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It's not new. History is full of these schemes. Eventually everyone who wants bitcoin has bought it, and there are no more bids.
by 99_00 6y ago
It's not new. History is full of these schemes. Eventually everyone who wants bitcoin has bought it, and there are no more bids.
- Scott_Sanderson 6y agoBut yet . . . Would you say eventually everyone who wants dollars will have enough and the demand for new dollars will be zero?
- 99_00 6y agoBitcoin and dollars are not comparable. The US government forces you to use dollars under threat of violence. To exist as a legal entity in society you must use dollars, to pay fees, taxes, etc. And if you depend on the government, you must accept dollars. No one needs to use bitcoin. Its demand is chiefly speculation. It has very little use other than a speculative vehicle.
- BLKNSLVR 6y agoI think you describe quite well the fundamental reasons bitcoin was created.
- 99_00 6y agoEverything created by people was created for a reason. Having a reason for existing doesn't mean anything.
- BLKNSLVR 6y agoI disagree 100%. Having a reason for existing is, literally, it's meaning. Something may become meaningless over time if the landscape changes to undermine the reasons for existence, but that underscores the point that 'reason for existence' is another way of saying 'it means something'. Bitcoin's reason for existence was the bank bailouts of 2008. It has found supplemental reason in the current economic climate of quantitative easing. That means everything. "Having a reason for existing doesn't mean anything" is an absurd statement.
- 99_00 6y agoYou're not making a point or advancing an argument. You're just describing what you think are the reasons for Bitcoin's creation and interest.
- BLKNSLVR 6y agoThe entire world of finance is built upon there being an infinitely increasing supply of people who want to buy in. You're effectively saying that the global economy is also a scheme. I wouldn't disagree with that, it's just that what you're describing isn't unique to bitcoin.
- 99_00 6y ago>The entire world of finance is built upon there being an infinitely increasing supply of people who want to buy in. It's not. It's built on increasing productivity.
- imtringued 6y agoActually, it's the opposite. The economy keeps getting more productive and this has to be countered with inflation to keep prices stable and reward further productivity growth.