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Bitcoin has value today because people are willing to pay something, but that doesn’t mean it has value, intrinsically, or in the long run. Most of the crypto m
by low_tech_love 4y ago
Bitcoin has value today because people are willing to pay something, but that doesn’t mean it has value, intrinsically, or in the long run. Most of the crypto market is purely speculation, a bunch of people hoping that they will cash out early in the next spike. Don’t get me wrong, they can do whatever the hell they want with their money (including gamble it), but to say it has value, is much more complicated. I’d much rather an ECB boss that is conservative and doesn’t give people poor advice.
- piva00 4y agoIt only has value because some hundreds of TWh/year are consumed and wasted to prop its transactions. Remove the real-world impact of energy consumption vs rewards and there won't be anything left of value being consumed to prop BTC up, given that Proof-of-Stake (touted as the solution of environmental disaster of cryptocurrencies) won't be ever implemented in that protocol. To be very reductive: it's a Ponzi-like built in burning a lot of electricity to check some random numbers.