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No question. I think you can make the argument Ethereum (and to a lesser extent, Polkadot) could be fairly valued due to what it represents (platform for distri
by icelancer 6y ago
No question. I think you can make the argument Ethereum (and to a lesser extent, Polkadot) could be fairly valued due to what it represents (platform for distributed applications, I refuse to use the shorthand phrase for it or decentralized finance), but BTC is simply just gold / reserve currency in nature and always will be per the Blockstream team's desires. So there's no way BTC's valuation relative to other stores of value is correct.
There are potential paradigm shifters in the cryptocurrency space as much as HN wants to shit on it, but I also agree with your larger point more than I disagree with it.
- slt2021 6y agoif there is new better crypto with some guarantees of value - all BTC folks will sell at the top and jump ship. For example imagine European central bank creates its own "green" reserve crypto mined only with green energy and guarantees free circulation and acceptance in eurozone. Embrace-Extend-Extinguish framework can be applied to BTC to kill it with a better alternative, and the higher price for BTC is the stronger incentives to sell at the peak and move elsewhere to more stable place