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Title: The Stories on Bitcoin's Value Post by: JamesNZ on December 03, 2023, 05:44:37 AM You've all probably heard the stories on Bitcoin's value. Stories that portray Bitcoin not only as valuable, but precious. Stories by which buying bitcoins is one of the smartest things you can do. Well, all of that is just cheap propaganda. A bait to lure you to buy something worthless.
Bitcoins cannot be eaten or drunk. They cannot be seen like artwork or heard like music. They cannot be used to operate computers and execute specific tasks like computer software. They cannot be driven like a car or worn like jewelry. In short, bitcoins have no intrinsic value. When you buy them, you only get a short record, e.g. '5.1234 BTC'. If someone issued a record and offered it to the public, they must redeem it. The record has to have redemption value. Casino chips, fiat currencies, shares, or gift cards are examples of such records. When you hold them, all you can see is a short string of characters written on a digital, plastic or paper media. There is nothing intrinsically valuable to consume or utilize. That's why their issuers must redeem them for something. Casinos redeem their chips for cash. Banks redeem their currencies for debt servicing and liens release. Namely, the units of fiat currencies are issued as debt owed to banks - individuals and companies owe it to commercial banks based on loans, while governments owe it to central banks based on bonds. That's why the banks redeem deposits and banknotes for reducing or closing that debt and releasing liens on the property that secures it. Corporations, if they decide to end their business operations, redeem their shares for funds from liquidated assets. Finally, retailers redeem their gift cards for goods or services. On the other hand, Satoshi Nakamoto, as the issuer of bitcoins, does not redeem them. He issues them through the protocol he wrote, but never redeems from anyone. If you invested electricity to make his system work and got bitcoins for it, Nakamoto won't redeem them even for a dime. Everyone who holds bitcoins knows this. They know that bitcoins have neither redemption nor intrinsic value. They know that bitcoins are worthless. That is why they are forced to get rid of them. Sell them to someone else. And to do this successfully, they need to publicly promote Bitcoin as valuable. They need to compare it to gold, diamonds or artwork. They must say it is the superior version of fiat currencies or money in general. That it can save us from greedy banks. That it is revolutionary like the Internet. That it is scarce. That it solves corruption or financial and economic problems. That it can lift poor countries out of poverty. They need to sugarcoat Bitcoin. All these stories are of course ridiculous. They would be such even if bitcoins were units of equity, like shares or units of debt, like fiat currencies. But bitcoins are units of the number 21 million. Nakamoto came up with it in his imagination and wrote a protocol for assigning its units to online addresses and storing them in a decentralized database. Numbers, whether they are stored centrally or decentrally, don't have magical powers. They cannot solve corruption, play the role of artwork or precious metals, lift countries out of poverty, save us from banks, or be scarce. They cannot be money if they are non-redeemable because there's nothing to compare with the value of goods and services. Those who make up or spread such stories know very well they are ridiculous. But they do it out of necessity. They invested huge amounts of redeemable or intrinsically valuable items into the scheme and it is necessary for them to get such items back. On the one hand, they don't want to be the bag holders. On the other hand, they want to profit from the scheme as much as possible. And that is literally all the wisdom behind the stories on Bitcoin's value. Title: Re: The Stories on Bitcoin's Value Post by: Tytanowy Janusz on December 03, 2023, 07:10:59 AM You have a very shallow version of value "Anything I can't stuff into my belly has no value".
