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2 sats \ 2 replies \ @028559d218 31 Jul \ parent \ on: SEC debuts 'Project Crypto' to bring U.S. financial markets 'on chain' news
What I see in most of crypto is solutions looking for problems to solve. I fail to see how adding blockchains to the financial system without changing anything else increases its value. Its wild.
It's all smoke and mirrors dude.
I mean... that's not completely true. Value is subjective. Under that definition you can't explain why people pay money for many things.
Anything worth doing, worth creating, worth using in our society requires energy. Planes, trains, automobiles... they are all created and operate with energy.
Energy is the foundation of a civilization.
To me Energy is absolutely 100% vital to Bitcoin's appeal... and its what got me into Bitcoin to begin with. Gold requires energy to make, to refine, to mine... and that's ultimately why it's valuable and Bitcoin is 100% the same.
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0 sats \ 1 reply \ @kepford 31 Jul
I don't disagree, but value is still subject and many things have much higher value than the energy required to generate them. What you are describing about value is very similar to the Marxist labor theory of value.
For example, if I started a shitcoin and it required energy that doesn't mean it would be worth anything. It would have to have enough people that believe it had value. This is why so many shitcoins do command stupid prices. Over the long run.... they will fail but new ones will sprout up until society / culture learns. I think this could take a very long time.
There is also utility as a factor in value/prices. Something can have plenty of energy inputs but little utility. I mostly agree with you but there are more factors.
  • Energy
  • Utility
  • Social (believe)
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0 sats \ 0 replies \ @028559d218 31 Jul
I wish bitcoin wasn't such a lonely place I listen to this sometimes, it helps
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