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    Author Topic: Bitcoin are like diamonds ...  (Read 1414 times)

    • St.Bit (OP)
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    May 29, 2013, 10:59:12 PM
    Last edit: May 30, 2013, 12:55:52 PM by St.Bit
     #1
    I don't know how often I've heard the comparison LTC to BTC is like gold to silver or such nonsense. Fact is crypto doesn't behave like metals or like anything on our planet. It's not a usual currency since it's properties differ far to much from standard currencies and like every other comparison it has it's flaws. It's a mistake to belive that some shared properties will result in the same behavour or price. On the other hand properties have effects and undersanding the effects of combined properties is easier by a known example.

    In this threat I want to find some (new) examples of realworld stuff, their shared properties with crypto and what you belive the effects of these properties are.



    Diamonds:

    desirable EDIT: desired
    very limited supply
    no interest or inflation
    copycats with exact same or better properties exist, but original is still more worth and common

    Limited supply and it's desirabilitye can drive prices to the moon. Most people buy them because they are expensive and not because of their (unique) properties. There is some speculation with them, but if a few people start trading them prices collapse or skyrocket. Isn't really useable as currency since people want to keep them too much.


    Any other ideas?
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  • BitAddict
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    May 29, 2013, 11:01:42 PM
     #2
    You can't trade with diamonds. It's a mafia.

    Second, they're artifially limited...

  • tclo
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    May 29, 2013, 11:10:48 PM
     #3
    Quote from: BitAddict on May 29, 2013, 11:01:42 PM
    You can't trade with diamonds. It's a mafia.

    Second, they're artifially limited...

    Yes exactly...poor analogy to diamonds because the diamond market is manipulated by DeBeers and they are not rare...prices are artificially inflated.

  • St.Bit (OP)
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    May 29, 2013, 11:20:48 PM
     #4
    Quote from: tclo on May 29, 2013, 11:10:48 PM
    Quote from: BitAddict on May 29, 2013, 11:01:42 PM
    You can't trade with diamonds. It's a mafia.

    Second, they're artifially limited...

    Yes exactly...poor analogy to diamonds because the diamond market is manipulated by DeBeers and they are not rare...prices are artificially inflated.

    I don't belive it matters if supply is limited by nature or DeBeers. I agree that diamonds are the real scamcoin of the present, but this was never intented as an analogy. The listed properties seem to fit crypto (too) and the concluded effects seem right.

    My intention is to find a new group of properties of crypto and their effects. An example with these properties helps to argue them.
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  • CtrlAltBernanke420
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    May 30, 2013, 03:52:26 AM
     #5
    Quote from: St.Bit on May 29, 2013, 11:20:48 PM
    Quote from: tclo on May 29, 2013, 11:10:48 PM
    Quote from: BitAddict on May 29, 2013, 11:01:42 PM
    You can't trade with diamonds. It's a mafia.

    Second, they're artifially limited...

    Yes exactly...poor analogy to diamonds because the diamond market is manipulated by DeBeers and they are not rare...prices are artificially inflated.

    I don't belive it matters if supply is limited by nature or DeBeers. I agree that diamonds are the real scamcoin of the present, but this was never intented as an analogy. The listed properties seem to fit crypto (too) and the concluded effects seem right.

    My intention is to find a new group of properties of crypto and their effects. An example with these properties helps to argue them.

    This does sum up the definition of money or store of value. Bitcoins value are more or less intangible, yet divisible, and scarce. Making it better than diamonds. Oh and globally instant payment transaction

  • bitbitcoins
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    May 30, 2013, 03:59:13 AM
     #6
    Crypto does not come from blood
    http://bitbitcoins.com - BitBitCoins - Inside Bitcoin

  • MysteryMiner
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    May 30, 2013, 04:27:36 AM
     #7
    It is possible to brute force diamond. Bitcoin private keys cannot be bruteforced.
    There is unknown how much diamonds can be mined. Bitcoins have known limit.
    Diamonds can be accquired from other parts of galaxy. Bitcoins cannot.
    bc1q59y5jp2rrwgxuekc8kjk6s8k2es73uawprre4j

  • CasinoBit
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    May 30, 2013, 05:15:41 AM
     #8
    Quote from: St.Bit on May 29, 2013, 10:59:12 PM
    I don't know how often I've heard the comparison LTC to BTC is like gold to silver or such nonsense. Fact is crypto doesn't behave like metals or like anything on our planet. It's not a usual currency since it's properties differ far to much from standard currencies and like every other comparison it has it's flaws. It's a mistake to belive that some shared properties will result in the same behavour or price. On the other hand properties have effects and undersanding the effects of combined properties is easier by a known example.

