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Originally Posted by ehrgeiz
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In the case of Bitcoin, I would argue that it's production is mining and fees, it's yield is additional bitcoin and it's service is providing users with a trustless, decentralized monetary network to exchange value anywhere, anytime, without need for anyone's permission. Crypto broadly has a lot of other value initiatives that may or may not deliver, such as self-executing smart contracts, digital property rights, play to earn, on and on, but BTC is the easiest to focus on and represents the core innovation.
If you bought stock in Twitter (when it was public), or Meta, well they sell your data and have add revenue, but their revenue nowhere near matched their valuations. Their application code isn't all that special either and could/has been replicated. People bought the asset speculating on the more intangible value of their network. Not that much different than Bitcoin, but you are right there is a CEO and a board to hold "accountable". Wait, reminder me again, how many CEO's of the large banks went to prison for causing the 2008 financial calamity which precipitated untold human misery and suffering? None, no consequences at all, I would rather trust the immutable decentralized protocol. With all that said, I do agree these cryptos assets are unique and do not perfectly fit these financial analogs.
Some see scam, whereas I see an innovation that could be as impactful as the separation of Church and State.
Edit, fishy beat me to the comparison while I was composing, but yep.
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Crypto can be spun any way you wish.
However if I hold I hold up my bitcoin for sale my hand is empty. You buy based upon hope someone else also agrees this invisible holding is worth something.
At least if I hold up a baseball card… if someone doesn’t say it’s worth anything… I still hold a baseball card.
Crypto is so much a case of who’s left holding an invisible baseball after others have pulled their money out.
You want separation of church and state? How does currency backed by actual assets be worse than Bitcoin?
Crypto and normal currencies are all tracked. All controlled.
Who made crypto? Who owns the inside knowledge?
Crypto has been manipulated as well one must realize. It’s far from infallible. But there is lots of smoke and mirrors around it’s value on any given day.