Quote:
Originally Posted by Castle2.0
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Bitcoin is money.
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No it's not. Bitcoin has no inherent value. Its utility lies in anonymity... and if anonymity is not important to you, it has no advantage versus other financial channels - with a ton of downsides. It is a close-ended tech that will come to an end - because it has to. The interesting thing to watch will be how big the bubble gets before it pops.
Remember - to make $1.00 in bitcoin means someone else spent $1.01.
I'm not bashing the tech, and I'm not wishing disaster on anyone holding it. But there are a lot of people who don't understand what it is. When I hear things like "bitcoin is money" it makes me wonder what percent of people are buying the tech... versus what percent are buying the hype.
As crypto tech matures, it continues to get sliced into finer and finer slices - with nuanced pros and cons with each execution. I'm not talking about the joke crypto networks - but the real honest to goodness blockchain systems. The promise of the tech underlying Bitcoin will be around a lot longer than Bitcoin... and the value won't be in securing financial transactions (since there are already parallel systems that do the same thing without anonymity). No one really knows all of the possible applications of utility - and anyone who claims to is lying. But unless you understand how you can use Ethereum to secure the distribution channel of a case of asparagus, you are missing the big picture.