Let's start with gold. only 7% of the gold supply goes to real applications and these applications were mostly invented in the last 100 years (electronics). Before this, the only usefulness of gold was the desire to have gold. Using it in jewelry is also nothing more than a "desire to have gold", because gold does not have aesthetic values that other cheaper metals do not have. Tombac worth 1% of the price looks the same on your finger. Gold-plated any metal also. The desire to have gold, something durable, expensive, eternal, desirable, and whats most important - rare - has given it value for thousands of years. Nothing else and definitely not the use in electronics. And bitcoin has all these features and it already have better stock/flow ratio than gold and it will get even better after halving. unless you believe that gold's entire value is given by 7% of its use and that it is generally a metal we discovered 100 years ago and before that it was worthless. Now art. An art student is able to paint the mona lisa 1:1 so that only experts will know the difference. So why is his work worth a maximum of $1000 and the original is worth billion? both are equally pleasing to the eye... Because utility is not the only thing that gives value. Coming back to utility, bitcoin has a better stock/flow than gold, it is divisible to cents, it can be easily transferred, it is easy to sell and buy with low spreads (you don't risk buying a fake like in the case of gold), it cannot be seazed, its secured by through a network that cannot be attacked (tested in battlefield for 14 years) it cannot be printed like fiats and it is an ideal escape from the system but according to you, it has no value because you can't put it in your belly. Money is moving to bitcoin not because old users are pumping up the marketing machine, but because the current system is bad for the retail investor. Go and buy shares. As soon as something bad starts happening in the company, first the insiders will start selling (you will buy more on the correction), then the insiders' family (you will buy again), then their friends, then the large funds will start selling, which have priority to information and finally everything You'll find out when you're 40% underwater. Go and buy bonds that have had negative real returns for years (adjusted for inflation) and their price is susceptible to changes in rates (TLT investors are short 40% in last 3 years) Title: Re: The Stories on Bitcoin's Value Post by: JamesNZ on December 03, 2023, 07:31:30 AM You have a very shallow version of value "Anything I can't stuff into my belly has no value". Yeah, that are the stories I am talking about.Let's start with gold. only 7% of the gold supply goes to real applications and these applications were mostly invented in the last 100 years (electronics). Before this, the only usefulness of gold was the desire to have gold. Using it in jewelry is also nothing more than a "desire to have gold", because gold does not have aesthetic values that other cheaper metals do not have. Tombac worth 1% of the price looks the same on your finger. Gold-plated any metal also. The desire to have gold, something durable, expensive, eternal, desirable, and whats most important - rare - has given it value for thousands of years. Nothing else and definitely not the use in electronics. And bitcoin has all these features and it already have better stock/flow ratio than gold and it will get even better after halving. unless you believe that gold's entire value is given by 7% of its use and that it is generally a metal we discovered 100 years ago and before that it was worthless. Now art. An art student is able to paint the mona lisa 1:1 so that only experts will know the difference. So why is his work worth a maximum of $1000 and the original is worth billion? both are equally pleasing to the eye... Because utility is not the only thing that gives value. Coming back to utility, bitcoin has a better stock/flow than gold, it is divisible to cents, it can be easily transferred, it is easy to sell and buy with low spreads (you don't risk buying a fake like in the case of gold), it cannot be seazed, its secured by through a network that cannot be attacked (tested in battlefield for 14 years) it cannot be printed like fiats and it is an ideal escape from the system but according to you, it has no value because you can't put it in your belly. Money is moving to bitcoin not because old users are pumping up the marketing machine, but because the current system is bad for the retail investor. Go and buy shares. As soon as something bad starts happening in the company, first the insiders will start selling (you will buy more on the correction), then the insiders' family (you will buy again), then their friends, then the large funds will start selling, which have priority to information and finally everything You'll find out when you're 40% underwater. Go and buy bonds that have had negative real returns for years (adjusted for inflation) and their price is susceptible to changes in rates (TLT investors are short 40% in last 3 years) Title: Re: The Stories on Bitcoin's Value Post by: FatFork on December 03, 2023, 08:57:26 AM If something doesn't have intrinsic value but is offered to the public, the issuer of that thing must redeem it. The thing has to have redemption value. That is not true! What about art or collectible items? Do they have intrinsic value? Or redemption value? It's not right to twist facts to try and make bogus arguments. Title: Re: The Stories on Bitcoin's Value Post by: hd49728 on December 03, 2023, 09:41:59 AM You've all probably heard the stories on Bitcoin's value. Stories that portray Bitcoin not only as valuable, but precious. Stories by which buying bitcoins is one of the smartest things you can do. Well, all of that is just propaganda. A bait to lure you to buy something worthless. I don't know where you are those 'too good to be true' words but I know one book that is excellent and informative for you to explore Bitcoin and its potential.The bullish case for Bitcoin (https://vijayboyapati.medium.com/the-bullish-case-for-bitcoin-6ecc8bdecc1) Quote Bitcoins cannot be eaten or drunk. They cannot be seen like artwork or heard like music. They cannot be used for text or image editing like computer software. They cannot be driven like a car or worn like jewelry. In short, bitcoins have no intrinsic value. Bitcoin is a Proof of Work blockchain and bitcoins are created by Bitcoin miners with their inputs for mining so there are intrinsic values for each bitcoin.Estimating the Cost of Bitcoin Production (https://insights.glassnode.com/investigating-the-production-cost-of-bitcoin/) Realized Price (https://www.lookintobitcoin.com/charts/realized-price/) chart. Title: Re: The Stories on Bitcoin's Value Post by: Blitzboy on December 03, 2023, 10:09:52 AM Bitcoin's value doesnt come from its actual features; it comes from its groundbreaking technology and the way it changes the way money works. Take a look: Bitcoin is not controlled by a single entity, which means it challenges established financial systems and provides an option to centralized banking systems. There is no one provider that needs to be redeemed; its a peer-to-peer system that doesnt need to be trusted. Your case is based on old-fashioned ways of valuing assets, without taking into account the new features of blockchain technology and digital scarcity.
