4 ms·
All the cryptocurrency shenanigans suddenly made sense when I read someone’s HN comment last year who said something like ‘ e-coin is stock you can buy to inves
by dahart 6y ago
All the cryptocurrency shenanigans suddenly made sense when I read someone’s HN comment last year who said something like ‘ e-coin is stock you can buy to invest in a company that has no assets and produces nothing.’ In that sense, it makes complete sense why some people intentionally use the term “market cap”, so you’re absolutely right.
- camjohnson26 6y agoYou’re buying the right to make changes to an extremely secure ledger.
- pjc50 6y agoNot only that, it's non-voting stock in a company that has no assets and produces nothing.
- TomSwirly 6y agoThat's useful! Reminds me of a joke: Q. What do you call a dog without legs? A. Doesn't matter, it won't come when you call.
- Taek 6y agoWhether or not the token explicitly defines governance, the owner of a token does have some authority over any governance action involving a hard fork, because the success of the fork depends on the buy in from the economic actors. You do get meaningful voting rights, but the governance process is quite a bit different from a traditional company.
- DickingAround 6y agoThe main claim is it's almost as bad a fiat currencies; in which case you're buying stock in a company that produces nothing, has no assets, is being constantly inflated, and has a bunch of rules about who you can give it to and how.