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> This is incorrect. Stock represents actual ownership of a scarce resource (a company). That company would have value whether or not it was explicitly sold as

> This is incorrect. Stock represents actual ownership of a scarce resource (a company). That company would have value whether or not it was explicitly sold as a stock. The value doesn’t come from the stock. Depending on the voting rights embedded in the share, your ownership is likely meaningless. It doesn't guarantee you rights to dividends necessarily and even if it does, the company can just choose to never issue a dividend (like Amazon). It doesn't necessarily grant you voting rights for the Board of Directors either. Worse, you have to go through a 3rd party broker to buy a share or trust a company like Robinhood to hold your shares for you. As we saw with GameStop, they can rug pull on you at any time. With decentralized cryptos like BTC & ETH, that can't happen from your own private wallet. You can always transact. Cryptos such as BTC & ETH are provably scarce, not artificially scarce. You can validate supply at any time by running your own node and joining the network. You don't need anyone's permission to do that. It's a public blockchain.

fwip 6y ago
It's both provably scarce and artificially scarce.
PragmaticPulp 6y ago
> your ownership is likely meaningless That's not true. The shares still represent a claim on the underlying company. If someone wants to acquire the company, they have to compensate you for the shares that you hold. Companies can't simply wave a magic wand and steal value from shareholders. There's more to stock ownership than voting rights.
gruez 6y ago
>As we saw with GameStop, they can rug pull on you at any time. With decentralized cryptos like BTC & ETH, that can't happen from your own private wallet. You can always transact. ETH is probably not the best example here because they have rug-pulled people with a hard fork.
- whimsicalism 6y ago
  > they have rug-pulled people with a hard fork. "People" here being criminals that exploited a flaw in the DAO, yeah?
  - gruez 6y ago
    Just like how the US financial system only freezes the assets of Bad Guys, right? As for GME? We had to rugpull them because they were manipulating the market[1]. [1] Yes I know that wasn't the real reason why trading was halted
    - whimsicalism 6y ago
      I don't know enough to comment on those things, I'm discussing the specific example of the ETH fork which was given.
      - deleted 6y ago
        [deleted]
      - gruez 6y ago
        The point is that in your initial comment, you were saying that with decentralized cryptocurrencies you'll be free from third party interference, but with ETH the DAO hacker was subject to the very interference you claimed crypto wasn't subject to. Therefore it weakens your claim from something like "with crypto, nobody can stop you!", to "with crypto, nobody can stop you! ...except if you do something we don't like in which case we'll hardfork", which is pretty similar to how centralized systems work today.
        whimsicalism 6y ago
        That wasn't my comment. Also, people freely chose to start using the new version of ETH, they weren't required to.
        leppr 6y ago

fwip 6y ago

It's both provably scarce and artificially scarce.

PragmaticPulp 6y ago

> your ownership is likely meaningless That's not true. The shares still represent a claim on the underlying company. If someone wants to acquire the company, they have to compensate you for the shares that you hold. Companies can't simply wave a magic wand and steal value from shareholders. There's more to stock ownership than voting rights.

gruez 6y ago

>As we saw with GameStop, they can rug pull on you at any time. With decentralized cryptos like BTC & ETH, that can't happen from your own private wallet. You can always transact. ETH is probably not the best example here because they have rug-pulled people with a hard fork.

whimsicalism 6y ago
> they have rug-pulled people with a hard fork. "People" here being criminals that exploited a flaw in the DAO, yeah?
- gruez 6y ago
  Just like how the US financial system only freezes the assets of Bad Guys, right? As for GME? We had to rugpull them because they were manipulating the market[1]. [1] Yes I know that wasn't the real reason why trading was halted
  - whimsicalism 6y ago
    I don't know enough to comment on those things, I'm discussing the specific example of the ETH fork which was given.
    - deleted 6y ago
      [deleted]
    - gruez 6y ago
      The point is that in your initial comment, you were saying that with decentralized cryptocurrencies you'll be free from third party interference, but with ETH the DAO hacker was subject to the very interference you claimed crypto wasn't subject to. Therefore it weakens your claim from something like "with crypto, nobody can stop you!", to "with crypto, nobody can stop you! ...except if you do something we don't like in which case we'll hardfork", which is pretty similar to how centralized systems work today.
      - whimsicalism 6y ago
        That wasn't my comment. Also, people freely chose to start using the new version of ETH, they weren't required to.
      - leppr 6y ago