Bitcoin as a Game
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Bitcoin as a Game
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Re: Bitcoin as a Game
#2Then I would say gold is exactly the same. In fact, gold would be a riskier betting game as information is less transparent (estimating supply, how fast It's mined etc) compared to bitcoin.
Re: Bitcoin as a Game
#3Then I would say gold is exactly the same. In fact, gold would be a riskier betting game as information is less transparent (estimating supply, how fast It's mined etc) compared to bitcoin.
> gold is exactly the same
Gold is similar. It's got more history. But it's more difficult to transact with. Bitcoin appears to be this generation's (late-boomer to early-millennial) gold or trading cards or what-have-you.
Re: Bitcoin as a Game
#4Well, you could apply this to almost any of the highly abstracted financial instruments currently traded. Derivatives, options, etc. People claim they're "investing in real companies" (which at a very low level they are), but most of the time what is actually happening, is you are betting on whether other people will invest in the company, or what investor sentiment will be x months down the track. You aren't directly investing in the success of the company, you're investing in the investor confidence in the company. Buying stocks directly is of course, at least a bit different.
I see Bitcoin as much the same. Sure, it could be used as a real currency, in the same way that I could use options or bonds as real currency. I could ask you if you'd be willing to sell your car to me for x number of options I currently hold. But I haven't created a new currency, and the value behind that "currency" is just the investor opinion of it at any given time.
Re: Bitcoin as a Game
#5Fantasy Baseball : MLB :: Cryptocurrencies : Wall Street
Re: Bitcoin as a Game
#6The author just described how bitcoin has property of money (being a speculative bet that a given asset will carry value in the future), and deduced that bitcoin is not money.
Re: Bitcoin as a Game
#7The problem with the Bitcoin game is there is no longer the 'millionaire overnight' scenario as a possibility. Sure, you could buy 1 coin and it could go up 10x, yet you'd still only be (at this time) $90k richer. Which isn't bad but the big climb from decimal places up to full dollars is where there was more possibility. Common folks can take a gamble on 100 coins for $1 a piece, they really can't take a gamble at $3k+ per coin. Thus, that's why we sit in the $3k to $9k range. Too few people to join, too many people holding on because they bought at a higher price.
I also don't think psychologically people want to own a decimal place of something but that's a different issue. If people could still buy 100 bitcoins, they'd probably do so.
Re: Bitcoin as a Game
#8Then I would say gold is exactly the same. In fact, gold would be a riskier betting game as information is less transparent (estimating supply, how fast It's mined etc) compared to bitcoin.
Gold has a actual use as a commodity, eg in electronics and other equipment, and derives a minimum value as such. So whilst how gold is used in trading circles might have similarities to BTC, this difference IMO makes them nothing alike.
Re: Bitcoin as a Game
#9The problem with the Bitcoin game is there is no longer the 'millionaire overnight' scenario as a possibility. Sure, you could buy 1 coin and it could go up 10x, yet you'd still only be (at this time) $90k richer. Which isn't bad but the big climb from decimal places up to full dollars is where there was more possibility. Common folks can take a gamble on 100 coins for $1 a piece, they really can't take a gamble at $…
A 10x is actually fine by me.
Re: Bitcoin as a Game
#10Then I would say gold is exactly the same. In fact, gold would be a riskier betting game as information is less transparent (estimating supply, how fast It's mined etc) compared to bitcoin.
> gold is exactly the same Gold is similar. It's got more history. But it's more difficult to transact with. Bitcoin appears to be this generation's (late-boomer to early-millennial) gold or trading cards or what-have-you.
Is it more difficult to transact with? I can hand you a gold coin. But with bitcoin we need the internet and a whole network of miners.