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What are the "fundamentals" of bitcoin? The only varying metric it has is the denomination you measure it in. Whether that is Venezuelan Bolivars or USD. Ever
by BelenusMordred 6y ago
What are the "fundamentals" of bitcoin?
The only varying metric it has is the denomination you measure it in. Whether that is Venezuelan Bolivars or USD.
Everything else is set in stone.
- fragmede 6y agoThe fundamentals of bitcoin are illegal drug deals and money laundering. We can argue over how much that's worth, given the volume of BTC, and difficulty of the necessary conversion back to currency that banks/landlords/cafes/etc will accept, but that's not zero.
- vimy 6y agoI don’t think that’s accurate anymore. Bitcoin ten years ago was like the www in 1995. Now we have DeFi which runs on crypto. DeFi is to banks what e-commerce was to retail stores in 2000.
- moneywoes 6y agoCan you elaborate on defi please
- fragmede 6y agoTo keep the analogies, GP asked if the Internet was useful for anything, I gave one - 'buying pizza on webpages' - and you're objecting to my use of the word 'webpage' vs 'app'. Underneath all the talk of smart contracts running on ETH, behind DApps, the system at large skirts money laundering laws, and that's not a property of the system that conveniently just happened. A big reason for choosing crypto over something boring and normal, ie banks and the whole regulated financial industry, is because it skirts money laundering and other financial regulation, and because it's outside of the regulated financial industry, a lot of users don't believe they have to pay taxes on any gains made. For those that don't believe in the concept of taxes, that's very attractive.
- smabie 6y agoPretty much all institutional investors disagree with you on that. The institutional flows into btc right now are staggering