Reply to post: Re: Easy to understand

Cryptocurrencies to end in tears, says investor wizard Warren Buffett

John Jennings

Re: Easy to understand

[quote] 3. I can always find a sucker who values mine for more then I do, I should sell mine to him/her.

4. That sucker can almost certainly find another sucker to sell them to for a higher price.[quote]

Problem being 1:that eventually the suckers run out -

and 2: with the design of BC, the cost you have in making the coins are such that no further suckers can afford them.

There is a cost to producing a BTC, but you have no real asset delivered... There is no lump of coal to warm someone, there is no service given to a customer. Noone is actually buying stuff with BTC now. They are trading BTC (and it seems many are now really struggling to do so)- and that is a real problem. PPL claim banks having no intrinsic value - but that is not correct. Banks provide a service (overcharged, I believe but hey!). The banks needed to be bailed out by central governments to keep the rest of the economy working - they really were 'too big to fail'. Governments will not to do this for BTC.

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