3 ms·
In history, large numbers of people have committed grievous mistakes under the notion of "It's popular so it must be the right thing." Axis powers during WWII,
by bb88 6y ago
In history, large numbers of people have committed grievous mistakes under the notion of "It's popular so it must be the right thing." Axis powers during WWII, e.g.
"You can in fact fork Bitcoin today and attempt to create a market, will your new coin be valued as a Bitcoin and derive its current ~9000 USD price?"
Yes. They're called shit coins. I'll make 21,000,000 shit coins in my currency and sell you one for $9,000. You can, make your own shit coins and just sell one of your shit coins back to me for $9,000. Money need not exchange hands.
How about this? I will sell you an arbitrary magic number for $9000. It's value is only good inside those that trade these magic numbers. The only difference between my offer and bitcoin is that many people are trading these magic numbers.
- keymone 6y ago> I'll make 21,000,000 shit coins in my currency and sell you one for $9,000 What makes you think I will buy your shitcoin for $9000?
- bb88 6y agoI just need one person to. And again, money need not exchange hands.
- monokh 6y ago> The only difference between my offer and bitcoin is that many people are trading these magic numbers. And that is a world of difference. If I sold a Bitcoin for half the market price, anyone rational would take that offer without thinking. Your shitcoin on the other hand has no persistent or reliable market value and you would not be able to find a buyer.
- bb88 6y agoAgain, your argument is that it's popular, so it must be good. Illicit drugs are also popular -- but how many people have died from overdose?