Bitcoin and almost every other cryptocurrency crashed hard today

Re:Bitcoin and almost every other cryptocurrency crashed har... by Retric on Friday December 22, 2017 @11:41AM (#15988736)

Stocks are inherently a positive some game. Crypto is by definition a negative sum game where every $ taken out needs to be matched by a dollar put in and beyond that people need to pay for mining.

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Re:Bitcoin and almost every other cryptocurrency crashed har... by tim333 on Saturday December 23, 2017 @08:46PM (#15997425)

Crypto is only negative sum if you assume the coins have no value. Which is debatable. If all coins went to zero at the end of the game sure it would be negative sum but that seems unlikely.

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Re:Bitcoin and almost every other cryptocurrency crashed har... by dresstotheleft on Friday December 22, 2017 @04:52PM (#15991211)

> Crypto is by definition a negative sum game

Zero sum. Also, stocks have an underlying asset. There really is none with cryptos.

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Re:Bitcoin and almost every other cryptocurrency crashed har... by Retric on Friday December 22, 2017 @09:33PM (#15992590)

Negative sum means all players on average are worse off.

Think of it as a poker game where each player hands 10$ to the dealer to sit at the table. Now, if the players are exchanging chips individual players may end up ahead, but on average at the end of the night everyone is down 10$.

Transaction fees are very much playing a deal to sit at the table. Miners do spend money to get tokens, but nobody in the game receives that money it's just gone and miners need someone else's money to get paid.

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