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Reasons to be bullish on the concept? Bitcoin is a secure public registry backed by a decentralized 300k THash/s computing network (and fast growing). That alon
by fchollet 12y ago
Reasons to be bullish on the concept? Bitcoin is a secure public registry backed by a decentralized 300k THash/s computing network (and fast growing). That alone is insanely valuable, and not just as a vector of monetary transactions. It's one building block of our decentralized future.
Reasons to be bullish on the BTC/USD exchange price? That would be pure speculation. BTC seems to be now at low levels enough that it wouldn't be insane to buy some for short-term speculation, but it of course it would still be very risky.
- pjc50 12y agoThe network is single-purpose and costs real electricity to run. If the mining cost stays above the value of the coins mined for long enough people will start turning off their miners.
- lukifer 12y agoThe mining self-balances; if enough miners shut off their rigs, the difficulty goes down, and it becomes profitable (or break-even) to mine again. (Mining was heavily over-invested, and it's in the ugly process of rebalancing now.) It's possible that Bitcoin will be relegated to a fringe of techno-libertarians, but it is unlikely that the network will ever disappear. Also, the network is "single-purpose" in the sense that an ethernet cable is single-purpose: while it only accomplishes one thing, it is a building block that can be leveraged in lots of interesting ways (smart contracts, proof-of-extistence, sidechains, colored coins, etc.)