- 14 Aug 2005
That shows how, if you are not internet savvy you can lose out big style. I am sure it was Sting that announced he was only going to release an LP for download on the net. At the time everyone was doing cd's and said he was stupid, I bet he is glad he didn't listen to them.Lily Allen was the best when they offered to pay her for a concert in Bitcoin, if she accepted she would be a billionaire now running 5 star refugee camps in Calais.
I guess this just illustrates the point that there is nothing behind it. If you lose your bank log in details then you can walk into a bank branch with your ID and after some hassle you will get there in the end. With Crypto there is nothing.This was on his hard drive if I remember right, threw out his old pc no chance he finds it now.
So the worth of Bitcoin is measured in tangible currency which is the very thing it’s supposed to replace? Glad we got that sorted.
Not only that but there are 100s of competing “coins” so it’s not even as if there is a standard coin everyone can get behind. Until volatility is brought under some control these bitcoins have zero chance of being anything but the play thing of speculators and geeks who want to apply real world terms like “mining” and “coin” to a digital token to try and give them some credibility. I tried to get long volatility in this shit a while back but no one wants the other side of that trade at a price that doesn’t put me massively offside to start with.
You're speaking to me like I was arguing against this point or something. You're absolutely right, what Bitcoin was conceived as has morphed into something it was never supposed to be. Happens with a lot of technology.
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