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The problem with crypto is that since the price goes up people rationalize everything. If the price went down 10% year after year forever I guarantee people wo

The problem with crypto is that since the price goes up people rationalize everything. If the price went down 10% year after year forever I guarantee people would shut up about it even though none of the underlying reasons for supporting it should have changed.

XorNot 5y ago
I mean that notion right there sums up everything about it: the "price" of crypto - as related to USD. That's what people care about. No one's treating it as a currency.
- BTCOG 5y ago
  This is also not true and is just a "wide brush" principle. Many people are dollar cost averaging into Bitcoin and buying weekly/monthly regardless of the price, saving up in a secondary store of value. Just because you see a few cryptobros shilling some altcoins on Twitter/Reddit or wherever doesn't mean your assumptions apply to everyone, or even a vast majority. Many real life folks I know buy little chunks of Bitcoin on a consistent base regardless of the price as a form of savings.
SantalBlush 5y ago
The true underlying reason for supporting it is "stonks go up." They call it deflationary, but that's the same thing.
mavhc 5y ago
the problem is that unless the transaction costs are high, anyone can hack it If your problem is the government might go crazy, the solution is to be part of society and stop that happening, not run away and hide in your cave
lostmsu 5y ago
I don't understand the point that you are trying to make. This is what it looks to me: "the problem with gravity is that since the objects fall down people rationalize everything (e.g. give explanations why they should fall down). If the objects went up year after year forever I guarantee people would shout up about it even though none of the underlying reasons for supporting it should have changed"
- endisneigh 5y ago
  You’re comparing cryptocurrency with… gravity? The point is pretty obvious - the usefulness and popularity of crypto shouldn’t be related to its value in relation to fiat, yet here we are.
  - lostmsu 5y ago
    The point is not in comparing cryptocurrency with anything, but showing, that the the structure of your argument admits absurd consequences thus showing that the argument is invalid. > the usefulness and popularity of crypto shouldn’t be related to its value in relation to fiat Are you sure that the usefulness and popularity of crypto are related to its value beyond some reasonable correlation?

XorNot 5y ago

I mean that notion right there sums up everything about it: the "price" of crypto - as related to USD. That's what people care about. No one's treating it as a currency.

BTCOG 5y ago
This is also not true and is just a "wide brush" principle. Many people are dollar cost averaging into Bitcoin and buying weekly/monthly regardless of the price, saving up in a secondary store of value. Just because you see a few cryptobros shilling some altcoins on Twitter/Reddit or wherever doesn't mean your assumptions apply to everyone, or even a vast majority. Many real life folks I know buy little chunks of Bitcoin on a consistent base regardless of the price as a form of savings.

SantalBlush 5y ago

The true underlying reason for supporting it is "stonks go up." They call it deflationary, but that's the same thing.

mavhc 5y ago

the problem is that unless the transaction costs are high, anyone can hack it If your problem is the government might go crazy, the solution is to be part of society and stop that happening, not run away and hide in your cave

lostmsu 5y ago

I don't understand the point that you are trying to make. This is what it looks to me: "the problem with gravity is that since the objects fall down people rationalize everything (e.g. give explanations why they should fall down). If the objects went up year after year forever I guarantee people would shout up about it even though none of the underlying reasons for supporting it should have changed"

endisneigh 5y ago
You’re comparing cryptocurrency with… gravity? The point is pretty obvious - the usefulness and popularity of crypto shouldn’t be related to its value in relation to fiat, yet here we are.
- lostmsu 5y ago
  The point is not in comparing cryptocurrency with anything, but showing, that the the structure of your argument admits absurd consequences thus showing that the argument is invalid. > the usefulness and popularity of crypto shouldn’t be related to its value in relation to fiat Are you sure that the usefulness and popularity of crypto are related to its value beyond some reasonable correlation?