Re:Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
by rootusrootus on Tuesday January 16, 2018 @07:23PM
(#16164295)
Could you clarify something for me that has been bothering me every time I see someone make an argument along these lines? Why does BTC === crypto? I see it over and over that people make arguments about the potential value of the cryptocurrency 'market' and then immediately use that to put a value on bitcoin. Aren't there hundreds of other cryptocurrencies already?
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Re:Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
by brucephillips on Tuesday January 16, 2018 @07:29PM
(#16164333)
It's often just metonymy, just as your usage of "crypto" to refer to "cryptocurrency" is.
Re:Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
by rootusrootus on Tuesday January 16, 2018 @07:40PM
(#16164429)
Yes, that absolutely could explain it, except for one detail -- only bitcoin has an arbitrary 21 million coin limit. So making the argument that bitcoin is kinda like gold is implying that bitcoin is the only cryptocurrency. Is there a good argument here that first-mover advantage will be enough to ensure that bitcoin remains the only viable cryptocurrency? Because if not, then the $1T theoretical market value has to be split amongst all the players, and then the argument for a $25K BTC 'value' is pretty thin.
Re:Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
by brucephillips on Tuesday January 16, 2018 @07:44PM
(#16164456)
I'm not sure, but I think it's possible that BTC runs away with it. The value of BTC, much like the value of gold, is due to network effects. That's the only reason AFAICT that gold is ~60x more valuable than silver.
Re:Bitcoin Fall Extends to 25% as Fears of Crackdown Linger
by ximeng on Tuesday January 16, 2018 @09:07PM
(#16164876)
http://about.ag/debate.htm There’s lots of reasons