Tom Lee Predicts Cyrptocurrency Market Outflow to Fiat Currency Before Tax Day • Hacker News Board

Re: Tom Lee Predicts Cyrptocurrency Market Outflow to Fiat Currency Before Tax Day

#81

Post by SideburnsOfDoom » Sat, Apr 14, 2018, 4:59 PM UTC

thinkmassive wrote: post #80

SideburnsOfDoom wrote: post #50

Earlier quoted context omitted.

> Most cryptocurrencies have value because of a mutual belief that they have value So, "they have value because we agree that they have value. Because we say so". That's exactly "Fiat".

Agreement is not equivalent to authority. Fiat means dictated by authority, which is backed by the power to enforce the rule.

I don't think that those two things, "agreement" and "authority" are actually very different at all. And "Fiat" as opposed to Commodity-backed is not something that is subject to fine slicing like that, lest you beg the question, "what commodity magically came into being to back it here?"

Re: Tom Lee Predicts Cyrptocurrency Market Outflow to Fiat Currency Before Tax Day

#82

Post by SideburnsOfDoom » Sat, Apr 14, 2018, 6:09 PM UTC

thinkmassive wrote: post #79

SideburnsOfDoom wrote: post #53

Earlier quoted context omitted.

I don't think that it does in itself, actually; but there seems to be the perception that it does. How much would you pay for an hour of video of me digging a hole with a spade and then filling it in. That's proof of work, and also worthless. How much would you pay for someone to provably burn ton of coal? It's only valuable if it does something useful for the energy expended. The blockchain's proof of work has been…

You're focusing on the work rather than the result. Just because you don't personally believe it doesn't mean that nobody else does. If in doubt, visit https://coinmarketcap.com

I'm asking "what is the result" ?

As for current market cap, IMHO it means less than you think. See also: bubble, pyramid scheme, ponzi scheme.

Re: Tom Lee Predicts Cyrptocurrency Market Outflow to Fiat Currency Before Tax Day

#83

Post by thinkmassive » Mon, Apr 16, 2018, 10:24 PM UTC

SideburnsOfDoom wrote: post #82

thinkmassive wrote: post #79

Earlier quoted context omitted.

You're focusing on the work rather than the result. Just because you don't personally believe it doesn't mean that nobody else does. If in doubt, visit https://coinmarketcap.com

I'm asking "what is the result" ? As for current market cap, IMHO it means less than you think. See also: bubble, pyramid scheme, ponzi scheme.

The result is a publicly-available ledger with a transaction history backed by the cumulative amount of work performed to verify consensus in each block.