Right, speculation is awful for currency and is the entire reason why real monetary policy seeks some small inflationary pressure. This was obvious from the beginning and I have eaten a lot of downvotes for pointing it out.
The intrinsic value of a crypto token is a function of the value of the underlying Blockchain application. The original thought was that a decentralized, anonymous payment processor would have a lot of intrinsic value, but unfortunately the Blockchain actually kind of sucks at doing that in real time, and it’s already a pretty crowded application space in the first place
Back in early days - since this is yet another Big Thing that whizzed right past me - the appeal of mining was to create necessary infrastructure. Participation trickled out rewards. Yeah, turns out an audience of engineers will instantly turn that into an optimization puzzle. In a heartbeat you have FPGAs, GPUs, and genuine ASICs shoving out the broad base of support in favor of a core with control over a majority of the network. “Satoshi” aimed for Tor and whiffed.
Anyway, the value of any currency is what it represents, and a currency that can’t buy anything represents diddly over squat. Genuinely the entire market right now might be detached from reality. It’s not just irrational - it’s fictional. You can’t even plant Bitcoin and get a pretty flower.
Right, speculation is awful for currency and is the entire reason why real monetary policy seeks some small inflationary pressure. This was obvious from the beginning and I have eaten a lot of downvotes for pointing it out.
The intrinsic value of a crypto token is a function of the value of the underlying Blockchain application. The original thought was that a decentralized, anonymous payment processor would have a lot of intrinsic value, but unfortunately the Blockchain actually kind of sucks at doing that in real time, and it’s already a pretty crowded application space in the first place
Back in early days - since this is yet another Big Thing that whizzed right past me - the appeal of mining was to create necessary infrastructure. Participation trickled out rewards. Yeah, turns out an audience of engineers will instantly turn that into an optimization puzzle. In a heartbeat you have FPGAs, GPUs, and genuine ASICs shoving out the broad base of support in favor of a core with control over a majority of the network. “Satoshi” aimed for Tor and whiffed.
Anyway, the value of any currency is what it represents, and a currency that can’t buy anything represents diddly over squat. Genuinely the entire market right now might be detached from reality. It’s not just irrational - it’s fictional. You can’t even plant Bitcoin and get a pretty flower.