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Originally Posted by Milhouse86
See here's where there's misunderstandings. Gold is far from a set supply. Like other people have said eventually we might even be mining asteroids. Long way away and some Star wars shit but with Elon musk the conversation is getting more real. Bitcoin, not other cryptos, has a supply of 21 million coins. It will take over 100 years to extract the last of them from today. So yes there will be other cryptos, but never more Bitcoin than that.
Yes there are a lot of other cryptocurrencies but they are not Bitcoin. Each cryptocurrency, relatively speaking, has different use cases / purposes. They're actually solving some pretty cool real-world issues with blockchain technology. The problem is too many people create what is called shit coins that either have no utility and/or no value trying to make a quick buck.
While today my favorite thing about blockchain technology is it's ability to democratize money like the internet democratized knowledge. There's nothing on Harvard's shelves you can't get on your cell phone right now. That's a pretty drastic difference from the rest of human history. But I really think it's still just scratching the surface and we're still trying to figure out what it's capable of or where it is going.
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So, out of curiosity... what happens as we approach the last bit of extraction for bitcoin? At what point do people decide "this currency is coming to its end and has no real life worth aside from the value people give it". Could be close to 100 years from now. Could be a couple years from now. Isn't that the general risk with this? I mean, yes, you can hypothesize that it is unlikely to happen, but it certainly isn't out of the question is it?