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So we have a company that is making money on a virtual money that is basically mostly based on no real value at all. I'm wondering where this will go.

88840-8855 6y ago
where should it go? coins are like collectables. no real value, but limited supply. where should the unlimited dollar spam go? collectables, stocks and cryptos.
rawrmaan 6y ago
Ha, I thought you were criticizing Coinbase for now being denominated in a long-term worthless US dollar. Funny what happens once you realize that crypto is real money and fiat is imaginary...
- dumpsterdiver 6y ago
  > Ha, I thought you were criticizing Coinbase for now being denominated in a long-term worthless US dollar. Funny what happens once you realize that crypto is real money and fiat is imaginary... On a long enough timescale all money becomes worthless. The currency of the universe, for instance, is entropy. Eventually the universe will succumb to heat death, at which point there will be no currency left to spend. Entropy is the only true currency. All other currency is imaginary.
diego 6y ago
"Virtual money" is an oxymoron. Is a dollar in a bank account more virtual than a dollar bill or less virtual than a bitcoin?
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- dumpsterdiver 6y ago
  > "Virtual money" is an oxymoron. Is a dollar in a bank account more virtual than a dollar bill or less virtual than a bitcoin? I believe it's closer to a tautology (opposite of oxymoron, and by "closer" I mean that it doesn't stricly qualify as a tautology, but I believe that's the direction you intended), right? Because money is nothing more than a promise that people believe in. The value of money is entirely dependant upon people's confidence that they will be able to exchange it at some point for real goods. Does anyone else remember as a kid giving your parents "coupons" that they could redeem for services later ("Two free lawn mowings")? If your parents believed that they could redeem those pieces of paper scribbled by a child, then that was "real" currency.
intrasight 6y ago
It'll go down. I say short it.
the_duke 6y ago
> So we have a company that is making money on a virtual money that is basically mostly based on no real value at all. So ... just like a bank? Exchanges are financial service providers. The value they create comes from the offered service.

88840-8855 6y ago

where should it go? coins are like collectables. no real value, but limited supply. where should the unlimited dollar spam go? collectables, stocks and cryptos.

rawrmaan 6y ago

Ha, I thought you were criticizing Coinbase for now being denominated in a long-term worthless US dollar. Funny what happens once you realize that crypto is real money and fiat is imaginary...

dumpsterdiver 6y ago
> Ha, I thought you were criticizing Coinbase for now being denominated in a long-term worthless US dollar. Funny what happens once you realize that crypto is real money and fiat is imaginary... On a long enough timescale all money becomes worthless. The currency of the universe, for instance, is entropy. Eventually the universe will succumb to heat death, at which point there will be no currency left to spend. Entropy is the only true currency. All other currency is imaginary.

diego 6y ago

"Virtual money" is an oxymoron. Is a dollar in a bank account more virtual than a dollar bill or less virtual than a bitcoin?

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dumpsterdiver 6y ago
> "Virtual money" is an oxymoron. Is a dollar in a bank account more virtual than a dollar bill or less virtual than a bitcoin? I believe it's closer to a tautology (opposite of oxymoron, and by "closer" I mean that it doesn't stricly qualify as a tautology, but I believe that's the direction you intended), right? Because money is nothing more than a promise that people believe in. The value of money is entirely dependant upon people's confidence that they will be able to exchange it at some point for real goods. Does anyone else remember as a kid giving your parents "coupons" that they could redeem for services later ("Two free lawn mowings")? If your parents believed that they could redeem those pieces of paper scribbled by a child, then that was "real" currency.

intrasight 6y ago

It'll go down. I say short it.

the_duke 6y ago

> So we have a company that is making money on a virtual money that is basically mostly based on no real value at all. So ... just like a bank? Exchanges are financial service providers. The value they create comes from the offered service.