Bitcoin and Ethereum market caps now the same as South Africa’s GDP

/dev/null

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Interesting. Good thing South Africa's GDP is somehow backed by real assets.
 

Temujin

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“Most of these currencies mean nothing, and even the most famous one cannot buy you an ice cream,” he said.
*swipes btc debit card and licks his ice-cream cone... shrugs*

Some currencies have been hacked.
Name one.
 
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WAZAR

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*swipes btc debit card and licks his ice-cream cone... shrugs*
This is silly, no one accepts BTC for ice-cream, do they? Having a 3rd party convert BTC to ZAR is different to being able to use BTC to buy something.
 

WAZAR

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*swipes btc debit card and licks his ice-cream cone... shrugs*
This is silly, no one accepts BTC for ice-cream, do they? Having a 3rd party convert BTC to ZAR is different to being able to use BTC to buy something.
 

saor

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“Most of these currencies mean nothing, and even the most famous one cannot buy you an ice cream,” he said.
No, but I can cash out btc right now and buy one. Kinda moot. Shops don't really accept gold for icecreams either.

He said cryptocurrencies do not have scarcity as an underlying basis as splits happen quite often, and the number of coins double with every split.
Bitcoin isn't the same as Bitcoincash or any other forked coin.
A hard fork doesn't affect the total supply of Bitcoin and never will.

This price action is ridiculous though and I wish it would pull back and develop at a more organic rate.
 

WAZAR

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BTC is owned by China right now, just like ZA too. A bit of a coincidence.
 

saor

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This is silly, no one accepts BTC for ice-cream, do they? Having a 3rd party convert BTC to ZAR is different to being able to use BTC to buy something.
Bitcoin isn't really intended as a transactional currency, much like gold isn't. It functions better as a store of wealth. Some other blockchain & currency will need to step in to act like digital cash.
 

WAZAR

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Bitcoin isn't really intended as a transactional currency, much like gold isn't. It functions better as a store of wealth. Some other blockchain & currency will need to step in to act like digital cash.
I think it was initially intended to be a transactional currency, but it could definitely become a store of value instead. Do you think the current coin fragmentation is good or bad?
 

saor

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I think it was initially intended to be a transactional currency, but it could definitely become a store of value instead. Do you think the current coin fragmentation is good or bad?
The forking? It's probably a necessary growing pain for something new like this. Ideally BTC wouldn't be forked at all, but with vested human interests it's inevitable that differing opinions will result in diverging paths. I don't know that the fragmentation can be avoided. It probably does lessen the perceived value it has.
 

WAZAR

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The forking? It's probably a necessary growing pain for something new like this. Ideally BTC wouldn't be forked at all, but with vested human interests it's inevitable that differing opinions will result in diverging paths. I don't know that the fragmentation can be avoided. It probably does lessen the perceived value it has.
And the other hundreds of coins that aren't forks of BTC?
 

Temujin

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This is silly, no one accepts BTC for ice-cream, do they? Having a 3rd party convert BTC to ZAR is different to being able to use BTC to buy something.
Well, thats not what he said did he? He said it can not buy an ice cream. It can and does. Anyway, if you're wanting to argue on who accepts btc, I haven't checked everywhere, but there are hundreds of places in SA(not even looking thousands/hundreads of thousands world wide) that accept btc, I'm sure there is one that sells ice cream


But anyway, pretty much every statement he has made is wrong, he doesn't know how cryptos work or what they are
 
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saor

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And the other hundreds of coins that aren't forks of BTC?
90% of them will probably disappear and be forgotten within a year. We might go through something similar to the dotcom boom where the majority of companies fell away and the real players emerged from the ashes. There are other cryptocurencies and tokens that serve utility and are more effective than bitcoin. The emegence of so many useless coins and tokens is also a natural part of people rushing toward this new technology and the availability of it.
 

WAZAR

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90% of them will probably disappear and be forgotten within a year. We might go through something similar to the dotcom boom where the majority of companies fell away and the real players emerged from the ashes. There are other cryptocurencies and tokens that serve utility and are more effective than bitcoin. The emegence of so many useless coins and tokens is also a natural part of people rushing toward this new technology and the availability of it.
This is an excellent response, and I agree!
 
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