Re:‘We’re a Cult’: Inside Bitcoin’s Shameless Hypefest
by fortran77 on Monday April 11, 2022 @09:44AM
(#30988580)
Baseball cards and Beanie Babies probably weren't designed as a cult or a scam either. But people frantically speculated in them.
Re:‘We’re a Cult’: Inside Bitcoin’s Shameless Hypefest
by miracle2k on Monday April 11, 2022 @10:05AM
(#30988874)
> I think you're missing the point. I think what OP is saying is that the nature of a deflationary, speculative asset means that a cult-like environment will organically form around it.
Bitcoin is currently issuing at 1.5% and will continue to issue for basically a hundred years. People are really confident that the /deflationary/ nature is the key to their critique, but I don't see how.
The incentives for you being early into a system that will acquire a lot of users down the road (which is what you are betting on) are significantly more impactful to you financially then 2% inflation. For this reason, crypto currencies that do. not have a limited supply narrative are equally as volatile.
Re:‘We’re a Cult’: Inside Bitcoin’s Shameless Hypefest
by nieve on Monday April 11, 2022 @09:11PM
(#30997361)
This is presuming that the cost of bitcoin mining are sustainable over the course of a hundred years. What kind of value do you see for BTC that makes mining profitable in 2122?
I think you're missing the point. I think what OP is saying is that the nature of a deflationary, speculative asset means that a cult-like environment will organically form around it. Early adopters have a strong incentive to hype it up and get others to buy in to increase their own wealth. And Bitcoin was designed to be a deflationary, speculative asset.