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I think cryptocurrencies/nfts are crap and have no value, but to play devil’s advocate here; for all the people saying this is all doomed, the top cryptocurrenc
by tluyben2 4y ago
I think cryptocurrencies/nfts are crap and have no value, but to play devil’s advocate here; for all the people saying this is all doomed, the top cryptocurrency assets seem to more or less look like the tech market and BTC is doing better than, say Netflix. Netflix actually makes things and is 76% down from ath, while btc only 66%. So why is it so resilient? When will it die if it indeed has no value? Are we just grumpy tech people who are kicking ‘evil’ things that will never change or go away?
- nradov 4y agoBitcoin will (mostly) die when wealthy Chinese no longer need a way to evade capital control laws.
- tluyben2 4y agoWhich is to say, never? I mean, sure there is a chance after Xi some open market president will appear, however, it is more likely, as all opposition is no longer in play, that it will get more closed and there will be more use for cryptocurrencies from that perspective.
- mattwilsonn888 4y agoCannot read your mind but I'll make a guess based on the fact that you are comparing it to a tech stock and the fact that most people on this website make this mistake: You are viewing Bitcoin as a technical project rather than an economic one. Bitcoin is not technically interesting - it is economically genius. Undergrad cryptographers have learnt enough to re-implement the Bitcoin protocol, but understanding the genius of the composition of those simple primitives is a practice of game theory and economics. Historians of money who know not how to program have far more authority than a bitter techie when it comes to analyzing Bitcoin.