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pets.com at least provided _some_ value.
by quonn 4y ago
pets.com at least provided _some_ value.
- dadoge 4y agoHow could something be worth 440 billion in market cap after a major correction not be valuable? This is after having a 14 year history of people learning about it, not some scam coin like LUNA that went from zero to 40 billion and to zero in less than 1 year
- woodruffw 4y agoFor the simple reason that market corrections are not absolutes: the only thing that a correction down to 440B tells us is that it hasn’t been corrected down to 0 yet. It may never be, but that’s just to say that “it’s still valued” is not a good argument for “it’s correctly valued.”
- quonn 4y agoIf I take 80 Dollars from you and promise to return you 50, is this operation also worth 50 Dollars? If so, what‘s the meaning of „worth“? If I open a bank account and someone else deposits 1 billion there and I have a contract that obliges me to return the money in a year and I am not allowed to move it or use it as a security, is my bank account or the bank creating it „worth“ 1 billion? Whether bitcoin is worth something as a tool/currency cannot be measured well by the amount of money stored in it.
- 56friends 4y agoI mean, not to defend Bitcoin, but if you have invested at $60 and sold at $60K - it has provided tremendous value. Most people are going to lose money on this “investment”, but just saying that it provides no value at all is a tired argument.
- woodruffw 4y agoThis is nihilistic value: the “value” of Bitcoin seems to be latent not in its productive capacity, but in its ability to extract value from other people. Which is to say that it has the same value that a credit card skimmer does, and that that is not a useful definition of “value.”
- deleted 4y ago[deleted]
- 56friends 4y agoIt’s a good argument. I don’t fully agree we should limit the definition of value to only its (subjectively) productive quality. It’s like gambling - I personally don’t see value in it but, hey, many people love it so they get something from it.
- pritambaral 4y agoI'm not sure if that argument is any good, since everything you say holds equally well with every pyramid scheme in history.
- 56friends 4y agoBitcoin is obviously not a pyramid scheme [0]. Criticizing things you disagree with requires a bit more skill than just using labels that don’t apply. [0] https://en.m.wikipedia.org/wiki/Pyramid_scheme https://en.m.wikipedia.org/wiki/Pyramid_scheme
- pritambaral 4y agoI said nothing about Bitcoin, only about your argument. Responding to an argument requires reading it first, which is a bit more skilled than just knee-jerk reactions.