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Author Topic: Bitcoins are more like domain names than any other asset  (Read 4784 times)
101111
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September 11, 2013, 05:50:30 AM
 #21

We've been working on a program called The Bitcoin Phenomenon for SQ1.tv.

In my view, the closest analogue to bitcoin as an asset is .com domain names, not a currency. Let me explain:

...

Similar to the supply constraint of 21 million, the number of memorable, pronounceable dot-com domains is limited. To find an unregistered .com of any commercial value is difficult, but not impossible; this is similar to mining today. And to those that suggest the supply constraint of bitcoin will hold back its commercial adoption, it should be noted that the scarcity of viable .com domains did not inhibit the growth of the commercial web.

imho this is an invalid 'analogue' for many reasons (economic, mathematical, technological, etc.) let alone the literal:

You can invent new, memorable, easy to pronounce words. (eg bitcoin)
You can use disused words (eg [Shakespearean] thoujarringfensuckedpignut.com)
You can change the meaning of existing words. (twitter)
You can change da spellin of existing werds.
You can combine languages, hellobonjour.com
The words we have canbeusedintrillionsoftrillionsofcombinations.com

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September 11, 2013, 07:07:12 AM
 #22

Quote
Prove the point? Gold is physical. It has chemical properties.

Seriously? We just start taking things out of context, like that? Like silver is different from gold because they are different elements in the periodic table? Right?

Continuing your train of thought we now have to conclude that silver is more like .com domains than it is like gold because silver and gold have different amount protons and electrons, correct?

 End of discussion then. I thought we are talking about money, turns out we are talking about geology or chemistry or some other shit. If so, I then obviously have been wrong and have nothing more to say.


Well if we are really going down this road - what about atomic printers that can print any material conceivable - yea you can't pick them up just yet, but atomic printers or some other development could hurt the prices of precious metals.

Just the same way a new and better bitcoin protocol could come along if the developers are too slow/scared to improve it.
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September 11, 2013, 01:21:12 PM
 #23

All Bitcoins are created equal. My 1 BTC is no more expensive or rare than your 1 BTC.

Disagree, Some would pay more for coins closer to coinbase than others. If you know what I mean  Roll Eyes.

It's those people that are special, not the Bitcoins.
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September 27, 2015, 04:19:46 AM
 #24

this kinda means all altcoins are like websites not bitcoin itself is Wink

yolo
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September 27, 2015, 07:16:07 AM
 #25

While they are almost similar but in reality i don't think they are.

There can only be 21 million unit of bitcoin and you can't differentiate between a unit that i own and another unit from another person except to relate to the source where it was coming from. When it comes to a particular domain name, for example abc dot com, there can only be one of that unique name and one domain can command higher value compared to the other. Thus the analogy that you use to relate between both of them is out.

However, i would agree that they are designed to have their value increased over time.

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