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This is a classic case of "The market can remain irrational longer than you remain solvent." Whether Bitcoin continues to con investors into believing any of th

This is a classic case of "The market can remain irrational longer than you remain solvent." Whether Bitcoin continues to con investors into believing any of those theses is not directly related to whether those theses have tunred out to be reliable.

jstanley 4y ago
Everyone who has ever disagreed with a market has told themselves the same platitude. It doesn't mean they're right. It is true that the market can remain irrational longer than you can remain solvent, but it's also true that you can remain irrational longer than you can remain solvent.
- 30944836 4y ago
  Sure. But none of that speaks to whether to the alleged usefulness of Bitcoin. It has failed in every way to prove itself useful in any context it has been billed for.
  - johnnymorgan 4y ago
    Yet it's still here and has still provided a novel solution to the Byzantine generals problem. Beyond that core value, do what you wish with it or not. It's just a tech stack that has potential value, it is not the end all be all of value networking, or value-as-a-protocal but it's insanely useful in driving innovation in this space. Forest from the trees and all that.
    - kravvall 4y ago
      There it is, promises of future things and "potential value", and the abstract concept of "driving innovation". Yes, it will be around. But beyond the idea it represents, and the technological invention that is blockchain, there is no value. This is marketing and ideas you invest in.
      - johnnymorgan 4y ago
        Thanks Paul Krugman. >Doesn't know what PoE is and the value it's provided to businesses already, thinks he is an expert on how it has no value. You might want to look that up before you say silly things. I'm curious to see the goal post moving you are about to do. As I said, use it or don't, just because you can't doesn't mean others are wrong lol
      - ewzimm 4y ago
        I think blockchains still have a lot of value, not as currencies or assets, but as decentralized databases for supply chain tracking. We clearly have a lot of issues with our existing global supply chain, especially tracking the origin of every component that goes into things. Blockchain has a lot of legitimate uses for transparently tracking different components along their journey, from raw materials until they reach customers, and helping with industrial planning as well as proving compliance with regulations. Planned economies haven't worked. Market economies have some clear inefficiencies and potentials for destabilizations. Applying data transparency and tracking to a market economy using supply chain blockchains has the potential to enable more decentralized planning to build better options.
  - ccvannorman 4y ago
    It's been quite useful to some of my friends, who love to preach: "Bro, Bitcoin is up 800,000%, you need to invest [in it and in other crypto]"
Ologn 4y ago
Also, the chart shows Bitcoin price, which does not matter for what it is talking about. What matters is Bitcoin market cap. If only ten Bitcoins exist, a market price of $60k each is easy, or even $120k each. Bitcoin had a market cap of $1.2 trillion in November. That becomes harder to sustain when quantitative easing is slowing, when the fed funds rate is slowly rising with indications of it rising more in this year if inflation is where it is etc. It's the problem of all successful Ponzi schemes - eventually they grow too big and implode.

jstanley 4y ago

Everyone who has ever disagreed with a market has told themselves the same platitude. It doesn't mean they're right. It is true that the market can remain irrational longer than you can remain solvent, but it's also true that you can remain irrational longer than you can remain solvent.

30944836 4y ago
Sure. But none of that speaks to whether to the alleged usefulness of Bitcoin. It has failed in every way to prove itself useful in any context it has been billed for.
- johnnymorgan 4y ago
  Yet it's still here and has still provided a novel solution to the Byzantine generals problem. Beyond that core value, do what you wish with it or not. It's just a tech stack that has potential value, it is not the end all be all of value networking, or value-as-a-protocal but it's insanely useful in driving innovation in this space. Forest from the trees and all that.
  - kravvall 4y ago
    There it is, promises of future things and "potential value", and the abstract concept of "driving innovation". Yes, it will be around. But beyond the idea it represents, and the technological invention that is blockchain, there is no value. This is marketing and ideas you invest in.
    - johnnymorgan 4y ago
      Thanks Paul Krugman. >Doesn't know what PoE is and the value it's provided to businesses already, thinks he is an expert on how it has no value. You might want to look that up before you say silly things. I'm curious to see the goal post moving you are about to do. As I said, use it or don't, just because you can't doesn't mean others are wrong lol
    - ewzimm 4y ago
      I think blockchains still have a lot of value, not as currencies or assets, but as decentralized databases for supply chain tracking. We clearly have a lot of issues with our existing global supply chain, especially tracking the origin of every component that goes into things. Blockchain has a lot of legitimate uses for transparently tracking different components along their journey, from raw materials until they reach customers, and helping with industrial planning as well as proving compliance with regulations. Planned economies haven't worked. Market economies have some clear inefficiencies and potentials for destabilizations. Applying data transparency and tracking to a market economy using supply chain blockchains has the potential to enable more decentralized planning to build better options.
- ccvannorman 4y ago
  It's been quite useful to some of my friends, who love to preach: "Bro, Bitcoin is up 800,000%, you need to invest [in it and in other crypto]"

Ologn 4y ago

Also, the chart shows Bitcoin price, which does not matter for what it is talking about. What matters is Bitcoin market cap. If only ten Bitcoins exist, a market price of $60k each is easy, or even $120k each. Bitcoin had a market cap of $1.2 trillion in November. That becomes harder to sustain when quantitative easing is slowing, when the fed funds rate is slowly rising with indications of it rising more in this year if inflation is where it is etc. It's the problem of all successful Ponzi schemes - eventually they grow too big and implode.