Ninjastic
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Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
altsay
on 28/06/2014, 11:42:39 UTC
Quote from: Mervyn_Pumpkinhead on June 28, 2014, 10:51:28 AM
Quote from: Bagatell on June 28, 2014, 10:31:24 AM
Quote from: Mervyn_Pumpkinhead on June 28, 2014, 10:24:10 AM
Quote from: YogoH on June 28, 2014, 10:07:34 AM
Mervyn, Are you saying bitcoin doesn't create wealth?

Yes, exactly! Bitcoin doesn't even aim to create wealth. It aims to store and transfer wealth, but because of it's overly simplistic financial properties, it fails to succeed in it's goals. Without a mechanism to keep stable unit value, bitcoin is a gimmick of an currency, that is more of an innovative gambling platform, then a serious financial tool.

Why do you bother with it then?

I like the idea that it is based on and I think that we'll see some interesting developments based on that idea.
To me, worshipping bitcoin is like worshipping macintosh 128k and thinking that it will be the future. The idea has potential, not the present simplistic models. Worshipping bitcoin is based on the assumption that technology isn't constantly evolving, but about stagnation. It's the mentality of the get rich quick folks who are afraid on development and they wish that the world would be as static as their own intellectual development.

This.

Always keep one of your eyes on alternative cryptos that offer innovation.