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> If anyone can make it, the market quickly becomes saturated and the value tends toward zero and people losing interest in it. You just restated your previous

> If anyone can make it, the market quickly becomes saturated and the value tends toward zero and people losing interest in it. You just restated your previous claim, you still didn't give any reason why the value must go to zero-- By the same logic, the market for websites is also saturated, therefore the value of the internet is going to zero.

jqpabc123 5y ago
Don't look now but the market value of most web sites is zero. People pay nothing to use them.
- datadata 5y ago
  And stocks also? There are more than 10,000 stocks, therefore the value of stocks much also must go to zero as the market is saturated.
  - jqpabc123 5y ago
    Now you're just making up ever more absurd analogies by ignoring most of the context. You don't have 10,000 companies all producing the same type of product. If you did, the value of most of them would go to zero really fast. Also, you can't easily clone most listed companies at no cost. There are significant barriers to entry in the stock market --- which explains why you don't have 10,000 companies all doing the same thing.
    - datadata 5y ago
      I'm making analogies so that you have to substantiate your argument. It isn't clear that just because there is a large number of something, the entire ecosystem must be worthless, which is what you originally said. You can't clone bitcoin at no cost. To clone bitcoin you would have to invest the same amount of energy that has been expended thus far to proof of work.
      - jqpabc123 5y ago
        It isn't clear that just because there is a large number of something, the entire ecosystem must be worthless, which is what you originally said. You're misinterpreting my original statement and ignoring my explanation. If too many people can easily make the product, the market quickly becomes saturated ... There are not 10,000 companies listed in the stock market all producing the same type of product.
        datadata 5y ago
        My point is that the number of cryptos/websites/stocks doesn't matter at all. A saturated market does not lead to a failed market, a saturated market just means there is demand for something. Sure, most cryptos are probably going to become worthless, but all it takes is one to work, and one that isn't easy to copy. In the stock example, maybe 9999 companies go bankrupt, but there is still a market, and whoever survives is going to make money. You are basically saying that there can't ever be consensus because there isn't yet a consensus. That's a possible and maybe even likely outcome, but it doesn't obviously follow.
        jqpabc123 5y ago
        I am basically saying that allowing anyone to create/clone money at will is an absolutely absurd way to reach a consensus on a currency. On the contrary, it is a really, really good way to avoid one. Don't take my word for it, just look at the current crypto-market. Could it happen? Sure. In the same way that a monkey with a keyboard could produce a best seller. But there is absolutely zero reason to expect or believe it will happen any time soon. But invest now to get in on the ground floor --- just in case.
        datadata 5y ago
        You'd have to exert the same amount of energy to clone Bitcoin as is being used in it's mining. Because the input energy is scarce, it is not trivial to clone as you are saying. You are also ignoring network effects entirely. Number of users of Bitcoin have increased year after year.

jqpabc123 5y ago

Don't look now but the market value of most web sites is zero. People pay nothing to use them.

datadata 5y ago
And stocks also? There are more than 10,000 stocks, therefore the value of stocks much also must go to zero as the market is saturated.
- jqpabc123 5y ago
  Now you're just making up ever more absurd analogies by ignoring most of the context. You don't have 10,000 companies all producing the same type of product. If you did, the value of most of them would go to zero really fast. Also, you can't easily clone most listed companies at no cost. There are significant barriers to entry in the stock market --- which explains why you don't have 10,000 companies all doing the same thing.
  - datadata 5y ago
    I'm making analogies so that you have to substantiate your argument. It isn't clear that just because there is a large number of something, the entire ecosystem must be worthless, which is what you originally said. You can't clone bitcoin at no cost. To clone bitcoin you would have to invest the same amount of energy that has been expended thus far to proof of work.
    - jqpabc123 5y ago
      It isn't clear that just because there is a large number of something, the entire ecosystem must be worthless, which is what you originally said. You're misinterpreting my original statement and ignoring my explanation. If too many people can easily make the product, the market quickly becomes saturated ... There are not 10,000 companies listed in the stock market all producing the same type of product.
      - datadata 5y ago
        My point is that the number of cryptos/websites/stocks doesn't matter at all. A saturated market does not lead to a failed market, a saturated market just means there is demand for something. Sure, most cryptos are probably going to become worthless, but all it takes is one to work, and one that isn't easy to copy. In the stock example, maybe 9999 companies go bankrupt, but there is still a market, and whoever survives is going to make money. You are basically saying that there can't ever be consensus because there isn't yet a consensus. That's a possible and maybe even likely outcome, but it doesn't obviously follow.
        jqpabc123 5y ago
        I am basically saying that allowing anyone to create/clone money at will is an absolutely absurd way to reach a consensus on a currency. On the contrary, it is a really, really good way to avoid one. Don't take my word for it, just look at the current crypto-market. Could it happen? Sure. In the same way that a monkey with a keyboard could produce a best seller. But there is absolutely zero reason to expect or believe it will happen any time soon. But invest now to get in on the ground floor --- just in case.
        datadata 5y ago
        You'd have to exert the same amount of energy to clone Bitcoin as is being used in it's mining. Because the input energy is scarce, it is not trivial to clone as you are saying. You are also ignoring network effects entirely. Number of users of Bitcoin have increased year after year.