RE: Why Bitcoin Cash Could Change The Crypto Game Forever... And That Isn't A Good Thing.
Yes money is being made and created everyday. The same thing happens in all financial markets. Stocks go public and market caps are created today that did not exist yesterday in the public market (the company already existed and had the perceived / estimated value at the offer price) This is all a good thing for bitcoin .. and it is not free money -- all bitcoin holders earned this money riding it out through the fork. So enjoy the increased value, ride the markets and we will actually continue to see bitcoin improve as it has with BIP91 SegWit and now Bitcoin Cash. There is a lot of money in the world flowing into cryptos and we can have both BTC and BCC succeed... All good, not sure why the worry. If you need the money sell some for fiat.
I agree with you and I'm not worried for the short term, but unlike the financial markets and stock IPOs, there is no product or service that is being valued... With Bitcoin Cash, it was created and then they'll figure out how to use it. What worries me is the long-term effect. I agree this is great for bitcoin, but as the years pass, how many times will this happen? Why wouldn't it happen all the time to create billions out of thin air? It just bothers me a little. We get mad at the FED for printing money out of thin air, but crypto does it in a similar way. Not all cryptos but a lot of the smaller coins. It just find it interesting and we'll see what happens. I really appreciate the reply and well thought out response. You got a new follower.
Thank you! And I agree to a certain extent with your point and certainly you are right about the products/services/value offered from companies vs many of these coins. We may still be in the 'gold rush' days of crypto and there certainly is an element of pure money grab here. That is clear. My hope is that the best coins survive and many useless altcoins go to zero. This would be healthy and limit frivolous new coins and forks. Let's work towards ensuring the inherent - book value so to speak - vs the goodwill value in these coins.