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The Bitcoin Blockchain Visualized in 3D

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Re: The Bitcoin Blockchain Visualized in 3D

#6

Post by _ph_ »

keymone wrote: post #5
H8crilA wrote: post #2

Yeah, yeah, Bitcoin valuation makes no sense. But it is a beautiful realisation of the Cyberpunk dreams of freedom.

Valuation of what does make sense though? Other than A=A, all valuations are artificial.

Most valuations make sense as they are tied to the intrinsic value of things. A potatoe will feed you for a while. The value can vary - a potatoe farmer won't be hungry, so the value is to learn a living, a hungry person will value a potatoe very high. The price at each step in the chain between the farmer and the hungry person is determined by a lot of factors - distance and the scarcity vs. need at each point. Same as real estate - the market value will vary, but is cornered by the fact that each piece of land only exists once.

With Bitcoins the value is only set by an artificial demand. There is nothing left over, if demand stops. You can't eat a Bitcoin. There is no limitation on creating new cryptocurrencies. It is like the million dollar homepage. It was once valued with a million dollars but I doubt, anyone would pay any significant amount for those pixels now. Why? Well, yes, there is only one million dollar homepage, but if there was any demand, you could create a similar page for a few dollars of effort.

Re: The Bitcoin Blockchain Visualized in 3D

#9

Post by ignaloidas »

_ph_ wrote: post #6
keymone wrote: post #5

Earlier quoted context omitted.

Valuation of what does make sense though? Other than A=A, all valuations are artificial.

Most valuations make sense as they are tied to the intrinsic value of things. A potatoe will feed you for a while. The value can vary - a potatoe farmer won't be hungry, so the value is to learn a living, a hungry person will value a potatoe very high. The price at each step in the chain between the farmer and the hungry person is determined by a lot of factors - distance and the scarcity vs. need at each point. Same…

You can't eat a dollar too. Intrinsic value of a dollar is smaller than a piece of paper, as it's not even that good for taking notes. It's valuation is the same: based on artificial demand.

Re: The Bitcoin Blockchain Visualized in 3D

#10

Post by tobiaswk »

_ph_ wrote: post #6
keymone wrote: post #5

Earlier quoted context omitted.

Valuation of what does make sense though? Other than A=A, all valuations are artificial.

Most valuations make sense as they are tied to the intrinsic value of things. A potatoe will feed you for a while. The value can vary - a potatoe farmer won't be hungry, so the value is to learn a living, a hungry person will value a potatoe very high. The price at each step in the chain between the farmer and the hungry person is determined by a lot of factors - distance and the scarcity vs. need at each point. Same…

Couldn't the same be said about the US dollar? In fact there's no limit on that one. With the fractional reserve banking in place as todays standard the Federal Reserve just print more notes when needed to bail the banks. The whole system is based on trust. Trust does not scale well.
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