3 ms·
6 months, not sure. Probably less than 100. Bitcoin is certainly interesting, but there's absolutely nothing backing it. Doesn't seem much different to me th
by axaxs 13y ago
6 months, not sure. Probably less than 100. Bitcoin is certainly interesting, but there's absolutely nothing backing it. Doesn't seem much different to me than pokemon/baseball cards/pet rocks. Once the novelty wears off, or one of the big players cashes out, we'll see it crash.
- dwaltrip 13y agoYou really see no difference between bitcoin and baseball cards? The lack of vision embodied by such statements is quite tiresome.
- axaxs 13y agoGuess we'll see, not afraid to admit when I'm wrong :)
- acchow 13y agoHow will we see? It's obvious that Bitcoins are very different from baseball cards. Even if it's value falls to 0, that doesn't prove they're "basically the same".
- evan_ 13y agoTrue, baseball cards sometimes come with gum.
- deleted 13y ago[deleted]
- GigabyteCoin 13y agoYou can't make as many Bitcoins as you can pokemon/baseball cards/pet rocks. That's one thing backing it. There will only ever be 21 million bitcoins in existence. Ever.
- axaxs 13y agoI see your point, but from my perspective it means little. There will only in history be x number of hairs on my head, but that doesn't make them worth anything.
- mcantelon 13y agoYou hairs lack the ability to be transfered quickly and globally and it wouldn't be hard to find hair of a similar color one could substitute for it.
- acchow 13y agoYour hair can be easily counterfeited (it is prohibitively expensive to invalidate a fake). Your hair cannot be used as currency; bitcoin can.
- yapcguy 13y agoNot really true. We could fork the software and call it something else. Maybe change the hashing algorithm and the hard limit on the maximum number of coins, like Litecoin did. Trivial to do. There is no intrinsic difference between a Bitcoin or a Litecoin except they are used on different networks and have a different name. By contrast, precious metals have inherent properties determined by nature. Gold is inert, it has never been recreated by man synthetically, which is what makes it so precious.
- GigabyteCoin 13y agoThat's already happened. The bitcoin software has been forked thousands of times and there are hundreds of alt coins out there currently.
- tedsanders 13y agoThe supply of first edition Charizards (a pokemon card) is also fixed. Any future printings will be a later edition. By your logic, is there a reason we shouldn't use first edition Charizards as currency, since the supply is fixed? (Counterfeiting is the only good argument I see.)
- derrida 13y agoA big player could manipulate the price by buying their own bitcoin through an exchange.
- akinity 13y agoA small player could manipulate volume by buying their own bitcoins and selling their own bitcoins. There's no reason why you couldn't shuffle your own bitcoins around forever...
- acchow 13y agoNone of (pokemon/baseball cards/pet rocks) have all of (fungible, non-produceable/counterfeitable). I see bitcoin as quite different from these, at a fundamental level. Bitcoin is closer to gold. After all, gold's intrinsic value is negligible in the face of its market price since: "[gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.” - Warren Buffet.
- zik 13y agoThe nothing backing bitcoin is exactly the same nothing backing every currency in the world today. Hooray for fiat currencies.
- frinxor 13y agoyou should short it obviously - it'd be free money for you!