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Comment by sneak | Hacker News Reader

1 BTC will still be 1 BTC after the Tether scam and scammers are all history.

This is true. It's also the tremendous irony of bitcoin evangelists narrative that fiat is worthless yet constantly touting every ATH (which is priced in that supposedly worthless fiat). Who cares what BTCUSD is if USD worthless?

And then you realize that this is pure speculation and the most ardent supporters are just praying for the greater fool theory to rain good fortune on them.

You need look no further than Coinbase, supposed beacon of our crypto future, IPO'ing and raising money in...that worthless green piece of paper known as the US Dollar.

> You need look no further than Coinbase, supposed beacon of our crypto future, IPO'ing and raising money in...that worthless green piece of paper known as the US Dollar.

is it possible to do an ipo in crypto?

...you mean like on one of the many many crypto exchanges?

An ICO is just an IPO by a different name. There are also crypto stock exchanges.

But more importantly, even if it weren't possible, why would they ever sell their shares for worthless legacy money? Unless...

The vast, vast majority of "bitcoin evangelists" couldn't care less about the actual mechanics of Bitcoin. They don't care that it was created as a digital F-You to fiat currency, and they don't care that it enables you to be your own bank. Just look at /r/bitcoin. It's 99% price/hodl memes, and 1% posts about the protocol & enhancements to the protocol itself.

For bitcoin protocol discussion there is the Development & Technical Discussion [1] on bitcointalk.

Some general cryptocurrency technical discussion can be found on r/CryptoTechnology [2]

[1] https://bitcointalk.org/index.php?board=6.0

[2] https://www.reddit.com/r/CryptoTechnology

In the decades-old tradition of foss collaboration, there is also bitcoin-dev@lists.linuxfoundation.org, which is quite good.

https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-d...

You're not wrong, it's just that nobody cares about BTC itself, but only about its value relative to USD.

Crypto is not a currency but an investment product; can we please just accept that and talk about it for what it is?

"Nobody" is an exaggeration. There is a big community of enthusiasts who enjoy cryptocurrencies for what they are and enable, not for their USD value in the markets.

What do they enable?

Is what they enable worth $40.000 to the enthusiasts?

> What do they enable?

I won't make the case for cryptocurrencies here, have a look at ethereum.org for instance.

> Is what they enable worth $40.000 to the enthusiasts?

I'm not denying that the current price hike and media attention has little to do with any other aspect than "decentralized ponzi"/dollar escape. Was just correcting a false statement.

And twenty-five years on, 1 Beanie Baby = 1 Beanie Baby.

Can't you literally make more beanie babies?

No, only counterfeits.

Did they pledge not to make any more, or did they just stop making them with no commitment either way?

Perhaps we can go back to buying a pizza for 1 BTC when this is all over.

I'll happily sell you a pizza for 1 BTC today if you want.

Not going to happen. It's a mindshare thing. If there are 10 million people who think I may as well have a bit of my portfolio in bitcoin that gives it value and that's probably not going away in a hurry.

If anything it'll get worse as it goes from 1 million to 10 million to 100 million. Back when 1 bitcoin = 1 pizza there were perhaps 1000 people into it?

It was 10,000 BTC for 2 pizzas: https://bitcointalk.org/index.php?topic=137.msg1195#msg1195. One bitcoin used to buy you 0.0002 pizzas. Now it buys 1600.0000 pizzas.

It's called hyperdeflation.

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