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> you can’t do anything with Bitcoin "Keeping track of who owns what" is the "something" that Bitcoin purports to do.
by anonytrary 6y ago
> you can’t do anything with Bitcoin
"Keeping track of who owns what" is the "something" that Bitcoin purports to do.
- postalrat 6y agoI keep track of who wears my socks. If you want in I'll lease you a pair for 5k a month
- erulabs 6y agoNow keep track of billions of socks and be incapable of lying and you’re onto something!
- sunshinerag 6y agowhy? easy? Just trust me. I track all the socks in the world. Promise I wouldn't fake new socks, or new people with socks. Just trust me.
- postalrat 6y agoI only lease out 100 socks. If you fail to pay the lease you keep the socks but now they belong to you and are no longer my socks.
- gweinberg 6y agoIt's a purported utility, but it doesn't really explain the valuation.
- anonytrary 6y agoYes, it does. Bitcoin's market cap is ~350b, which is about the same as JPM's market cap, which is exactly what the purported utility aims to replace. Doesn't seem far off to me. Bitcoin aims to make paper money obsolete, which aims to make banks obsolete. Bitcoin is therefore undervalued, assuming it is a valid replacement. $100k per BTC in 5 years is not unreasonable. 5 years ago, if someone said $20k per BTC in 5 years, you would call them crazy.