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Cryptocurrencies are basically stocks in nothing.
by thehappypm 6y ago
Cryptocurrencies are basically stocks in nothing.
- titzer 6y agoUntil you can use them for payments writ large, they aren't even currencies, just speculation bubbles.
- pradn 6y agoProof-of-work crypto prices are based on 1) mind-share 2) sentiment/momentum 3) institutional backing (hedge funds and companies legitimizing them) 4) price of electricity 5) cost per hash 6) hardware supply 7) legality/illegality/regulation. Proof-of-stake currencies only lack #5, cost per hash. What I'm trying to say is that there's components to the price that can drive purchase/sell decisions.
- thehappypm 6y agoNo, proof-of-work crypto prices are based on supply and demand. Simple as that.
- pradn 6y agoYes, but supply and demand can be further broken down into these and other factors.
- reilly3000 6y agoCryptocurrencies are currencies whose value lies in their technology and adoption. Neither the tech nor its users are 'nothing', they are in fact quite tangible.