Another important point that is missed in the comparison with foreign currencies and stocks is Bitcoin, like these other instruments, gets its value from the opinion and use of many people. Fiat currency is also just numbers and promises, but everyone accepts it. Bitcoin's potential lies in its ability to provide an alternative banking system that is not controlled by a single group. If we just brush it off as numbers, we miss the big effect its already had on how we think about money and value. Title: Re: The Stories on Bitcoin's Value Post by: ABCbits on December 03, 2023, 10:38:28 AM A warning to other reader, OP recycle his discussion from old thread to this thread. Here are short snippet from his other thread,
Source: https://bitcointalk.org/index.php?topic=5474861.0 (https://bitcointalk.org/index.php?topic=5474861.0) Finally, crypto units cannot be drunk, eaten, built into products, worn as jewelry, viewed as a picture or movie, or listened to as music. In short, they do not have an intrinsic value that creates a certain amount of benefit through the fulfillment of human needs, for this benefit to serve as a reference for the value of these units. Source: https://bitcointalk.org/index.php?topic=5472154.0 (https://bitcointalk.org/index.php?topic=5472154.0) Let's therefore assume that those 100 units are 100 apples. Apples can fulfill the purpose of nutrion. By knowing that purpose, you can evaluate whether it is worth giving your bike for those 100 units. The same is true for other products that have historically been money - livestock, grain, wine, fur, metals, etc. All these products were able to fulfill purposes beyond serving as a medium of exchange. That was then used for estimating how many other products to give for them. Source: https://bitcointalk.org/index.php?topic=5467415.0 (https://bitcointalk.org/index.php?topic=5467415.0) For example. By wheat having a nutritional purpose, speculators approximately know how valuable it is to consumers and whether prices are cheap or expensive. Similarly, by fiat currencies having the purpose of paying debt to the banks and by debtors facing foreclosures in case of default, speculators know these currencies are worth to debtors somewhere in the range of pledged collaterals. Meaning, they will not trade houses for a specific number of currency units if they see that banks take cars as collateral when issuing that number of units. But since OP bother rewrite his points, moderator couldn't just delete/lock the duplicated threads. Title: Re: The Stories on Bitcoin's Value Post by: JamesNZ on December 04, 2023, 05:29:40 AM If something doesn't have intrinsic value but is offered to the public, the issuer of that thing must redeem it. The thing has to have redemption value. That is not true! What about art or collectible items? Do they have intrinsic value? Or redemption value? It's not right to twist facts to try and make bogus arguments. Bitcoin's value doesnt come from its actual features; it comes from its groundbreaking technology and the way it changes the way money works. Take a look: Bitcoin is not controlled by a single entity, which means it challenges established financial systems and provides an option to centralized banking systems. There is no one provider that needs to be redeemed; its a peer-to-peer system that doesnt need to be trusted. Your case is based on old-fashioned ways of valuing assets, without taking into account the new features of blockchain technology and digital scarcity. Value is benefit that can be provided by the issuer of an item at redemption of that item or benefit that an item itself can provide when consumed for satisfing human needs.Another important point that is missed in the comparison with foreign currencies and stocks is Bitcoin, like these other instruments, gets its value from the opinion and use of many people. Fiat currency is also just numbers and promises, but everyone accepts it. Bitcoin's potential lies in its ability to provide an alternative banking system that is not controlled by a single group. If we just brush it off as numbers, we miss the big effect its already had on how we think about money and value. Blockchain technology neither redeems bitcoins(units of the number 21 million) not it is Jesus to be able to turn numeric units into consumable items. Title: Re: The Stories on Bitcoin's Value Post by: Kakmakr on December 04, 2023, 07:58:38 AM Oh my...... we have one of those "intrinsic value" believers again. ::) Those people who think a signature of some Treasurer on a piece of linen/cotton gives it value. ::) Those people that think that something only has value, when their trusted ::)government says so.... ::) ::) ::)
I also want to see what he/she says the difference between the "digital" numbers on a Bank ledger or database is.... compared to the digital numbers in a Blockchain. :P (Beyond the fact that the one on the centralized database are heavily manipulated and the one on the decentralized Blockchain are not) :D Wake up .... the world are changing.. ;) Title: Re: The Stories on Bitcoin's Value Post by: Fuso.hp on December 04, 2023, 08:20:24 AM There are many reasons why Bitcoin is so valuable to convert to a digital currency. Before Bitcoin there were many other coins in the crypto currency market but all the other coins could not get the attention of the investors and investors did not see anything special in any of the other coins that would make an investor prefer another coin. The value of Bitcoin and the popularity of Bitcoin were not like that in the beginning, if we dig through history we find some information that proves that Bitcoin was not a valuable coin to people at that time. A man paid a huge amount of bitcoins to buy just two pizzas. Imagine the position of the person who paid a large amount of BTC in exchange for two pizzas and the person who received a large amount of BTC in exchange for the pizza. At the current level of popularity of Bitcoin, in a few years its popularity may double.
