5 ms·

They saw the light. Surprised so many commenters here still don't see it. In the words of the late great Steve Jobs: "are you getting it yet!??"

randomopining 6y ago
What did they see beyond realizing they could sell the shovels and collect fees?
- nyolfen 6y ago
  that they are going to be left in the dust if they don't adapt
  - boc 6y ago
    Nobody is going to be left in the dust. There's zero chance the global market moves to bitcoin, and there's zero chance that you'll ever live in a country where it's the primary form of currency. Everyone who thinks that bitcoin is the future needs to really wrap their head around why a $20 bill buys a nice meal instead of buying you whatever a small scrap of cotton paper with fancy ink on it is worth.
    - randomopining 6y ago
      I agree, but it could be good as a deflationary reserve asset, no?
      - boc 6y ago
        It's good until it's not. A successful quantum attack on a bitcoin address would end it permanently - sure we might be "decades" away from that, but we also knew it took years to make a vaccine until Moderna/Pfizer made one in ~2 days. Right now bitcoin is like a castle with massive walls - everyone knows where the castle is and what's inside, but nobody can get over the walls. It makes sense to feel safe from attack. Quantum computers are the equivalent to the enemy arriving to your castle walls with a helicopter.
        randomopining 6y ago
        Tbh yeah that makes sense. But only state actors are going to have first control of a quantum computer... Aka one of the US or China. Neither have a ton of incentive to mess up the chain. Plenty of Chinese have btc and plenty of americans have btc. Idk what do you think?
        boc 6y ago
        I think that's correct, but I think the broader point is that unlike gold or real estate or other long-term stores of value, bitcoin has a few improbable but catastrophic ways to rapidly lose value. Also don't put it past the CCP to rapidly change their mind on bitcoin if they detect that it facilitates capital flight.
    - anddddd1 6y ago
      I guess you still aren't getting it yet...

randomopining 6y ago

What did they see beyond realizing they could sell the shovels and collect fees?

nyolfen 6y ago
that they are going to be left in the dust if they don't adapt
- boc 6y ago
  Nobody is going to be left in the dust. There's zero chance the global market moves to bitcoin, and there's zero chance that you'll ever live in a country where it's the primary form of currency. Everyone who thinks that bitcoin is the future needs to really wrap their head around why a $20 bill buys a nice meal instead of buying you whatever a small scrap of cotton paper with fancy ink on it is worth.
  - randomopining 6y ago
    I agree, but it could be good as a deflationary reserve asset, no?
    - boc 6y ago
      It's good until it's not. A successful quantum attack on a bitcoin address would end it permanently - sure we might be "decades" away from that, but we also knew it took years to make a vaccine until Moderna/Pfizer made one in ~2 days. Right now bitcoin is like a castle with massive walls - everyone knows where the castle is and what's inside, but nobody can get over the walls. It makes sense to feel safe from attack. Quantum computers are the equivalent to the enemy arriving to your castle walls with a helicopter.
      - randomopining 6y ago
        Tbh yeah that makes sense. But only state actors are going to have first control of a quantum computer... Aka one of the US or China. Neither have a ton of incentive to mess up the chain. Plenty of Chinese have btc and plenty of americans have btc. Idk what do you think?
        boc 6y ago
        I think that's correct, but I think the broader point is that unlike gold or real estate or other long-term stores of value, bitcoin has a few improbable but catastrophic ways to rapidly lose value. Also don't put it past the CCP to rapidly change their mind on bitcoin if they detect that it facilitates capital flight.
  - anddddd1 6y ago
    I guess you still aren't getting it yet...