    In this threat I want to find some (new) examples of realworld stuff, their shared properties with crypto and what you belive the effects of these properties are.



    Diamonds:

    desirable
    very limited supply
    no interest or inflation
    copycats with exact same or better properties exist, but original is still more worth and common

    Limited supply and it's desirability can drive prices to the moon. Most people buy them because they are expensive and not because of their (unique) properties. There is some speculation with them, but if a few people start trading them prices collapse or skyrocket. Isn't really useable as currency since people want to keep them too much.


    Any other ideas?

    It's a poor comparison, diamonds are as desirable as people have been brainwashed, it is the perfect example of monopoly and how to sustain it for long periods (copycats? LMAO, surely you don't mean African "blood diamonds" that have been painted as such by propaganda so the monopoly won't break) it isn't that sacred, I'm sure they've got the next 150 years planned out of exactly when to sell which diamond.

  • worldinacoin
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    May 30, 2013, 05:28:19 AM
     #9
    No way diamonds are desirable, not just stained by blood, but an extremely bad investment.  Just throw a dart at any S & P 500 list, dump your money in and it is definitely having above inflation rate returns.  There is definitely interest or inflation on diamonds, they aren't immune to these.  Also as luxury goods, they are the first to face devaluation in times of bad economy.

  • St.Bit (OP)
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    May 30, 2013, 12:54:49 PM
     #10
    As I mentiont in the initial post, it's not the point to compare BTC with diamonds.


    Quote from: CtrlAltBernanke420 on May 30, 2013, 03:52:26 AM

    This does sum up the definition of money or store of value. Bitcoins value are more or less intangible, yet divisible, and scarce. Making it better than diamonds. Oh and globally instant payment transaction

    First of all definitions are bullshit, since I can define everything I want and that doesn't add new information.
    Bitcoins aren't sacre at all. If you see them as Bitcoin they are very limited, but if you see them as crypto they aren't limited at all.


    Quote from: CasinoBit on May 30, 2013, 05:15:41 AM
    copycats? LMAO, surely you don't mean African "blood diamonds"

    By copycats I meant f.e synthetic diamonds or any other imitation of diamonds. Some of them can't be identified without hightec equipment. If I launch an exact copycat of BTC there would be no difference between them besides the distribution or age. Just because you have somthing people usually wouldn't pay more for it, but strangly the oposite applies to diamonds.

    Quote from: worldinacoin on May 30, 2013, 05:28:19 AM
    No way diamonds are desirable
    Oh Sorry, the word must have been desired.
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  • Este Nuno
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    May 30, 2013, 02:09:12 PM
     #11
    Quote from: St.Bit on May 30, 2013, 12:54:49 PM
    As I mentiont in the initial post, it's not the point to compare BTC with diamonds.


    Quote from: CtrlAltBernanke420 on May 30, 2013, 03:52:26 AM

    This does sum up the definition of money or store of value. Bitcoins value are more or less intangible, yet divisible, and scarce. Making it better than diamonds. Oh and globally instant payment transaction

    First of all definitions are bullshit, since I can define everything I want and that doesn't add new information.
    Bitcoins aren't sacre at all. If you see them as Bitcoin they are very limited, but if you see them as crypto they aren't limited at all.


    Quote from: CasinoBit on May 30, 2013, 05:15:41 AM
    copycats? LMAO, surely you don't mean African "blood diamonds"

    By copycats I meant f.e synthetic diamonds or any other imitation of diamonds. Some of them can't be identified without hightec equipment. If I launch an exact copycat of BTC there would be no difference between them besides the distribution or age. Just because you have somthing people usually wouldn't pay more for it, but strangly the oposite applies to diamonds.

    Quote from: worldinacoin on May 30, 2013, 05:28:19 AM
    No way diamonds are desirable
    Oh Sorry, the word must have been desired.


