Re:Kik, once valued at $1B, is to be closed
by repomies691 on Thursday September 26, 2019 @07:47AM
(#21080024)
I know a handful of people who benefited a lot from Bitcoin by just speculating with it. They got wealthy, some even rich and now they have much better living standards. That group fits into the niche that were quite well "served" by Bitcoin.
Just pointing out that "scammers and criminals" is clearly not the only ones benefitting from Bitcoin, and I would suspect it is also minority.
Re:Kik, once valued at $1B, is to be closed
by pjc50 on Thursday September 26, 2019 @07:57AM
(#21080087)
And where did that wealth come from? Other people's trading losses.
Re:Kik, once valued at $1B, is to be closed
by Method-X on Thursday September 26, 2019 @08:11AM
(#21080173)
So now the stock market is a scam too?
Re:Kik, once valued at $1B, is to be closed
by pjc50 on Thursday September 26, 2019 @08:59AM
(#21080491)
Stocks pay dividends. Cryptocurrencies don't.
Commodities can be sold and consumed for some real economic purpose. Cryptocurrencies can't. It's like gold except you can't see it or make jewellery from it or use it for anything.
Re:Kik, once valued at $1B, is to be closed
by Method-X on Thursday September 26, 2019 @09:27AM
(#21080697)
I made no comment(s) on your above mentioned points. I was replying the assertion that "trading gains are someone else's trading loses".
Re:Kik, once valued at $1B, is to be closed
by pjc50 on Thursday September 26, 2019 @09:44AM
(#21080804)
It's an arithmetic consequence of there not being any intrinsic return. The money won from cryptocurrency trading can only come from other traders, because there are no coupons, dividends, or physical deliveries.
Re:Kik, once valued at $1B, is to be closed
by goatinaboat on Thursday September 26, 2019 @08:50AM
(#21080426)
The stock market is not because good companies really do become more valuable by doing real work. It’s not zero-sum.
But do you actually want to do that? Who are you providing a service for by doing that?
We know the answer: Scammers and criminals, by and large. Everyone else is better served by a centralised service.