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Of course! The technology which is not exclusive to bitcoin is what makes bitcoin so valuable. The ability to have a decentralized store of information that req
by alexb_ 5y ago
Of course! The technology which is not exclusive to bitcoin is what makes bitcoin so valuable. The ability to have a decentralized store of information that requires a hash of the previous information to verify because we may live in a world where no central authority with proper financial incentives to keep track of information doesn't exist, that makes a coin you get and can't spend without converting into cash/using a centralized system valuable!
Just think of all the times where we have to use transactions that are immutable (so they can't be reversed), trustless (so there's nobody to blame), and decentralized (meaning you need economic incentives to do expensive work to reach a consensus that's correct). I'm sure there are tons, the decade old technology is brand new, it's gonna find use eventually I swear, by the way do you want to buy my bitcoin for dollars I can actually pay my taxes with?
- poiuytre11 5y agoSo, do you want to own the water or the power dam? Buffett's point is that people are buying water (i.e. bitcoin) at exhorbitant prices. The distributed ledger technology is great, but it needs to be harnessed into a repeatable per-transaction money-maker to be useful. Anyone can over-pay for a bitcoin and hope they can sell it to someone fearing that they're missing out. The problem is that the FOMO crowd is thinning out.
- dogma1138 5y ago> Just think of all the times where we have to use transactions that are immutable (so they can't be reversed), trustless (so there's nobody to blame), and decentralized (meaning you need economic incentives to do expensive work to reach a consensus that's correct). Can you name at least one?