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We need to understand is that, while many cryptocurrencies are completely worthless, some cryptocurrencies have solid reasons to exist. Your characterization o
by yaa_minu 5y ago
We need to understand is that, while many cryptocurrencies are completely worthless, some cryptocurrencies have solid reasons to exist.
Your characterization of all cryptocurrencies as a ponzi scheme purely based on the fact that people buy it because they believe others will buy it later at a higher price is weak because that is how all monetary assets like gold operates. We take it because we believe others will also take in the future.
I personally buy bitcoin not to sell for a higher price but rather, I believe strongly that a monetary system that's provably scarce, programmable, completely decentralized, permission-less, trustless, higly divisible, borderless and very easy to transfer has the potential to revolutionize how we store value.
This does not mean that everyone buys bitcoin because of this, some (perhaps majority) buy it because they believe it's going to go up but I see that as an initial incentive to get people into the industry.
At the end of the day, only time will tell if cryptocurrencies can actually live up to their promises of revolutionizing the financial system.
- secfirstmd 5y ago"I believe strongly that a monetary system that's provably scarce, programmable, completely decentralized, permission-less, trustless, higly divisible, borderless and very easy to transfer has the potential to revolutionize how we store value." But is adding massively to global carbon levels needlessly...
- bitcoinmonger 5y agoWhy is this being downvoted? There needs to be a conversation about the inefficient energy usage of Bitcoin. Are we just going to ignore it?
- Brian_K_White 5y agoThat is an implementation detail of bitcoin, not a fundamental aspect of cryptocurrency. Bitcoin is cryptocurrency 1.0, or proof of concept, and the concept is well and truly proven. Developing others which operate more efficiently than the proof-of-concept or 1.0 version, or even than the existing banks and credit card exchanges is just engineering and iteration, and hardly a great leap of imagination or faith.
- lottin 5y agoThe only concept that is well and truly proven is that of an expensive and barely usable payment system with a colossal environmental cost. Everything else is vaporware, as of today.
- Brian_K_White 5y agoWhat's proven is that a ledger that no one owns, yet evereyone can trust, is possible.
- blaser-waffle 5y agoIt's an implementation detail of the blockchain Any currency seeing moderate amounts of use and speculation is going to rapidly start sucking up power.
- kodah 5y agoThat's not correct. There's proof of work (what you're talking about), proof of stake (much more efficient, different purpose), and proof of history (more time centric). These narratives about power and emissions are narratives with an agenda. The agenda may be good in nature, but don't mistake them for accurate or precise.
- benhurmarcel 5y agoHow does holding some coins give any incentive to anyone else?
- alisonkisk 5y agoIt doesn't. Its an incentive for early adopters to establish the system. It's like a startup giving lower prices to first customers.