4 ms·

> Wouldn't you agree that if enough people choose to stay in Bitcoin instead of simply buying for cheap and selling at higher price, the structure will stop res

> Wouldn't you agree that if enough people choose to stay in Bitcoin instead of simply buying for cheap and selling at higher price, the structure will stop resembling a ponzi scheme? Wouldn't you agree that if enough people keep their flower bulbs instead of simply buying for cheap and selling at a higher price, the structure will stop resembling a ponzi scheme? Your statement boils down to: Yes, but.. what if... we don't TREAT it as a ponzi scheme? See! Now it isn't a ponzi scheme! Yes. And IF only the moon was made of cheese, then the moon would be made of cheese.

mrtksn 5y ago
> Wouldn't you agree that if enough people keep their flower bulbs instead of simply buying for cheap and selling at a higher price, the structure will stop resembling a ponzi scheme? I agree, that's how we have gold as a value store. However flower bulbs are not durable like gold and can grow exponentially on supply through farming - no surprise we don't store value in flower bulbs today. Bitcoin doesn't suffer from these issues.
- bshipp 5y ago
  if there was only one possible cryptocurrency then I'd agree that supply can't be grown exponentially. However, there are new cryptos coming online every week it seems. Almost like growing different colored tulips.
- ChuckNorris89 5y ago
  >that's how we have gold as a value store. Except for one, not anymore, and two, the value of gold doesn't only come from speculation like in BTC, but from supply and demand from real world applications of gold, like semiconductors, electronics, aerospace, automotive, medical, etc. since it's one of the best electrical conductors and heat reflecting materials we have. Without gold, we'd be screwed royally, making the current supply chain disruptions seem like a walk in the park. Without BTC, we could fork 1000 other crypto-coins onto which people can speculate on and nothing would be lost.
  - errantmind 5y ago
    This is false. Gold production far exceeds industrial demand to the point of it having almost no effect on price.

mrtksn 5y ago

> Wouldn't you agree that if enough people keep their flower bulbs instead of simply buying for cheap and selling at a higher price, the structure will stop resembling a ponzi scheme? I agree, that's how we have gold as a value store. However flower bulbs are not durable like gold and can grow exponentially on supply through farming - no surprise we don't store value in flower bulbs today. Bitcoin doesn't suffer from these issues.

bshipp 5y ago
if there was only one possible cryptocurrency then I'd agree that supply can't be grown exponentially. However, there are new cryptos coming online every week it seems. Almost like growing different colored tulips.
ChuckNorris89 5y ago
>that's how we have gold as a value store. Except for one, not anymore, and two, the value of gold doesn't only come from speculation like in BTC, but from supply and demand from real world applications of gold, like semiconductors, electronics, aerospace, automotive, medical, etc. since it's one of the best electrical conductors and heat reflecting materials we have. Without gold, we'd be screwed royally, making the current supply chain disruptions seem like a walk in the park. Without BTC, we could fork 1000 other crypto-coins onto which people can speculate on and nothing would be lost.
- errantmind 5y ago
  This is false. Gold production far exceeds industrial demand to the point of it having almost no effect on price.