    It is actually a really good comparison. People aren't thinking it through.

    Your original post was good.

  • Este Nuno
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    May 30, 2013, 02:12:35 PM
     #12
    Quote from: MysteryMiner on May 30, 2013, 04:27:36 AM
    It is possible to brute force diamond. Bitcoin private keys cannot be bruteforced.

    Not sure that this is a valid comparison. You can't "brute force" a diamond. You can create one though.

    Quote
    There is unknown how much diamonds can be mined. Bitcoins have known limit.

    It's unknown exactly how much diamond there is on earth, but we do know that it is a finite amount. Like gold, or bitcoin. Just with bitcoin we have an exact number.

    Quote
    Diamonds can be accquired from other parts of galaxy. Bitcoins cannot.

    Can't argue with that.

  • St.Bit (OP)
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    May 30, 2013, 02:40:43 PM
     #13
    Quote from: Este Nuno on May 30, 2013, 02:12:35 PM
    Quote from: MysteryMiner on May 30, 2013, 04:27:36 AM
    It is possible to brute force diamond. Bitcoin private keys cannot be bruteforced.

    Not sure that this is a valid comparison. You can't "brute force" a diamond. You can create one though.

    No, you can't "brute force" aka create a "real" one. People still consider manmade diamonds far less valuable. Even if you'd argue that diamond has superiour properties that justify its price, manmade have better. Diffenences are hardly to detect, but if there is a detector it matters.


    Another similarity is the lack of financial derivatives, but for that property I'd rather compare it with pennystocks.
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  • Abdussamad
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    May 30, 2013, 06:55:02 PM
     #14
    Diamonds are not rare. A better comparison would be with precious stones like rubies or sapphires. 

  • bitcoinbear
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    May 30, 2013, 07:03:35 PM
     #15
    Quote from: St.Bit on May 30, 2013, 02:40:43 PM
    Quote from: Este Nuno on May 30, 2013, 02:12:35 PM
    Quote from: MysteryMiner on May 30, 2013, 04:27:36 AM
    It is possible to brute force diamond. Bitcoin private keys cannot be bruteforced.

    Not sure that this is a valid comparison. You can't "brute force" a diamond. You can create one though.

    No, you can't "brute force" aka create a "real" one. People still consider manmade diamonds far less valuable. Even if you'd argue that diamond has superiour properties that justify its price, manmade have better. Diffenences are hardly to detect, but if there is a detector it matters.


    Another similarity is the lack of financial derivatives, but for that property I'd rather compare it with pennystocks.

    Sure you can "brute force" a diamond: find a nice lady with a big rock on her finger, use your brute force to remove the diamond. Now you have a diamond which you didn't own before.
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  • Abdussamad
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    May 30, 2013, 07:05:30 PM
     #16
    Quote from: bitcoinbear on May 30, 2013, 07:03:35 PM
    Sure you can "brute force" a diamond: find a nice lady with a big rock on her finger, use your brute force to remove the diamond. Now you have a diamond which you didn't own before.



    LOL clever! But I think the guy is talking about industrial diamonds that are created in labs.

  • Amph
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    May 30, 2013, 07:59:21 PM
     #17
    nah they are like minerals

    not enough bitcoin

  • threeip
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    May 30, 2013, 11:18:51 PM
     #18
    Quote from: Este Nuno on May 30, 2013, 02:12:35 PM
    Not sure that this is a valid comparison. You can't "brute force" a diamond.

    http://articles.latimes.com/2013/may/08/world/la-fg-europe-diamond-heist-20130509 et al

    Quote from: bitbitcoins on May 30, 2013, 03:59:13 AM
    Crypto does not come from blood

    +∞
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  • pand70
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    May 30, 2013, 11:21:00 PM
     #19
    and now i ll go and check wikipedia about DeBeers...
    damn you btctalk...  Tongue
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  • worldinacoin
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    May 31, 2013, 01:34:38 AM
     #20
    Quote from: pand70 on May 30, 2013, 11:21:00 PM
    and now i ll go and check wikipedia about DeBeers...
    damn you btctalk...  Tongue

    As long as you don't go about sharing the info about De Beers with your gf or wife or you are going to have a much diminished Bitcoin wallet Smiley
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