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If it's not about cashing out then why is the primary hype mechanism talking about the dollar-equivalent value of anything crypto related? Why does it matter if

by Osmose 5y ago

If it's not about cashing out then why is the primary hype mechanism talking about the dollar-equivalent value of anything crypto related? Why does it matter if an NFT was sold for $300k worth of ether?

imsd 5y ago
More and more, I'm hearing only the ETH value rather than dollar denomination. Personally, when I bid (or receive bids) on any of my NFTs, I'm only considering the ETH price. It's a new shift, but I think quite profound. Edit: If you're referring to mainstream media, the dollar value is all that most would be able to put into context. For those deep in the space, we're thinking about dollar values less and less. My primary benchmark on overall portfolio value is the value denominated in ETH, not USD.
- bb88 5y ago
  But ETH is still tied to the dollar and that's where it gets its value, is in the comparison to the dollar. I don't accept ETH for a used car I'm going to sell. I accept dollars, though.
  - imsd 5y ago
    I'm not sure I understand. You could denominate ETH in dollars, yen, euros, gold, or any other form of money/currency. Although USD might be your preferred, many would happily sell a vehicle for compensation in BTC, ETH, silver, gold, euros, etc.
    - bb88 5y ago
      Well... I wouldn't, nor would 95% of the US. I want to be paid in stable currency backed by the full faith and force of the US Government. "Oh shit, the internet went out. Hope the value of my ETH doesn't crash through the floor while the internet is down...."
      - tigertigertiger 5y ago
        Yeah I can't keep track about the weekly times the whole internet went down. Probably a couple of times a week
        bb88 5y ago
        It's not the whole internet, just you or the company that holds your BTC wallet. Just the other day Facebook was down for hours. Imagine had that been Coinbase.
    - User23 5y ago
      You can denominate ETH in whatever you want, but come April 15th you’d better exchange enough for dollars to meet your dollar denominated tax obligation.
  - hanniabu 5y ago
    > But ETH is still tied to the dollar and that's where it gets its value, For people that look at it like that, sure. That's not how everyone looks at it though. I personally look at it with the aim of acquiring as much ETH as possible because I can see that the future economy will be built on it and eventually things will be priced in ETH. Just because the transitions are slow and you don't see it happening, doesn't mean that there's not a transition happening.
tshaddox 5y ago
Presumably because people are currently most familiar with the price of everything else in dollars.
- bb88 5y ago
  Dollars are accepted everywhere. BTC is not. Edit: Not sure why the downvotes, but it's still true and still likely true for the forseeable future.
  - programmarchy 5y ago
    For now. Wayne Gretzky has a quote about this.
arthurcolle 5y ago
Blame financial news media, things like Fortune magazine's list of new crypto billionaires. The author of this blog post's claim that 99.99% of people in crypto are only participating because of expectations of future profit is unsourced and a fiction that he has created based on preconceived notions. Don't participate if you don't want - I like participating in a system that isn't being tracked by agencies especially with news of Treasury actively building out systematic functionality to investigate any bank accounts with transactions exceeding $600
- vkou 5y ago
  > Blame financial news media, things like Fortune magazine's list of new crypto billionaires. The crypto financial news community was writing about this long before Fortune picked it up.
  - arthurcolle 5y ago
    financial news media is a superset of the crypto financial news media; my statement remains true
    - vkou 5y ago
      Okay, so what you're saying is that the crypto community is what pushed crypto in that direction.
      - arthurcolle 5y ago
        This does not follow from what I said at all.
        vkou 5y ago
        Are you claiming that crypto-finnews was not dominated by the crypto community prior to, say, 2018? The same community that complained at every turn that real media/finance is not taking crypto seriously?

by Osmose 5y ago

imsd 5y ago

More and more, I'm hearing only the ETH value rather than dollar denomination. Personally, when I bid (or receive bids) on any of my NFTs, I'm only considering the ETH price. It's a new shift, but I think quite profound. Edit: If you're referring to mainstream media, the dollar value is all that most would be able to put into context. For those deep in the space, we're thinking about dollar values less and less. My primary benchmark on overall portfolio value is the value denominated in ETH, not USD.

bb88 5y ago
But ETH is still tied to the dollar and that's where it gets its value, is in the comparison to the dollar. I don't accept ETH for a used car I'm going to sell. I accept dollars, though.
- imsd 5y ago
  I'm not sure I understand. You could denominate ETH in dollars, yen, euros, gold, or any other form of money/currency. Although USD might be your preferred, many would happily sell a vehicle for compensation in BTC, ETH, silver, gold, euros, etc.
  - bb88 5y ago
    Well... I wouldn't, nor would 95% of the US. I want to be paid in stable currency backed by the full faith and force of the US Government. "Oh shit, the internet went out. Hope the value of my ETH doesn't crash through the floor while the internet is down...."
    - tigertigertiger 5y ago
      Yeah I can't keep track about the weekly times the whole internet went down. Probably a couple of times a week
      - bb88 5y ago
        It's not the whole internet, just you or the company that holds your BTC wallet. Just the other day Facebook was down for hours. Imagine had that been Coinbase.
  - User23 5y ago
    You can denominate ETH in whatever you want, but come April 15th you’d better exchange enough for dollars to meet your dollar denominated tax obligation.
- hanniabu 5y ago
  > But ETH is still tied to the dollar and that's where it gets its value, For people that look at it like that, sure. That's not how everyone looks at it though. I personally look at it with the aim of acquiring as much ETH as possible because I can see that the future economy will be built on it and eventually things will be priced in ETH. Just because the transitions are slow and you don't see it happening, doesn't mean that there's not a transition happening.

tshaddox 5y ago

Presumably because people are currently most familiar with the price of everything else in dollars.

bb88 5y ago
Dollars are accepted everywhere. BTC is not. Edit: Not sure why the downvotes, but it's still true and still likely true for the forseeable future.
- programmarchy 5y ago
  For now. Wayne Gretzky has a quote about this.

arthurcolle 5y ago

Blame financial news media, things like Fortune magazine's list of new crypto billionaires. The author of this blog post's claim that 99.99% of people in crypto are only participating because of expectations of future profit is unsourced and a fiction that he has created based on preconceived notions. Don't participate if you don't want - I like participating in a system that isn't being tracked by agencies especially with news of Treasury actively building out systematic functionality to investigate any bank accounts with transactions exceeding $600

vkou 5y ago
> Blame financial news media, things like Fortune magazine's list of new crypto billionaires. The crypto financial news community was writing about this long before Fortune picked it up.
- arthurcolle 5y ago
  financial news media is a superset of the crypto financial news media; my statement remains true
  - vkou 5y ago
    Okay, so what you're saying is that the crypto community is what pushed crypto in that direction.
    - arthurcolle 5y ago
      This does not follow from what I said at all.
      - vkou 5y ago
        Are you claiming that crypto-finnews was not dominated by the crypto community prior to, say, 2018? The same community that complained at every turn that real media/finance is not taking crypto seriously?