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Short form:My BTCs are for sale, the ones I found the password for. I'll be buying some more equities on the US and Canadian markets. I must be terribly dull,
by headgasket 13y ago
Short form:My BTCs are for sale, the ones I found the password for. I'll be buying some more equities on the US and Canadian markets.
I must be terribly dull, but I fail to see why bitcoins have any store value at the moment. As a medium of exchange, I see their use. But taxes are payable in sovereign currency, and 20% of the worlds economy is taxed by 1 entity accepting only USD. Sovereign entities are not about to relinquish the power of inflating the money supply. And if I want to park money, I want to be able to pay my taxes with it when the time comes.
The p2p currency of exchange I get, as well as the distributed POW that has a reward priced in this currency. But what prevents a network of persons (or trustworthy entities) to clone it into one that has more legitimacy? What does BTC have over litecoins?
As a matter of fact, Litecoins are really more distributed as the proof of work uses a GPU instead of SHA256 that is now mostly computed by ASICs; GPUs are in every modern computer and the POW computation would not benefit from a significant speed up with ASICs. This is a better distribution platform if the breadth and width is what prevents a fork of the blockchain.
And if LTC became too expensive, volatile, etc, as an exchange medium, GPUC could be an alternative, ad nauseum.
Basically the point is: there seem to be a decreasing return on the network effect of a p2p unit of exchange, not the opposite(as for the fax machine, or facebook). This law of diminishing return, IMHO should bring to an end sooner or later this bubble caused by people failing to see the difference between a unit of exchange and an asset.