Re:Building for the Blockchain
by ruiquelhas on Tuesday January 09, 2018 @06:54PM
(#16111322)
I don't know about so called blockchain projects like ethereum, but bitcoin has value because it has inelastic demand. There are a lot of underserved people out there that need bitcoin, regardless of its value, in their daily lives because they can't use fiat currency for things like buying quality drugs online, getting rid of ransomware, laundering money, etc.
Hell, if these don't pass the ideological test, just ask someone from Venezuela why do they need bitcoin.
I'll bite. Why does someone from Venezuela need Bitcoin?
Re:Building for the Blockchain
by ruiquelhas on Wednesday January 10, 2018 @05:02AM
(#16113763)
You have some good answers here: https://apnews.com/f7ccc4ea283746f28b261cabeaf8f0c5
It's not clear that the Venezuelan case is due to inherent property of Bitcoin, or merely that Bitcoin just has good timing and is the most conveniently available alternative to cash out of a tanking currency.
Basically, saying that bitcoin can (at the moment) function as a better currency than one that is completely failing is valid and interesting, but not exactly a ringing endorsement.
Lots of things are interesting in theory. Bitcoin is about to end its first decade though. Asking where the actual value comes from seems on topic to me.