for more than you spent.
- jansan 7y ago
  It's worse. Huge amounts of energy is wasted for creating the poker chips.