Re:On the Looming Bitcoin Bubble
by oarsinsync on Sunday May 12, 2019 @06:02PM
(#19894856)
That's true of all currencies. It's just a shared delusion that the coin or paper has any value. That in itself has value, as otherwise you left with bartering with specific goods that have value to the person you're trading with - a significantly less liquid market than the one featuring the shared delusion.
In that sense, there's nothing special about bitcoin. It's just another shared delusion, just with fewer believers. As long as there are believers, there is value. The stronger the belief, the greater the value.
Currencies, for all their make belief, have rather tangible benefits that do end up having and creating value.
What value beyond speculation does bitcoin have?
I know you might find it hard to believe, but some of us actually pay for stuff in crypto
“Some” does not equal “billions in value”. Spending the energy equivalent of several countries on transaction power equivalent of a medieval lender is not billions in value.
In no doubt are consumers expectations of cryptocurrency market adoption wildly over speculated but make believe? People who invest is cryptocurrencies are in essence shorting the current global financial system.
Short:
sell (stocks or other securities or commodities) in advance of acquiring them, with the aim of making a profit when the price falls.
——
In what way exactly is bitcoin helping to “short global financial system”?
Widespread "belief" in currencies other than those tied to national institutions leads to weakening of the nation state and therefore the current global financial system.
https://news.ycombinator.com/item?id=19896697
And yeah. No amount of belief can make bitcoin into a viable currency.
I wasn't referring to bitcoin in particular.
What it literally created was billions of vapor for the holders because ~100% of that “value” was entirely make-belief.