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RE: [Corkboard of Randomness] 📌Flagship Article📌 Your "Two Cents" Are Needed! 🍿
Oh this is perfect! Thank you for wanting to upvote so genuinely! Just the responses I was looking for. I totally agree with what you are saying, so do you think STEEM is different or it still falls in the same category. Proof of Brain is not intrinsic?
Good point @mental-extract... I haven't thought of the Proof of Brain aspect of it providing an intrinsic value. Very open for the idea and I want to be so... Just need to ask few more experts on the matter to validate the value proposition.
Well it's people like us that have to poke holes in it now, beta test it essentially. I think the new concepts should hold just fine. I've always wondered about something. If it was all backed by something, the only reason we'd all go trading in is if something really bad was happening, yeah? If it is bad enough for us to bail out of commerce, is trading in our dollars really at the top of the list? Looking at it that way, we should just back it bullets, :/... not promoting violence here, but I think you will understand what I am getting at here. So, with that said, what really is the point of backing it with anything other than the market in which you may participate? I'm just speaking conceptually here, and maybe trying to figure out if the "money backing" concept is merely something to help us sleep at night. I get wanting to be able to trade in a post bank note currency world, if something happened, is something people, conceptually, want to have the confidence they can do, but what even would be considered valuable? Why would "the government" just choke up a stash if a real situation was happening? Maybe people should back their own money. Meaning, don't store value in the dollar. Use it strictly as a universal trade note. Store all your value in whatever you see had intrinsic value. If the markets are still open, you can always liquidate to trade. Thoughts?
Yes, I get your point and it has a logic into it. If we put aside the fiat dollar, which doesn't have any intrinsic value in and of itself, and we don't compare it to the cryptos, then what happens if the market demand of the cryptos fall down 100% tomorrow. That is if there become abosolutely no demand in the market for cryptos, so people can't trade them any more. If you have, lets say, 10 Bitcoins in your BTC wallet, and you know for sure, and it is a hypothetical fact, that nobody will buy them, then what are you going to do with them? That's a question worth thinking about. Because, if I propose the very same question but with gold or realestate, the answer is people will always trade gold for goods and would make jewelry out of it, which shows its intrinsic value. And people can always live in the houses which nobody wants to buy, which also shows the intrinsic value of real-estate. But with those 10 bitcoins that nobody wants to buy, what intrinsic value will they have?
The only thing I can squeeze is the hard drive space. If and only if, we hit a ceiling with big data, which we will! And, if tech doesn't become obsolete. Real estate is honestly the best example. There are people that don't see the intrinsic value of gold. What if we up and didn't lust for gold as humans anymore, for what ever reason. Now, communications on the other hand, even cosmically, depends on the transmission purity of gold...but what if that became unimportant for some reason. We evolved from the need, or posses ESP, or create/discover something strong to serve that purpose. With all that said, what are your thoughts on "tokenizing" property. Call it Real Coin! Bahahahahaha So now, it lowers the walls for investment and decentralizes the act of financing! I think maybe eliminating the issues of the recent burst...
That's an intreguing thought... Never thought about tokenizing the real estate investment. I don't even know how it can be done, except for buying real estate with cryptocrunnecy as one of the payment options... Other than that, I have no clue how it can be done :) But hey, I'm always open for possibilities.
I think the owners of the property would do it, but what if someone wanted to claim their piece, not take some currency value? There would have to be some rules to help keep things organized, and not have chaos in homes because of some stubborn person. Was just thinking of something tangible to back a currency, that will forever have value to humans.