Re:Nassim Taleb: Bitcoin failed as a currency and became a s...
by notSupplied on Saturday April 17, 2021 @12:26PM
(#26845449)
That "someone with a copy of the blockchain" is not going to be credible enough to rehydrate Bitcoin. Mining is not just for transactions, but for maintaining the ongoing legitimacy of the blockchain, which is where the real value of Bitcoin lies.
Re:Nassim Taleb: Bitcoin failed as a currency and became a s...
by bartvk on Sunday April 18, 2021 @03:53AM
(#26850659)
> Bitcoin may be a bubble
Also, what is not a bubble nowadays. Just look at the gold price, the housing price, etc.
https://en.wikipedia.org/wiki/Greenspan_put#Everything_Bubbl...
Mining is only necessary for making transactions, and it doesn't have to be expensive. It only is because of the competition. That expensive competition is important for stability but in theory, the entire system could run on a smartphone.
And it could run without newcomers. If everyone in the world had bitcoins, making it impossible to have newcomers, it would still have value, in fact a lot more than it has now.
Bitcoin may be a bubble, but it is not a Ponzi scheme.
Gold has some value as a technical material and because of its (subjective) beauty, so it will never crash down to zero, but it could lose a lot of its value if we decided that it is not worth hoarding.