Re:Bitcoin falls under $16,000
by version_five on Wednesday November 09, 2022 @07:10PM
(#33540200)
Maybe so, but there was another article not long ago talking about how, while originally bitcoin was expected to act like gold - ie go up when people worried about the stability of the financial system, what happened instead is that it's basically just correlated with the stock market. So in that light, the GP comment is useful context. Even if you think that long term it's a pyramid scheme, its short term performance is basically explained by the stock market, and is not evidence of the scheme unravelling, or whatever you might call it
[ Parent
| on HN ]
Re:Bitcoin falls under $16,000
by snigacookie on Wednesday November 09, 2022 @07:48PM
(#33540605)
it correlated with the stock market because the local courts allowed public companies to let the public decide whether or not they could buy into crypto currencies and put it on their balance sheet.
Just as a matter of history:
- BTC was originally intended to support smart contracts
- but people pitched “digital gold” because they didn’t understand that vision
- then the capability was removed for “safety”
- and then later ETH came along (with a different model), but one that still is too costly for general compute trade and which is inflated by the gimped-BTC bubble
- we’re watching that fools gold bubble pop
- and new ideas about compute for sale emerge [1]
And in the near future:
- eventually, tokens will represent real things with the interop currency being the one for buying compute time
[1] - eg, https://github.com/lucasgleba/zkRiscV