Viewing a response to: @yabapmatt/re-timeshiftarts-re-yabapmatt-what-is-the-underlying-value-of-bitcoin-20170920t040243138z
That's a reasonable argument. It does have a drawback that gold doesn't though. While Bitcoin can be stored as a record, what prevents all Bitcoin in existence from being wiped out if the blockchain is wiped out or corrupted? Especially with mining difficulties increasing and mining facilities becoming largely centralized? I, for one, run BitCore, but how many "distributed" instances of BitCore are there?
| author | timeshiftarts |
|---|---|
| permlink | re-yabapmatt-re-timeshiftarts-re-yabapmatt-what-is-the-underlying-value-of-bitcoin-20170920t152431295z |
| category | bitcoin |
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Yes centralized mining is definitely a big risk for Bitcoin but I think once things shake out and prices stabilize and rewards decrease it will no longer be as profitable to set up multi-million dollar mining facilities and that it will go back to being more decentralized. The only questions are will it last that long and at what price will it stabilize?
| author | yabapmatt |
|---|---|
| permlink | re-timeshiftarts-re-yabapmatt-re-timeshiftarts-re-yabapmatt-what-is-the-underlying-value-of-bitcoin-20170920t161621499z |
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I think it will last. As for the stabilization price, it's anyone's guess. If investors think of it as a transaction asset, it may keep pace with inflation. If not, anything goes.
| author | timeshiftarts |
|---|---|
| permlink | re-yabapmatt-re-timeshiftarts-re-yabapmatt-re-timeshiftarts-re-yabapmatt-what-is-the-underlying-value-of-bitcoin-20170920t232426406z |
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