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The concept of deciding something that's rare is valuable will never go away. It's just revision #987192 of the "tulip craze" phenomenon. But this will keep ge
by slver 5y ago
The concept of deciding something that's rare is valuable will never go away. It's just revision #987192 of the "tulip craze" phenomenon.
But this will keep getting worse and worse until cryptocurrencies are outlawed. And this will not stop their use completely, but their value hinges on their trade value, which in large part depends on their legality. So the value will collapse to nothing. So now blockchains have no incentive to exist either. Poof.
- vmception 5y ago> Although you haven't argued for making it go away, people that talk like you typically are arguing for the idea that the state can successfully make it go away. and there it is.
- slver 5y agoYeah I read this the first time around. My point was to explain why a trade tool's value is determined by its ability to trade with it, and demonstrate why legality of the currency itself matters. If you don't understand this, you don't understand the concept of currency in the first place. Something being rare is not sufficient for it to have trade value.
- vmception 5y agoThe concept requires demand, which you already identified. The demand helps retains the exchange rate. You think the demand will evaporate if the cryptocurrency is illegal or hard to obtain. I think this is not true. Compliant hashes will still be easy to generate, acquire, and transfer and some people that they are transferred to will append the hash to a globally stored ledger. These concepts are not bannable.