See also stock markets and money.g.man wrote:Their faith alone keeps the prices rising. People lose that faith, it's game over.
Liveinadive wrote:There are a limited number of bitcoin, so arguably once they have all been mined if you wanted some to buy something with you would have to pay someone for theirs. So that is a reason to pay more that isn't just a bubble.
Of course that all falls down given the ease that the hypothetical seller could quite easily just accept a different currency that has the same features but is more readily available or.price their product accordingly in bitcoin.
monkey wrote:My last post was a bit offensive. Not that I’m having a go at eg Dino or anyone. Having a punt on a few of these as a hobby or whatever. You might make a killing.
Djornson wrote:With regards to speculating and bubbles you guys are all preaching to each other, nobody is disagreeing with you.
GooberTheHat wrote:Exactly, you could accept any number of cryptocurrencies with similar utility, so why would any one currency be worth more than another?There are a limited number of bitcoin, so arguably once they have all been mined if you wanted some to buy something with you would have to pay someone for theirs. So that is a reason to pay more that isn't just a bubble. Of course that all falls down given the ease that the hypothetical seller could quite easily just accept a different currency that has the same features but is more readily available or.price their product accordingly in bitcoin.
GooberTheHat wrote:Yeah, I know. I'm just trying to see if there is something I'm missing, some aspect I haven't seen that give these tokens some inherent characteristics or value that will enable me to predict how their value might change.
Djornson wrote:GooberTheHat wrote:Yeah, I know. I'm just trying to see if there is something I'm missing, some aspect I haven't seen that give these tokens some inherent characteristics or value that will enable me to predict how their value might change.
Coin and Token are two different things i think.
Did you know that? (genuine question)
You've got 10 Bitcoins? Lend me a couple of grand, would you?Djornson wrote:Transaction speed and expense. Bitcoin is slow and expensive. ie. if i want to send you 10 bitcoin i actually have to send 10.0001 bitcoin because the chain takes a bit and it takes fucking ages to get to you. Other coins are free and faster.GooberTheHat wrote:Exactly, you could accept any number of cryptocurrencies with similar utility, so why would any one currency be worth more than another?There are a limited number of bitcoin, so arguably once they have all been mined if you wanted some to buy something with you would have to pay someone for theirs. So that is a reason to pay more that isn't just a bubble. Of course that all falls down given the ease that the hypothetical seller could quite easily just accept a different currency that has the same features but is more readily available or.price their product accordingly in bitcoin.
GooberTheHat wrote:So why are they less valuable?
Economic value is a measure of the benefit provided by a good or service to an economic agent. It is generally measured relative to units of currency, and the interpretation is therefore "what is the maximum amount of money a specific actor is willing and able to pay for the good or service"?
Yossarian wrote:GooberTheHat wrote:So why are they less valuable?
From Wikipedia:
Economic value is a measure of the benefit provided by a good or service to an economic agent. It is generally measured relative to units of currency, and the interpretation is therefore "what is the maximum amount of money a specific actor is willing and able to pay for the good or service"?
https://en.wikipedia.org/wiki/Value_(economics)
GooberTheHat wrote:So why are they less valuable?
Yossarian wrote:It always comes back to people being willing to pay more for one over another. Always.
GooberTheHat wrote:No, the two terms seem to be used interchangeably. What is the difference?Coin and Token are two different things i think. Did you know that? (genuine question)Yeah, I know. I'm just trying to see if there is something I'm missing, some aspect I haven't seen that give these tokens some inherent characteristics or value that will enable me to predict how their value might change.
Djornson wrote:GooberTheHat wrote:No, the two terms seem to be used interchangeably. What is the difference?Coin and Token are two different things i think. Did you know that? (genuine question)Yeah, I know. I'm just trying to see if there is something I'm missing, some aspect I haven't seen that give these tokens some inherent characteristics or value that will enable me to predict how their value might change.
I don't really know. I know when i bought ethereum i bought ethereum gas which is used to fuel the blockchain. Tokens in ethereum world are used to create apps. I think correct term is different every application of blockchain technology, when trying to discuss we should probably specify what we are talking about. bitcoin/eth/ripple/stella/monero/monaco etc etc, the list is endless.
GooberTheHat wrote:So if someone wanted to create an app that utilised the ethereum block chain they would need to obtain an ethereum token? If that's the case then I can see an inherent value to an ethereum token.Djornson wrote:I don't really know. I know when i bought ethereum i bought ethereum gas which is used to fuel the blockchain. Tokens in ethereum world are used to create apps. I think correct term is different every application of blockchain technology, when trying to discuss we should probably specify what we are talking about. bitcoin/eth/ripple/stella/monero/monaco etc etc, the list is endless.GooberTheHat wrote:No, the two terms seem to be used interchangeably. What is the difference?Coin and Token are two different things i think. Did you know that? (genuine question)Yeah, I know. I'm just trying to see if there is something I'm missing, some aspect I haven't seen that give these tokens some inherent characteristics or value that will enable me to predict how their value might change.
Yossarian wrote:That's immaterial. Yes, part of the reason that the prices are the same are due to competition, but that competition has shaped the price that consumers are willing to pay for petrol. If any one provider jacked up the price, they'd stop selling any as people would no longer be willing to buy it.
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