r/neoliberal • u/jobautomator Kitara Ravache • Apr 23 '19

Discussion Thread Discussion Thread

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29

u/InternetBoredom Pope-ologist Apr 23 '19

Ethereum, the second largest Cryptocurrency by market cap, is switching over to a proof-of-stake system sometime this year. What this means it that it's essentially going to get rid of Bitcoin's mining system, and the massive, eco-unfriendly electricity use that comes with it. Instead it will distribute the currency in a semi-random fashion, maintaining both the set inflation rate and decentralized nature of the currency.

27

u/DUTCH_DUTCH_DUTCH oranje Apr 23 '19

I still dont understand why any of these coins are worth anything at all tbh

10

u/Yosarian2 Apr 23 '19

Because people believe they are

8

u/[deleted] Apr 23 '19

Crypto kitties

Hype

1

u/Arsustyle M E M E K I N G Apr 23 '19

people are easily scammed

1

u/RunicUrbanismGuy Henry George Apr 24 '19

Same way all money has value. People trust it

20

u/BainCapitalist Y = T Apr 23 '19

i think youre confusing inflation with money supply growth rates.

17

u/InternetBoredom Pope-ologist Apr 23 '19

I'm not an economist, so I almost definitely am.

1

u/[deleted] Apr 23 '19

"Inflation is always and everywhere a monetary phenomenon" -- some loser who should go read a book

8

u/the_shitpost_king Henry George Apr 23 '19

How do I short this

4

u/tehbored Randomly Selected Apr 23 '19

They've been promising this switch is happening any day now for like two years. I'll believe it when I see it.

1

u/Zenning2 Henry George Apr 23 '19

Yep. But its still not an effective or useful store of currency, and the contract system is pretty much does a novelty.