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Comment by coldcode | Hacker News Reader

What goes up must come down. Cryptocurrencies have no real economic value other than whatever people think they should be worth (which is interesting by itself). Once people stop believing the emperors not just naked then everyone will see him that way.

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Bitcoin has immense economics value. There's no other asset on the planet that allows me to put my faith in logic and mathematics instead of a person or institution.

Meanwhile, there's a lot of people putting their faith in opaque corporations and unelected central bankers. With the markets sitting at all time highs by every historical measure and debt loads higher than ever it'll be interested to see how that works out for them.

Actually, you are putting your faith in a few Chinese companies and the Chinese government: https://medium.com/@homakov/how-to-destroy-bitcoin-with-51-p...

I'll take US corporations backed by the US government over Chinese ones any day.

Without more explanation, 'put my faith in logic and mathenatics instead of a person or institution' sounds like an empty statement to me. You are still betting on your belief that other human beings will want to buy bitcoins over time. Economics is about human beings in the end.

I believe crypto/blockchain will have tremendous use cases, and could end poverty via GBI... BUT BTC itself has MANY flaws, for instance if I want to send someone $10 of bitcoin it'll cost me $26 in transaction fees.

I might as well wire them the money it'd be cheaper...

The tech is good, but BTC itself not so much... My money is on Ardor. I'm putting all my money on their tech... so far I'm up 10x over what I started with.

edit: You also have to trust btc companies, miners, exchanges, developers, etc to all cooperate and move things in a positive way.. one bad fork, or 51% attack and it screws everything.

> there's a lot of people putting their faith in opaque corporations

Bitfinex and Coinbase, for example.

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