Re:Bitcoin falls under $16,000
by zmgsabst on Thursday November 10, 2022 @12:37PM
(#33550137)
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
- 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