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You can argue that, fallaciously. What's a bitcoin good for? You can't make it into anything else. Cryptography is useful, yes, as an abstract framework. That'

by dTal 5y ago

You can argue that, fallaciously. What's a bitcoin good for? You can't make it into anything else. Cryptography is useful, yes, as an abstract framework. That's not what's under discussion. Buying bitcoin is not the same as investing in cryptography research.

eimrine 5y ago
What is investing in cryptography research? Paying to some guy having some interesting whitepapers and that is it?
- dTal 5y ago
  I don't know, I guess. "The academic field of cryptography" is much more abstract than "a lump of gold". My point was more about what bitcoin isn't - specifically, it isn't a natural resource like gold is. One useful distinguisher: when someone invents a new use for gold, the value of gold increases. When the field of cryptography progresses, bitcoin becomes more obsolete.
  - eimrine 5y ago
    > My point was more about what bitcoin isn't - specifically, it isn't a natural resource like gold is. I can understand that point, btw my opinion is that Bitcoin is a natural resource of saving some bits of data forever. No any alternative with same props in no-Blockchain world. > One useful distinguisher: when someone invents a new use for gold, the value of gold increases. When the field of cryptography progresses, bitcoin becomes more obsolete. Not even close to truth. When someone invents a new metal alloy with some properties of gold, the value of gold may decrease. When the field of cryptography progresses, the value of some cryptocurrencies may increase, for example Litecoin skyrocketed from $4 to $400 in one day after Lightning network has appeared on Litecoin several years ago (there were more examples not only for LTC, I just took a peace of data which I am confident in).
aww_dang 5y ago
>What's a bitcoin good for? Transacting, for those who choose to. There are other means of transacting and arguably better blockchains for doing so. The point remains. We all have our preferences and subjective personal valuations. Another individual might not see that value for himself, but the value remains for other parties. Claiming it is useless is a reaching generalization.

by dTal 5y ago

eimrine 5y ago

What is investing in cryptography research? Paying to some guy having some interesting whitepapers and that is it?

dTal 5y ago
I don't know, I guess. "The academic field of cryptography" is much more abstract than "a lump of gold". My point was more about what bitcoin isn't - specifically, it isn't a natural resource like gold is. One useful distinguisher: when someone invents a new use for gold, the value of gold increases. When the field of cryptography progresses, bitcoin becomes more obsolete.
- eimrine 5y ago
  > My point was more about what bitcoin isn't - specifically, it isn't a natural resource like gold is. I can understand that point, btw my opinion is that Bitcoin is a natural resource of saving some bits of data forever. No any alternative with same props in no-Blockchain world. > One useful distinguisher: when someone invents a new use for gold, the value of gold increases. When the field of cryptography progresses, bitcoin becomes more obsolete. Not even close to truth. When someone invents a new metal alloy with some properties of gold, the value of gold may decrease. When the field of cryptography progresses, the value of some cryptocurrencies may increase, for example Litecoin skyrocketed from $4 to $400 in one day after Lightning network has appeared on Litecoin several years ago (there were more examples not only for LTC, I just took a peace of data which I am confident in).

aww_dang 5y ago

>What's a bitcoin good for? Transacting, for those who choose to. There are other means of transacting and arguably better blockchains for doing so. The point remains. We all have our preferences and subjective personal valuations. Another individual might not see that value for himself, but the value remains for other parties. Claiming it is useless is a reaching generalization.