okay, a little thread on cryptomarkets and what I think is going on:
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well, the Core implementation has long processing times and high fees, but BCH doesn't. it's a contingent feature depending on design choices made by devs.
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as to uses besides its role as currency: the blockchain can be used as a coordination tool, and the network can be used to safely store information.
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"intrinsic value" is a red herring IMO. If monetary demand for gold disappeared, it'd trade at $5/oz for centuries after. Industrial use dwarfed by investment.
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Theoretically, the price of anything could drop to zero. A golden meteor could land softly in the ocean. What we’re really dealing with are likelihoods of that happening. I don’t know how you ascertain the likelihood of Bitcoin dropping to zero.
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bitcoin is sustained entirely by mindshare/network effects
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in this way its possible cratering is more akin to a social network than a commodity
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question is whether it's myspace or facebook to make the pithy analogy
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"network effects" is another name for "liquidity". of course any currency is dependent on that to function.
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"bitcoin can fall to zero" -- that is game-theoretically impossible.
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There's a potentially infinite number of cryptocurrency alternatives to Bitcoin...
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hard to see where any of them beat Satoshi's design
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Assuming BTC still follows the white paper... which judging by the 1mb block size, insane network congestion and tx fees, it isn't.
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hence, bitcoin cash.
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Also, until somebody gets that alchemy thing up and running, you can’t hack the gold supply.
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no one has successfully hacked bitcoin's protocol either.
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I think the probability of that happening is very similar to the probability of alchemical transformation of mercury into gold.
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Elemental transmutation is literally impossible. I find it hard to believe that any code is permanently hack-proof/virus-proof.
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“Sure, it’s an ounce of gold NOW, but it’s shedding alpha particles pretty quick. Better sell it soon."
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