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As someone who made most of his wealth from BTC (really early proponent), I strongly believe there is no value to Bitcoin apart from the value people ascribe to
by fakedang 6y ago
As someone who made most of his wealth from BTC (really early proponent), I strongly believe there is no value to Bitcoin apart from the value people ascribe to it. There is no value in mining it and spending energy, just as there is no value in mining coal in a 100% green economy. If I put "work" to go into the bowels of the earth, only to mine a clump of dirt, does that make it valuable in spite of the amount of extraordinary effort it took?
If BTC were somehow linked to and used to solve some of the world's most pressing problems such as modelling protein folding or some equally significant problem, then that would make it partly energy efficient. I don't know of any such crypto, and I think I've heard of only one such crypto that's somewhat like that. And as recent evidence goes, no crypto gives you respite from the law - on the contrary, it will bind you in constant avoidance of the law.
- mk4p 6y ago> And as recent evidence goes, no crypto gives you respite from the law - on the contrary, it will bind you in constant avoidance of the law. Even Monero?
- fakedang 6y agoI suspect Monero is too privacy oriented to become a mainstream investment product like BTC. Tbh, I believe that, although it doesn't hurt you to hold it, any crypto currency only has actual fiat equivalence in a darknet market (elsewhere there is a nice substitute called cash/credit), which is the sole market that demands privacy by nature. All other markets solely use BTC as an investment class and explicitly require that you forgo your privacy in some form or the other. Monero's focus on the former might make it bitter-tasting for the regulators of the latter.