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> If you study the history of bitcoin (or were around and paying attention), it wasn't at all designed as a cult or a scam. So this is factually wrong. However
by AlexandrB 5y ago
> If you study the history of bitcoin (or were around and paying attention), it wasn't at all designed as a cult or a scam. So this is factually wrong. However I think it's true of a lot of the later coins.
I think you're missing the point. I think what OP is saying is that the nature of a deflationary, speculative asset means that a cult-like environment will organically form around it. Early adopters have a strong incentive to hype it up and get others to buy in to increase their own wealth. And Bitcoin was designed to be a deflationary, speculative asset.
- javert 5y agoI'm definitely not missing the point.
- AlexandrB 5y agoAh, great! Thanks for clearing that up.
- deleted 5y ago[deleted]
- fortran77 5y agoBaseball cards and Beanie Babies probably weren't designed as a cult or a scam either. But people frantically speculated in them.
- miracle2k 5y ago> I think you're missing the point. I think what OP is saying is that the nature of a deflationary, speculative asset means that a cult-like environment will organically form around it. Bitcoin is currently issuing at 1.5% and will continue to issue for basically a hundred years. People are really confident that the /deflationary/ nature is the key to their critique, but I don't see how. The incentives for you being early into a system that will acquire a lot of users down the road (which is what you are betting on) are significantly more impactful to you financially then 2% inflation. For this reason, crypto currencies that do. not have a limited supply narrative are equally as volatile.