[HN Gopher] Why I've Changed My Mind on Bitcoin
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Why I've Changed My Mind on Bitcoin
Author : davefreiburger
Score : 12 points
Date : 2021-01-13 22:14 UTC (46 minutes ago)
(HTM) web link (gradually.co)
(TXT) w3m dump (gradually.co)
| aphextron wrote:
| We're in a world where nothing means anything anymore. Stock
| valuations are meaningless. Take Alibaba for instance. What
| exactly are you getting when you buy a share of BABA? Voting
| rights? Liquidation value? Nope, none of that. You're getting a
| meaningless piece of paper that hopefully everyone else agrees is
| worth something in the future.
|
| How about Chewy. 30 billion market cap for a random ecommerce
| site running a multibillion dollar loss for 5 years? Sure why
| not. Or Quantumscape. 20 billion for a battery company with zero
| revenue that doesn't even have a factory? Of course. Money is a
| complete fiction now. In this environment, if the investing class
| agrees that Bitcoin is worth $35k, then it is.
| hobby-coder-guy wrote:
| What random e-commerce site?
| ur-whale wrote:
| > Money is a complete fiction now
|
| It always has been:
|
| http://www.arnoldkling.com/blog/steven-pinker-on-money-as-a-...
|
| https://blogs.lse.ac.uk/politicsandpolicy/money-as-a-social-...
| fractalf wrote:
| I've also changed my mind about bitcoin. As an earlier believer
| an enthusiast, I cannot see bitcoin as anything more than a race
| to spend energy for nothing. It doesnxt scale it's not
| sustainable, it will fail. I still believe in cryptocoins though
| just not bitxoin..
| hobby-coder-guy wrote:
| Consuming? Reading is a better word.
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