5 ms·

All crypto coins are fundamentally the same thing, easy to create or fork, and not backed by anything permanent like a government, so the value of them should a

All crypto coins are fundamentally the same thing, easy to create or fork, and not backed by anything permanent like a government, so the value of them should approach zero over time. There's nothing supporting BTC's price, and I'm of the mindset there are shenanigans occurring to keep it afloat.

HashBasher 6y ago
Easy to copy the coin, hard to copy the network effect.
- candiddevmike 6y ago
  I see the network as a key problem here--the miners will go wherever the grass is greenest, the network isn't permanent. If a coin were to pay them more or suddenly crash, they'd shift their rigs pretty quickly. Same problem Uber and Lyft have.
  - atat7024 6y ago
    Which coins have gone from popular to no longer mined?
r0m4n0 6y ago
You can say the same thing with most trading cards but there always seems to be some second hand market that no one understands.
- candiddevmike 6y ago
  Trading cards have different qualities and actual scarcity though--X number of one card is made, and X is quite low. Crypto is one of thousands of references to imaginary numbers held in a distributed data structure.
rasz 6y ago
At current scale of operation and amount of money changing hands Im surprised we dont hear about rival groups hiring mercenaries to disrupt competitor mining operations. Couple millions should be enough for a team to go in, burn down a warehouse full of mining gear and blow up a substation or even full power plant for good measure.
- seunosewa 6y ago
  generally, people don’t want to risk going to jail
danans 6y ago
> and not backed by anything permanent like a government I agree with the overall point, but I'd add that the difference is the degree of permanence. Not all governments are so permanent, and some are arguably less permanent at the moment than the big crypto schemes. In addition, let's not forget for many of the original BTC enthusiasts, the purpose of BTC wasn't for it to be an asset class, but rather: - A direct challenge to the dominance and reserve currency status of USD and the government and agencies that back it. - A medium of exchange that the US government could not control. These anarcho-capitalist goals have been greatly diminished as BTC becomes more of a regular asset class. Anecdotally, I've heard many small scale investors (portfolios in the 5-10 million range) who are happy about these changes in BTC.

HashBasher 6y ago

Easy to copy the coin, hard to copy the network effect.

candiddevmike 6y ago
I see the network as a key problem here--the miners will go wherever the grass is greenest, the network isn't permanent. If a coin were to pay them more or suddenly crash, they'd shift their rigs pretty quickly. Same problem Uber and Lyft have.
- atat7024 6y ago
  Which coins have gone from popular to no longer mined?

r0m4n0 6y ago

You can say the same thing with most trading cards but there always seems to be some second hand market that no one understands.

candiddevmike 6y ago
Trading cards have different qualities and actual scarcity though--X number of one card is made, and X is quite low. Crypto is one of thousands of references to imaginary numbers held in a distributed data structure.

rasz 6y ago

At current scale of operation and amount of money changing hands Im surprised we dont hear about rival groups hiring mercenaries to disrupt competitor mining operations. Couple millions should be enough for a team to go in, burn down a warehouse full of mining gear and blow up a substation or even full power plant for good measure.

seunosewa 6y ago
generally, people don’t want to risk going to jail

danans 6y ago

> and not backed by anything permanent like a government I agree with the overall point, but I'd add that the difference is the degree of permanence. Not all governments are so permanent, and some are arguably less permanent at the moment than the big crypto schemes. In addition, let's not forget for many of the original BTC enthusiasts, the purpose of BTC wasn't for it to be an asset class, but rather: - A direct challenge to the dominance and reserve currency status of USD and the government and agencies that back it. - A medium of exchange that the US government could not control. These anarcho-capitalist goals have been greatly diminished as BTC becomes more of a regular asset class. Anecdotally, I've heard many small scale investors (portfolios in the 5-10 million range) who are happy about these changes in BTC.