Comp Sci prof who doesn't think much of crypto
- Thread starter tango29
- Start date
The article makes it out like trading/investing crypto is based on greater fool theory, but you can make the EXACT same argument about growth-stocks. What if no orders show up at the exchange to buy shares? The book drops to zero.
Bullshit. Study the basics of US stock exchanges and what role liquidity providers play. You seem to have been born 12 or 13 years ago. Also a company share gives you ownership in the company and voting rights. With cryptos you get nada.
No....The book stays at the last-traded price?
No one likes a wise-guy... 
Yes, that worked out well for Enron with greater fools buying it up, now didn't it? We can argue the same thing back and forth. Basically, no one's going to change their bear/bull opinion on crypto here.
All we know from history is when crypto goes through it's hundredth down-swing, the bears all come rushing out and say "I told you so! I told you so! This is the end of crypto!"
There is a lot of shit-coins, and a lot of penny-stocks. Maybe we can at least agree on that....
Don't need to read this
I wrote the book
read the article anyhow. yeah, he's fukking right
I wrote the book
read the article anyhow. yeah, he's fukking right
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But cryptos are not currency, in the sense of the common definition of a currency. A currency is a medium of exchange.
Cyrptos are more a catalyst between other currencies, to transfer wealth. Oy.
Until a crypto can be classified as it's own animal, with a financial ecosystem based upon it's own value, then it must rely on all other currencies to derive an intrinsic value, but will never have an absolute value, because it is not based on anything of it's own merit.