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I'm a huge bear, but thinking its going to zero is crazy. Even beanie babies retain some value. And crypto still has utility as a transaction medium for illicit

by fny 4y ago

I'm a huge bear, but thinking its going to zero is crazy. Even beanie babies retain some value. And crypto still has utility as a transaction medium for illicit exchanges.

Ekaros 4y ago
I think 0 is eventual end result. Unlike beanie babies or sports card. The operating costs of bitcoin is rather high. You can throw those in a box and then leave it at back of cupboard... But to do anything with bitcoin you need a network.
- unicornmama 4y ago
  https://www.fooledbyrandomness.com/BTC-QF.pdf https://www.fooledbyrandomness.com/BTC-QF.pdf "Comment 1: Why BTC is worth exactly Gold and other precious metals are largely maintenance free, do not degrade over an historical horizon, and do not require maintenance to refresh their physical properties over time. Cryptocurrencies require a sustained amount of inter- est in them"
  - _0w8t 4y ago
    In Russia 200 years ago the was a spike in interests in platinum. Gold melts at temperature of wooden house fire and substantial amount of it was lost this way. Platinum melts at much higher point.
- fny 4y ago
  You know, this is actually raises a good point. If the marginal cost of producing Bitcoin exceeds the sale price, Bitcoin is toast and one of the proof of stake coins will win out.
  - exitb 4y ago
    The difficulty of mining blocks is a self-adjustable value. It will go down once the number of participants drops, making it profitable again.
    - graeme 4y ago
      Though at that point a network attack becomes very feasible. There will be a lot of asics for sale….
- gsliepen 4y ago
  That's a good point. What if enough miners quit such that suddenly one of the big mining groups gets a majority?
HyprMusic 4y ago
Crypto still has value, but bitcoin itself has shown little value in any of the things it's supposed to be a solution for. It's not really that decentralised (in as far as most people trade through exchanges, and the miners have pooled their power to elicit control), the transaction fees are too high to be good for commerce, it's too volatile to be a store of money, and it's not anonymous enough to be used on illicit markets (the majority of them have moved to Monero). In my opinion, for crypto to flourish bitcoin needs to die. That said, I also don't believe it will go to zero because there's one thing it's great at.. speculation. It's an ingenious bit of technology that the general public doesn't really understand and so the greater fool theory will continue to prove true.
stevenalowe 4y ago
Beanie Babies actually exist IRL.
- nathanaldensr 4y ago
  Yep, as did tulips. And tulips smell good and look pretty! That's more than Bitcoin can say.

by fny 4y ago

I'm a huge bear, but thinking its going to zero is crazy. Even beanie babies retain some value. And crypto still has utility as a transaction medium for illicit exchanges.

Ekaros 4y ago

I think 0 is eventual end result. Unlike beanie babies or sports card. The operating costs of bitcoin is rather high. You can throw those in a box and then leave it at back of cupboard... But to do anything with bitcoin you need a network.

unicornmama 4y ago
https://www.fooledbyrandomness.com/BTC-QF.pdf https://www.fooledbyrandomness.com/BTC-QF.pdf "Comment 1: Why BTC is worth exactly Gold and other precious metals are largely maintenance free, do not degrade over an historical horizon, and do not require maintenance to refresh their physical properties over time. Cryptocurrencies require a sustained amount of inter- est in them"
- _0w8t 4y ago
  In Russia 200 years ago the was a spike in interests in platinum. Gold melts at temperature of wooden house fire and substantial amount of it was lost this way. Platinum melts at much higher point.
fny 4y ago
You know, this is actually raises a good point. If the marginal cost of producing Bitcoin exceeds the sale price, Bitcoin is toast and one of the proof of stake coins will win out.
- exitb 4y ago
  The difficulty of mining blocks is a self-adjustable value. It will go down once the number of participants drops, making it profitable again.
  - graeme 4y ago
    Though at that point a network attack becomes very feasible. There will be a lot of asics for sale….
gsliepen 4y ago
That's a good point. What if enough miners quit such that suddenly one of the big mining groups gets a majority?

HyprMusic 4y ago

Crypto still has value, but bitcoin itself has shown little value in any of the things it's supposed to be a solution for. It's not really that decentralised (in as far as most people trade through exchanges, and the miners have pooled their power to elicit control), the transaction fees are too high to be good for commerce, it's too volatile to be a store of money, and it's not anonymous enough to be used on illicit markets (the majority of them have moved to Monero). In my opinion, for crypto to flourish bitcoin needs to die. That said, I also don't believe it will go to zero because there's one thing it's great at.. speculation. It's an ingenious bit of technology that the general public doesn't really understand and so the greater fool theory will continue to prove true.

stevenalowe 4y ago

Beanie Babies actually exist IRL.

nathanaldensr 4y ago
Yep, as did tulips. And tulips smell good and look pretty! That's more than Bitcoin can say.