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Could you point me to an alternative investment that can not lose its value, please?
Education.
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I disagree with you. Some coins like tezos and cardano or a similar coin will be a creative destructive force for many institutions. They allow for truly decentralized authority. Think passports without an issuing country. Think money without a central bank. They are building the systems to be all the things that Taleb laments in Bitcoin.
> Some coins like tezos and cardano or a similar coin will be a creative destructive force for many institutions. They allow for truly decentralized authority. Think passports without an issuing country. Think money without a central bank. These are all just words that amount to nothing but marketing. To be all that these coins need to painstakingly re-create all the institutions that make passports, money etc. possi…
Without (any) skin in this game, isn’t this proclamation a bit mature? The nature of Bitcoin right now seems speculative, but will that be true also when the mining phase is over?
when is the mining phase over?
So never.
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Right but you can make a new crypto out of thin air, you can't do that with gold. There is no value in it because you can just make a new one. It's more fiat than the fiat the kids complain about.
You mean a new cryptocurrency altogether? Sure, but it's not worth squat unless you get tons of people on board. With Bitcoin and Ethereum, they already are.
WhatsApp on another comment was a good parallel/analogy, still it sounds a bit flimsy that value is tied to an amorphous network of people trying to earn money by mining, not sure how comfortable I feel with that as the only incentive for a whole network keeping my "store of value" afloat. Even more when this network can collapse at any time due to artifical technical limitations (in BTC's case the block size and low transactions per second count).
Ah so he sat on the toilet shitting and wrote some 160 chars into a social media app. Well then.
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We’ve been constantly hearing about the importance of “innovation” in the cryptocurrency space. Meanwhile, Dogecoin hits $50B after having been all but dead for a solid decade. Makes you wonder just how important Defi’s so called “innovation” is to its valuation, and how much of it is just a narrative.
Its been a single week of pumping. Dogecoin has not been around for a decade. The sarcasm around innovation is unwarranted.
I can read between the lines in many of those type of articles, that simply put, authors feel salty that they didn't buy in early.
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Money only works because we all agree to believe in it. The book Money by Jacob Goldstein is the best thing I have read on this. It covers the useful fiction that is money and how it has has shaped societies. From the inception of coins in ancient Greece, the first stock market to current day cryptocurrencies. When people first came up with coins and paper money, don't you think people questioned their value? "At the…
No disagreement. Here’s my beef, though: Dogecoin, BTC, etc. have failed to replace cash money or be used for any sort of significant, regular, money-like use-case. Monero is maybe the most legitimate cryptocurrency at the moment, as it allows for (and is really used for) darknet purchases. That’s a real use-case. This is the point Taleb is making too.
And also that established payment services have kept improving their services enough that BTC's superior agility isn't that pronounced anymore.