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I think Tesla buying Bitcoin is simply reflecting the fact that Bitcoin is looking more and more entrenched - sort of it's here-to-stay realization. Gold probab
by vgchh 6y ago
I think Tesla buying Bitcoin is simply reflecting the fact that Bitcoin is looking more and more entrenched - sort of it's here-to-stay realization. Gold probably had similar transition from being a shiny fad to a more entrenched store of value at some point in its history.
Personally, my problem with Bitcoin has been that some of the early adopters cornered large portions of it early on and that governments would never accept that reality. However, cat seems to be out of the bag. It seems to be playing out more like gold rush - whoever cornered, great. At some point governments will catch up and start hoarding it. And then it becomes regularized.
As for no intrinsic value, the high difficulty of mining and high difficulty of faking it, appears to make it a pretty reliable store of value.
- rootusrootus 6y ago> Bitcoin is looking more and more entrenched Is it? I get that from the perspective of people holding BTC it must be the network effect that gives it value. Otherwise what differentiates it from any of the multitudes of other cryptocurrencies that have been created? It still looks an awful lot like a big casino to me. A popular one, sure, but still a casino. Not a currency.
- vgchh 6y agoI think the differentiation is in the first mover advantage of Bitcoin. Combine that with, difficulty of mining, no central control and proven robustness.
- gher-shyu3i 6y ago> I get that from the perspective of people holding BTC it must be the network effect that gives it value. Same as the Euro, USD, etc. then. > It still looks an awful lot like a big casino to me. Wall St. laughing in the background.
- rootusrootus 6y ago> Same as the Euro, USD, etc. then. LOL. The USD is backed by the IRS. No network effect required.