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[–] Hydrocephalus 0 points 9 points (+9|-0) ago 

He is selling an alternative currency? Then you know he has no reason to make shit like that up.

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[–] Shekelstein6M 0 points 8 points (+8|-0) ago 

Our competition is totally bad, goy. Trust me.

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[–] nandibear 0 points 0 points (+0|-0) ago 

Hi Hydrocephalus, Vitalik was somewhat of bitcoin developer (he was interested in using the op codes) pre-2014. He had some opinions regarding creating tokens (basically what are called colored coins) on the Bitcoin blockchain which people like bitcoin developer Jimmy Song didn't totally agree with. Vitalik then created his own blockchain called Ethereum in 2014 and went live 2015..

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[–] NACHTJAGD [S] 0 points 0 points (+0|-0) ago 

The fact the NSA released an e-mail to the MIT mailing list in 1996 'How to Make a Mint: the Cryptography of Anonymous Electronic Cash' written by their Cryptology Division nor it's follow up essay publication in the American Law Review where digital cash and movements towards legislation were theorized, all of that didn't exist, right? Naturally they worked off the 1983 initial plans of David Chaum who came up with 'ecash'.

The only thing i hold is Monero because that one is truly open source and doesn't have a corporation running the show.

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[–] Hydrocephalus 0 points 1 points (+1|-0) ago 

The internet was invented by DARPA, does that mean all the big internet companies are in league with the government? Oh wait.... damnit!

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[–] Wargasm 0 points 3 points (+3|-0) ago 

Where does the value of cryptocurrency come from?

Before you ask, "where does the value of conventional currency come from?" the answer to that question is force. If you refuse to accept legal tender for a legit transaction I can call the police and they can force you to take it. No one can force you to accept cryptocurrency, so where does its value come from?

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[–] 3dk 0 points 4 points (+4|-0) ago  (edited ago)

Scarcity: The creation of cryptos is limited often through proof of work or by having the total supply limited from the start ( I think there are some other ways to make them scarce too). It doesn't make sense to hold currencies that lose their value, yet most central banks are inflating their currency, supposedly for the good of the economy. Cryptos can be deflationary by design, making them desirable.

Independence: You have a number representing some amount of value that a group of people agree on. No one can take it from you, unless you give them your keys. No one can prevent others from sending you coins.

Technical advantages as a currency over traditional electronic currencies: Cryptos are global, if they are good cryptos, then fees are low and transaction speed is high, all while being anonymous, as long as the user doesn't give up anonymity. In a rational world, the technically best currency should be the one that people use, no?

Outside the reach of governments: You can evade taxation and confiscation by government, making it perfect for capital flight in places like China. Government can't shut your finances down.

Speculation, irrationality: There's a lot of speculation obviously. People don't want to miss out on the next future global currency. Some crypto will likely take over some day, just because it's the best. The most technically superior coin should be the one that wins in the end, but it doesn't look that way at the moment. Bitcoin isn't technically superior, but still valued highly. Markets aren't rational and when have most people cared about technical details anyway? There are big players who recognize the potential of cryptos which is why every promising ICO gets a lot of money thrown its way. These big players don't want to miss out on "the chosen one".

Maybe there is something insidious going on too, but I think that the obvious the reasons I mention are compelling enough to explain the rise of cryptos.

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[–] Wargasm 0 points 0 points (+0|-0) ago 

Scarcity only creates value through utility or novelty. For example, if there were only so many pounds of gold, or a limited number of collectible figurines. Something being scarce doesn't necessarily make it valuable. For example, my kid only made n fingerpaintings; those fingerpaintings aren't worth anything to anyone else but me.

I could see speculation as a source of value. That would mean that it's doomed to fail when everyone realizes that the emperor has no clothes. That event would be when all the cryptocurrency was traded for real currency, and then refused to trade back.

Sort of like trading dollars for arcade tokens.

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[–] varialus 0 points 2 points (+2|-0) ago 

Free will.

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[–] nandibear 0 points 0 points (+0|-0) ago 

Hi Wargasm,

Permissionless digital payments is the intrinsic value of bitcoin and cryptocurrency. There's no middleman. You are your own bank.

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[–] no_youre_gay 0 points 0 points (+0|-0) ago 

Very good question. No one really know. Maybe its just a big bubble? Maybe its the currency of the future? Thats obviously the sentiment pumping up its value. Then again, nation states and businesses are probably gaming it.

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[–] Wargasm 0 points 1 points (+1|-0) ago  (edited ago)

See, that's what i don't get.

What is it that they are gaming?

The only thing that I can imagine is compute cycles.

The most useful thing for harvesting that many compute cycles would be brute-forcing crypto; I imagine that paying everyone a little bit of money to help crack a RSA key is cheaper than building and running a super computer to do it.

In that scenario, the value comes from the ability to crack encryption. To me, that would make sense--trading money for computing resources; you find the money valuable and they get to crack communications between whomever they want.

However, this theory has some flaws. For example, one flaw is that there is a limit to how many bitcoin there can be, which is something you wouldn't want in this scenario.

EDIT: Had brain fart. Changed SHA to RSA.

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[–] nandibear 1 points -1 points (+0|-1) ago 

Hi no_youre_gay, Bitcoin is a permissionless network. That's the intrinsic value of it.

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[–] talmoridor-x 0 points 1 points (+1|-0) ago 

Not endorsing ETH, but to be fair, the identity of "Satoshi Nakamoto" is still uncertain. I'd be vigilant.

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[–] superkuh 0 points 2 points (+2|-0) ago  (edited ago)

The identity of "Satoshi Nakamoto" doesn't matter in the slightest. The protocol is open. The protocol is constantly under attack and scrutiny and has been for almost a decade.

Just like it doesn't matter that Tor was initially funded by the US feds.

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[–] nandibear 0 points 0 points (+0|-0) ago 

Hi talmoridor-x, There's no need for us to know the identity of "Satoshi Nakamoto." What purpose would it serve? Other than making him/her a target and possibly causing legal trouble (e.g., taxes). Moreover, just like gold no one controls the bitcoin network.

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[–] nandibear 0 points 0 points (+0|-0) ago 

Vitalik didn't specifically say that. The article says, "I wouldn’t be surprised if..." and "I wouldn’t be too surprised if..." Moreover, I've never heard of the linked 'Metro' site.

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[–] we_are_all_satoshi 0 points 0 points (+0|-0) ago 

Damn, that comment right there is why I won't be buying any ETH

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[–] kareninsf 0 points 0 points (+0|-0) ago 

was he 12 when he made that comment? :P

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[–] ADaniels 0 points 0 points (+0|-0) ago 

Lol. Money that can’t be censored or seized by governments was invented by elite cryptographers working for an elite secret intelligence agency?? No way!? But in all seriousness, fuck the inflationary dollar that robs your children of their inheritance! Use BTC BCH LTC XMR DASH Instead :)

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[–] draaaak 0 points 0 points (+0|-0) ago 

That dude looks like he's about 50% through his transformation into a zombie.

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