See, its this level of discussion that jman0war fpalb and others with the links attached that provide me with confidence that all this is beyond an elaborate scam.
Its clear they are intelligent and have insights to the whole crypto space, including the problems it has and is facing, and are not merely cheerleaders for a new fangled gadget.
You have obviously never been closely involved in a bubble before. This is what makes a bubble successful.
Global Crossing, (previously the fastest maker of billionaires), Colt Telecommunications, Retail Decisions, Baltimore Technologies.
The people who advocated these shares were all better informed than any economist about the market and the products involved. They were themselves, or drew on the knowledge of, highly specialised engineers. No one could disagree with them.
Accountants responded to the success of these companies which seemed to defy previous metrics by developing a new language of accountancy. (EBITDA anyone ?).
And in that case they were not wrong, about the engineering. The infrastructure that Global Crossing built is still in use today, indeed it was in the press during the week. They were totally wrong about the valuation however. Most of the above companies ceased to exist, they were all devalued more than 90%.
Bitcoin will fall to a negligible level because the price has been caught up in a bubble.
Bitcoin will fall to zero if as I suspect that is what it is worth.
On the other hand, the detractors of bitcoin etc seem to be founded on the notion that if they dont understand it, therefore it is worthless.
I dont understand how the differential in a car works. That does not stop me from understanding the value of a car.
I fault a number of posters (here's looking at you Duke) for following the bitcoin enthusiasts down the rabbit hole.
The minutiae, fascinating as I agree they are, don't matter. Either bitcoin offers some new service of value or it does not. If it does either it becomes sucessfully established or it does not.
It seems to me that bitcoin offers nothing of value. Not a means of exchange, not a store of value. I started a thread "Does anyone actually use bitcoin to pay for things" the answer is a clear, No. The price is too volatile for a store of value.
If it does come to be recognised as offering something of value, will it succeed in becoming established (think Betamax). I think not. The forking thing will undermine its reputation, central banks will kill it, there are too many competitors.