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13952513 No.13952513 [Reply] [Original]

bitcoin isn't valuable because it is about "taking down the banks" or government, and it's also not valuable because it is about being adopted and integrated widely into the old system. it's a newly invented supplemental system that exists as global distributed transactable secure scarcity, a concept which is extremely valuable and did not exist without the use of a human trusted third party before its invention. it is not explicitly against anything, anyone can use it, all it is is the most secure globally transactable scarce unit. the rest of society still has to keep existing though for bitcoin to have its highest value. things like governments, banks, fiat currencies. it's just something new in the mix, not a replacement for it all.

>> No.13952524

>>13952513
Just because something is "scarce" does not make it valuable.

>> No.13952539

>>13952524
it does if it is globally transactable and immutable

>> No.13952548

>>13952524
It's also the most secure you fucking retard

>> No.13952564

>>13952539
>immutable
Bitcoin isn't immutable though. There have been rollbacks to the blockchain the past because of bugs. Miners can collude to orphan blocks they don't like. The majority of mining power is in the hands of just a few pools.

>> No.13952574
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13952574

>>13952548
>the most secure
um sweetie

>> No.13952642

>>13952564
that occurred so early in its history that it is priced in though. in a practical sense bitcoin is not able to be compared to what it was at that time. at that time plenty of people could have just censored it if they knew what it was and wanted to by mining. it has been immutable for longer than any other cryptocurrency if you measure from that incident though has it not? which is the bulk of its entire value history. it didn't start to become valuable until after all that was sorted out. as for mining pools it seems that the profit motive has kept them from doing anything to damage bitcoin's immutability (BCH this is not the case as there was recently a 51% attack by miners to do a rollback) if this were to happen in btc the value would plummet. I get the sense that miners in those pools are watching closely enough to react, although only time will tell