Alex Jones takes two shits in the pool of Truth before you or I, eat breakfast. Want to know what has more tangible value then a crypto hash? A bottle of farts for example has more substance although the exact nature of its intangible qualities are destroyed upon its consumption, it is a very real thing unlike a cryto coin.
Doesn't the same argument apply to paper money as well? Paper money has no inherent value (aside from kindling), and yet most people spend the great majority of their energy trying to acquire it. Bitcoin represents a massive improvement over paper money though since there's no centralized authority that can devalue it or confiscate it at will.
"no centralized authority" -- but there are authorities who could control the network, or the power that runs it, or the technology that empowers it, or the cables that connect it, or all of them... and yes its just Fiat with a fancy name and a bunch of claimed benefits that aren't actually true at all, just look at home prices to see the ponzi scheme plain as day.
"there are authorities who could control the network"
that is not true, and unfortunately shows a complete misunderstanding of the technology. The whole idea of blockchains processed by many nodes in a network is that no one or even several nodes can control things. If a node disagrees with the others, the odd man out cannot alter the records. Decentralizing, by its very nature, prevents a central authority from dominating the transactions.
All you need is 51% of the nodes and a small step for man but a giant leap for mankind type of technological leap or disaster. I think its not hard to imagine an entire country or countries without any power grid or communications in the very near future. EDIT TO ADD: Everything is impossible until it isn't, I bet on crypto going bust like a fart in the wind before some piece of land sinks into the sea, or some tangible gold coin evaporates.
Alex Jones takes two shits in the pool of Truth before you or I, eat breakfast. Want to know what has more tangible value then a crypto hash? A bottle of farts for example has more substance although the exact nature of its intangible qualities are destroyed upon its consumption, it is a very real thing unlike a cryto coin.
Doesn't the same argument apply to paper money as well? Paper money has no inherent value (aside from kindling), and yet most people spend the great majority of their energy trying to acquire it. Bitcoin represents a massive improvement over paper money though since there's no centralized authority that can devalue it or confiscate it at will.
"no centralized authority" -- but there are authorities who could control the network, or the power that runs it, or the technology that empowers it, or the cables that connect it, or all of them... and yes its just Fiat with a fancy name and a bunch of claimed benefits that aren't actually true at all, just look at home prices to see the ponzi scheme plain as day.
"there are authorities who could control the network"
that is not true, and unfortunately shows a complete misunderstanding of the technology. The whole idea of blockchains processed by many nodes in a network is that no one or even several nodes can control things. If a node disagrees with the others, the odd man out cannot alter the records. Decentralizing, by its very nature, prevents a central authority from dominating the transactions.
All you need is 51% of the nodes and a small step for man but a giant leap for mankind type of technological leap or disaster. I think its not hard to imagine an entire country or countries without any power grid or communications in the very near future. EDIT TO ADD: Everything is impossible until it isn't, I bet on crypto going bust like a fart in the wind before some piece of land sinks into the sea, or some tangible gold coin evaporates.