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While you have a point regarding fixed supply, I think bitcoin is more than just a KBC. The ability to do uncensorable (or at least uncensorable without truly a
by voldacar 5y ago
While you have a point regarding fixed supply, I think bitcoin is more than just a KBC. The ability to do uncensorable (or at least uncensorable without truly absurd computing power) global financial transactions is a really amazing thing and I think it definitely has "intrinsic" value, insofar as any value is "intrinsic" and not the result of social interaction.
The energy consumption is definitely bothersome but overall I am glad that bitcoin exists.
- afavour 5y agoIsn't Bitcoin absolutely terrible at transactions, though? It's too slow to ever be used as a cash alternative. Why wouldn't an alternative cryptocurrency fill that void then leave Bitcoin with no actual value at all?
- voldacar 5y agoMy comment was more referring to cryptocurrency and the blockchain concept in general, I probably should have been more clear. You are right that BTC isn't that useful as cash. I don't think BTC will be dominant forever, there are already superior cryptocurrencies for use as actual normal currency. If/when another crypto really does fill that void and achieves major adoption, I think BTC will probably retain some value, for speculative reasons and also just because it has the oldest chain.