Re:‘We’re a Cult’: Inside Bitcoin’s Shameless Hypefest
by rufusroflpunch on Monday April 11, 2022 @11:07AM
(#30989831)
The logical conclusion of the OP's argument is that, since all value is subjective, any asset that accrues more value over time is a "greater fool" scam doomed to collapse. Not a very sound argument.
Eventually the Bitcoin network will accrue so much value that merchants will starting demanding payment in Bitcoin, and people will use whatever payment rails are available to make it work. This is how it becomes a medium of exchange. It's really that simple. Most or all of the rest of the cryptos will collapse into Bitcoin.
You've clearly not put in much effort to find this information. Bitcoin's currency-related properties have been analyzed to exhaustion.
If by "crypto" you mean "besides bitcoin" then I agree for the most part.
> One reason they're terrible is they transfer power over the economic system to early-stakers, as they have all the wealth.
You're conflating wealth and currency. The entire basis for this line of reasoning is nonsense.
Every system of property ownership has this "problem" - nothing unique to bitcoin/shitcoins.
> at some point the tail won't be long enough, and it'll collapse
Why hasn't this happened with gold? Every money to ever exist (including specie) has been a "greater fool scam". You are mistaken in thinking that such systems are inherently unstable.