Re:Why All Cryptocurrency Should Die in a Fire
by tromp on Saturday May 14, 2022 @08:59AM
(#31377494)
> I don’t need $30,000k Bitcoin
> Etherium doesn’t need to be $3k
The reason they're priced so high is because most of the supply has gone to early adopters (and its creators in case of the 70% premined Ethereum) leaving late adopters in fear of missing out and fighting over crumbs.
> we can just pick dogecoin
Dogecoin admittedly has higher inflation, but still had early miners getting 50x more reward than current ones. If you want to deter speculation, it makes more sense to just have a fixed reward, i.e. a pure linear emission, that maintains a high inflation for the first few decades.
Re:Why All Cryptocurrency Should Die in a Fire
by prepend on Sunday May 15, 2022 @12:56AM
(#31385373)
I understand why the price has gone up but it is completely counterproductive to have such a high and variable price.
Currently should be stable and predictable. There’s no need for early adopters to get rich. I just need to buy a pizza without cash.
I don’t need $30,000k Bitcoin to support Wikileaks and my blogger. $10 Bitcoin works perfectly for this.
But people hype and fraud coins to heights they shouldn’t be and make it useless for actual use.
I think Eth is a good idea. I like smart contracts. But Etherium doesn’t need to be $3k and transactions shouldn’t be $10. $1 Eth and $.01 transactions is still perfectly fine for a sustainable system. But that doesn’t make people millions and billions by milking idiots.
I think if we had regulators preventing wash and pump and dump then we can just pick dogecoin or whatever and move on to digital cash. Until then, it’s not going to be possible with dogecoin going up 10x and down .1x along with everything else.