A fierce debate has erupted on Twitter around whether Holders of cryptocurrencies like Bitcoin can be considered "free riders", in the sense that they benefit from the unpaid, voluntary work of developers while criticising people for launching ICOs and offering tokens.
Here are some of my thoughts on the matter. Let me know what you think!
DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make.
My video is at DLive
Free riders? Common, what about the sleepless nights many people had holding on bitcoin 😆? What about the risk everyone is taking? I don’t think it’s fair to say about bitcoin holders being a free riders. Every single investor could be called that way. Just like you said, there is sooo many ways to contribute, or to provide a value we may not even know about providing. Anyway, I like the way these two guys interacted. I might have to check the twitter conversation myself.
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I think that if bitcoin holders are really free riders then bitcoin cannot be considered a store of value, which as we know is one of the essential aspects of a true currency. If I cannot store my sweat equity in it then maybe I dont want to use it anyway, doesnt that make it no different then any other shit fiat?
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Well,ico's are scams,99% of them.That's some big percentage to not talk shit about.
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If the time comes that I can pay my bills and debts in crypto, I will be the first to request my salary in crypto. I have no need or want to trust fiat currencies other than they are what rules today. At that time, I will no longer see them as investments either but will always have to hold to participate in the protocols and its processes. I also do not see myself as a free rider as I contribute to spreading knowledgeable about the potential of blockchain and cryptocurrencies. I have so far led about 10 people to purchase crypto and two more to participate here on Steemit!
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For me the real free riders are those persons who contribute to the system especially the coder..about the holders can be also considered free rider by taking the risk HODLing on the basis of trust in the best developers and a brilliantly designed new global monetary system.
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Aren’t bitcoin holders actually providing value by investing their hard worked fiat money in to bitcoin? As a matter of fact you might be called a free rider, but at the same time your invested money is doing all the work for you. At the end we all contribute, whether it’s just by investing or actuall work on difrent projects such as ICO’s. I’ve never had Facebook account, but it doesn’t mean I don’t contribute to Facebook, which is killing me by knowing I probably do.
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I think I agree, by holding onto the currency they are keeping that currency out of circulation and potentially increasing its value due to lower circulating supply...I could be wrong but that is my understanding of basic economics.
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I think Bitcoin maximalism is more of an ideology that seeks to bastion the foundations of the very first DLT. In the period of past few weeks I have reconciled the idea of having both Bitcoin maximalists with diversified crypto investors in the market.
I think we need to understand the fact that bitcoin is more than just a cryptocurrency transacted and recorded over a ledger. It is a symbol and more importantly market leader. I think it is the indication of a healthy market space, where we can see the leader (a decentralized one) having faithful followers.
It will also be prudent to remember that Bitcoin has already done what most other coins would take another decade to be at. I am not talking about just market cap. In the past when financial leaders have fallen, they never fell alone and took more than a few other financial nodes down with them. It is in fact necessary in someways for Bitcoin to have faithful following.
Frankly it is a bit weird to say that water is wet and then show self righteous indignation. More speculative money went into cryptocurrency during last few years than was expected. Speculative investment is by its very nature and definition about riding a free ride.
PS: DLive videos are bit slow to load for me. Took me about half an hour to load the video before I could watch it completely.
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Thank you very much for sharing, I really listen with great attention, everything is born from a twitter, I personally, I believe a lot in the cryptocurrency market, since it is the future of the currency in the world, it is still giving your first step, but what huge steps it takes, thank you very much for your safe information many here we will follow those suggestions thanks and my respects, my support with my vote.
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It is a bit rich to call hoddlers "freeloaders"as without the hoddlers the eco-sytem would not exist. They took a punt on crypto when it was unfashionable and if they have made 1000x profits I say good luck to them. The fact is that cry[pto needs both adopters / investors and developers; they are two sides of the same coin. IMHO people need to indulge in reasoned argument , stop the name calling and this particular geyser needs to reboot his sense of humour.
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Hey (user name) that is a great post/artwork, you have earned an upvote from me ! Did you know about the latest addition to the steem blockchain ? It’s called Artisteem and as you may have guess from the name it is focus around art, you should really check it out ! (http://www.artisteem.com/)
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Congratulations to my partner for nourishing this content @hashcash for his excellent contribution I agree and Bitcoin spent his decade in the market is a symbol that has been consolidating and hope that future continue to grow as it has done so far, we have to wait as I will continue to have a lot of faith as I expressed before it is more, I go further and I already pay for my first haircut with LocalBitcoin.
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@ louisthomas There are too many ico already there but many of those are scam
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No one will guarantee Bitcoin is a good idea however if you look at moving averages, it may give you some good feeling about it, eg. http://bircoin.top
Generally it is a super volatile market that I would recommend only for keeping spare money. If I lose some of it (or most) I'll be okay but I'm enjoying a chance to gain. (or maybe gain a lot?)
Yes British Pound is not the best "coin" due to the Brexit vote and my guess is it will keep on losing value (and so does London housing market) As my friend said; Brexit had quite a lot of consequences for something that has not happened.
I would probably diversify savings into:
Another European currency
Some part of it into Bitcoin (depending on your risk tolerance)
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not sure about this but thanks anyways
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How much of the market is made up from investors rather than "practitioners"? I would guess a majority of the market, while some may see that is free riding, I believe most investors want to use crypto but the adoption simply isn't there. For example, a consulting job I did recently I asked to be paid in crypto but the company wouldn't do it. I don't have any coding skill so all I can do is talk about crypto with friends and colleagues, invest and try to help grow adoption where possible.
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Not qualifed ... :(
pls upvote to uplift my mood. :)
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That's an absurd logic , so all stock holders of companies are free loaders?
NO
They are not freeloaders because they are adding value by contributing MONEY ..value is not just created by adding to codebase.
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Thank you for your suggestions
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