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> The billionaire said he did not choose his investments on the basis of whether they would be worth more to others. Entertain the notion, just for one second
by nickmonad 6y ago
> The billionaire said he did not choose his investments on the basis of whether they would be worth more to others.
Entertain the notion, just for one second (even if you don't think it will happen), that people are envisioning a future where the bitcoin is just, you know... used? In that context, it's worth more to _them_, not "others".
Also, didn't these people take a risk to earn their level of wealth? Starting a company can absolutely destroy people and their families, yet we encourage people to take these kinds of calculated risks everyday.
- tomdell 6y agoStarting a company has the potential to create something of value for people outside the company, though. Buying some Bitcoin and it increasing in value doesn’t really change anything in the world but the amount of money the person who bought it has. It’s not like Bitcoin use is very widespread or likely ever will be due to its slowness, power inefficiency, and government distaste. Bitcoin goes up in value mostly because more people think they’ll earn money from buying it and it subsequently increasing in value, not because it has become more useful.
- rchaud 6y agoSo if BTC's value goes up 50%, then down 20% in a matter of days, what is the delta in the number of people that are envisioning this future?