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Think more interesting number would be total paid-in capital. That would be a better metric to gauge the baseline value. My guess is it’s closer to $10-20B.
The relevant figure is total paid-in, minus total withdrawn, to be more precise.
And probably we can't know, given that entities like Tether refuse to show their books.
Bitcoin is one of the most successful open source technologies of all time and the best decentralized network ever created, surpassing BitTorrent. This is a stunning achievement of pure computer science and economic game theory that enables strangers to act only in their self interest to secure and grow the network. No matter what you think of bitcoin, you must admit this has been successful beyond anyone’s wildest e…
Think more interesting number would be total paid-in capital. That would be a better metric to gauge the baseline value. My guess is it’s closer to $10-20B.
Exactly. Spot price and "market cap" are meaningless for something with purely speculative value. The relevant figure is total paid-in, minus total withdrawn, to be more precise. And probably we can't know, given that entities like Tether refuse to show their books.
That’s about 0.2% of global wealth allocation. I wonder when the people who normally recommend 30% of your portfolio in bonds will recommend bitcoin as the cash equivalent. That would leave a 150x potential from here.
Cash is held for it's stability. bitcoin is the polar opposite of stability right now.
Ask people from former USSR or many countries in Africa about cash stability.
Earlier quoted context omitted.
I don't see anything successful about it: 1) Absurd levels of electricity consumed 2) Majority of BTC is not used as an asset,or even as currency,but purely as a tool for speculation 3) the surrounding ecosystem is worse than FX world, which is already as bad as it gets 4) No real anonymity either: any meaningful amount needs to be exchanged to Fiat sooner or later. 5) Adoption is still very very low and won't change…
"it's harmful" and."I don't like it" doesn't make it unsucessful. Cigarettes are wildly successful. Thousands of people, from uninteresting individuals to billionaires and banks, are spending their resources to engage with it.
Earlier quoted context omitted.
"it's harmful" and."I don't like it" doesn't make it unsucessful. Cigarettes are wildly successful. Thousands of people, from uninteresting individuals to billionaires and banks, are spending their resources to engage with it.
Define success. Are cigarettes successful for their manufacturers? Yes, absolutely,they are swimming in money. Is it a success to other stakeholders? No, it's not. Bitcoin is a huge success to the speculators riding the wave or early adopters who held it long enough. If smaller groups benefit from it, that doesn't necessarily mean it is universally successful.
Bitcoin was a daring experiment in game theory, open-source protocol, and human incentives, and is a success by any common-sense measures:
- Adoption of the protocol
- Money devoted to protol
- Human attention given to the project
- Number of computers running it's code
Whenever a BTC article makes it on HN, I see a flood of negative comments on how it's a bubble, just for speculation, etc. Can someone provide a solid bull case for BTC?
Earlier quoted context omitted.
"it's harmful" and."I don't like it" doesn't make it unsucessful. Cigarettes are wildly successful. Thousands of people, from uninteresting individuals to billionaires and banks, are spending their resources to engage with it.
Define success. Are cigarettes successful for their manufacturers? Yes, absolutely,they are swimming in money. Is it a success to other stakeholders? No, it's not. Bitcoin is a huge success to the speculators riding the wave or early adopters who held it long enough. If smaller groups benefit from it, that doesn't necessarily mean it is universally successful.
Idk where this will go, but I will ride the bubble/pyramid.