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As with any technology we only see its impact with the pass of time. Bitcoin is holding pretty strong after 12ish years, you can't deny facts. You can questio

As with any technology we only see its impact with the pass of time. Bitcoin is holding pretty strong after 12ish years, you can't deny facts. You can question the practical applications but technology is often used in other ways than it was originally intended. In the case of Bitcoin it may prove to be useful only as a cross border digital store of value instead of an every day currency. Same with NFTs, you can dismiss the hype but that doesn't mean there are no practical applications that people may end up adopting.

stickfigure 6y ago
Bitcoin works because the supply is constrained. Scarcity is its primary attribute. There are no constraints on the supply of NFTs.
- delaaxe 6y ago
  What I find mind boggling is that some creators sell 100 copies of the same jpeg
  - EVa5I7bHFq9mnYK 6y ago
    Yes, but it is known to everyone exactly how many they will sell.
JeremyNT 6y ago
> Same with NFTs, you can dismiss the hype but that doesn't mean there are no practical applications that people may end up adopting Bitcoin and NFTs have essentially two (closely related) practical applications: 1) pyramid scheme and 2) gambling / speculation on market volatility. So long as USD are cheap and regulation is lax, these will remain incredibly compelling use cases.
graeme 6y ago
Being a store of value is a tautology, not a use case. Name one other store of value with zero use in its class. Even art and magic cards have them. You can look at art, and people play with their non collector’s magic cards. Bitcoin is a pure faith enterprise. It’s only value is that people believe in it, despite the lack of use case and despite the ever rising waste of energy to power the network which rises inexorably with the market price. It is a tautological network where people enjoy seeing it run in a distributed way even though it does nothing else. How long can that last as something storing value? As mining costs increase you need an ever increasing supply of new entrants at high prices who are similarly enamoured with the idea of the network.
acdha 6y ago
> Bitcoin is holding pretty strong after 12ish years, you can't deny facts. Speculators have kept money in, but that’s in part because there is no value other than that social consensus, and all of that energy has stayed inside the speculative community. Within far less time the web was transforming unrelated industries (news, investing, shopping, dating, travel, etc.) but if Bitcoin stopped operating tomorrow almost no business outside of the blockchain world would notice because they don’t use it for anything which matters.
TomSwirly 6y ago
> Bitcoin is holding pretty strong after 12ish years, you can't deny facts. But its only uses are criminality.

stickfigure 6y ago

Bitcoin works because the supply is constrained. Scarcity is its primary attribute. There are no constraints on the supply of NFTs.

delaaxe 6y ago
What I find mind boggling is that some creators sell 100 copies of the same jpeg
- EVa5I7bHFq9mnYK 6y ago
  Yes, but it is known to everyone exactly how many they will sell.

JeremyNT 6y ago

> Same with NFTs, you can dismiss the hype but that doesn't mean there are no practical applications that people may end up adopting Bitcoin and NFTs have essentially two (closely related) practical applications: 1) pyramid scheme and 2) gambling / speculation on market volatility. So long as USD are cheap and regulation is lax, these will remain incredibly compelling use cases.

graeme 6y ago

Being a store of value is a tautology, not a use case. Name one other store of value with zero use in its class. Even art and magic cards have them. You can look at art, and people play with their non collector’s magic cards. Bitcoin is a pure faith enterprise. It’s only value is that people believe in it, despite the lack of use case and despite the ever rising waste of energy to power the network which rises inexorably with the market price. It is a tautological network where people enjoy seeing it run in a distributed way even though it does nothing else. How long can that last as something storing value? As mining costs increase you need an ever increasing supply of new entrants at high prices who are similarly enamoured with the idea of the network.

acdha 6y ago

> Bitcoin is holding pretty strong after 12ish years, you can't deny facts. Speculators have kept money in, but that’s in part because there is no value other than that social consensus, and all of that energy has stayed inside the speculative community. Within far less time the web was transforming unrelated industries (news, investing, shopping, dating, travel, etc.) but if Bitcoin stopped operating tomorrow almost no business outside of the blockchain world would notice because they don’t use it for anything which matters.

TomSwirly 6y ago

> Bitcoin is holding pretty strong after 12ish years, you can't deny facts. But its only uses are criminality.