Re:Bitcoin Isn’t Tulips, It’s Open Source Money
by notahacker on Thursday November 23, 2017 @02:14PM
(#15767199)
There's no reason whatsoever to believe that "store of value" is a "main characteristic" of cryptocurrencies", still less that it "has the characteristics of gold". Cryptocurrencies have no physical use, no intrinsic value, no legal tender status, very limited and volatile history as a store of value, no stable pattern of future demand, immature and corrupt options and derivatives markets surrounding it and the beauty of open source means that the supply of cryptocurrencies in general is essentially unlimited.
Re:Bitcoin Isn’t Tulips, It’s Open Source Money
by diegocerdan on Thursday November 23, 2017 @02:46PM
(#15767388)
The three main functions of money are store of value, medium of exchange and unit of account. I use these three functions right now with cryptocurrencies.
Your premise to dismiss cryptocurrencies is that you don't believe I'm gonna be able to keep using these three functions in the future. We had cryptocurrencies close to 10 years and the next 10 years just look brighter than the last.
Once you have "so many customers" it makes it easier for the rest of the world to join the revolution. Buying an asset with similar characteristics as gold but safely stored anywhere you can write a number (even your brain) and being able to transact with extremely low fees (making micro-transactions possible) without third parties in matter of milliseconds.
Crytocurrencies and blockchain technologies will change the world as we know it right now, enabling a new Internet layer to transact value and not only information. The single big question that arises is if current implementations are the "MySpace or Facebook" of blockchain. Will they succeed or do we need a second generation of tech? Only time can answer that question. My gut feeling is that the better open source implementation will evolve and take the lead.