Title: Re: The Stories on Bitcoin's Value Post by: FatFork on December 04, 2023, 10:36:04 AM If something doesn't have intrinsic value but is offered to the public, the issuer of that thing must redeem it. The thing has to have redemption value. That is not true! What about art or collectible items? Do they have intrinsic value? Or redemption value? It's not right to twist facts to try and make bogus arguments. No. That is a flawed argument. Art has no intrinsic value just because it looks real pretty to our eyeballs. That don't work - if it did, a photo or copy of some famous paintin' would be just as good as the original. But we all know that ain't the case and plus, this logic also fails to account for other art forms, such as music or literature, whose value extends beyond sensory perception. In fact, your interpretation of value suggests a very limited understanding of the concept, as it seems to be centered solely on your personal perspective. But that's not how the world really works. I already mentioned collectables. What gives them value according to your interpretation? Title: Re: The Stories on Bitcoin's Value Post by: JamesNZ on December 04, 2023, 11:36:17 AM If something doesn't have intrinsic value but is offered to the public, the issuer of that thing must redeem it. The thing has to have redemption value. That is not true! What about art or collectible items? Do they have intrinsic value? Or redemption value? It's not right to twist facts to try and make bogus arguments. No. That is a flawed argument. Art has no intrinsic value just because it looks real pretty to our eyeballs. That don't work - if it did, a photo or copy of some famous paintin' would be just as good as the original. But we all know that ain't the case and plus, this logic also fails to account for other art forms, such as music or literature, whose value extends beyond sensory perception. In fact, your interpretation of value suggests a very limited understanding of the concept, as it seems to be centered solely on your personal perspective. But that's not how the world really works. I already mentioned collectables. What gives them value according to your interpretation? So, try to accept reality and live in hope that you will sell your worthless numeric units at good price to the greater fool. But stop with this stories about art because they are ridiculous and dumb. Title: Re: The Stories on Bitcoin's Value Post by: thecodebear on December 04, 2023, 04:39:59 PM OP, Bitcoin is a currency. It is scarce and useful and has benefits nothing else on earth has. And for all these reasons it is incredibly valuable. It's value proposition is pretty simple. What aren't you understanding about this?
You spent a lot of words trying to describe what Bitcoin isn't and then for some reason saying that means Bitcoin is worthless for what is isn't. But you never described what Bitcoin is. I just did. And in its description we see why Bitcoin is incredibly valuable to humanity. Title: Re: The Stories on Bitcoin's Value Post by: 348Judah on December 04, 2023, 06:45:48 PM Bitcoins cannot be eaten or drunk. They cannot be seen like artwork or heard like music. They cannot be used for text or image editing like computer software. They cannot be driven like a car or worn like jewelry. In short, bitcoins have no intrinsic value. Bitcoin may not be used for any of these but indirectly can be used to acquire all of these you have mentioned, there are many opportunities with bitcoin and you could also use this same digital currency to acquire what you want since it's a legal means of making payments and well recognized, what money can do to make life enjoyable for us, bitcoin can do thesame or even better, it's value is always appreciable and we can use it to acquire any necessary life achievement. Title: Re: The Stories on Bitcoin's Value Post by: Yatsan on December 04, 2023, 08:09:27 PM Bitcoins cannot be eaten or drunk. They cannot be seen like artwork or heard like music. They cannot be used for text or image editing like computer software. They cannot be driven like a car or worn like jewelry. In short, bitcoins have no intrinsic value. Bitcoin may not be used for any of these but indirectly can be used to acquire all of these you have mentioned, there are many opportunities with bitcoin and you could also use this same digital currency to acquire what you want since it's a legal means of making payments and well recognized, what money can do to make life enjoyable for us, bitcoin can do thesame or even better, it's value is always appreciable and we can use it to acquire any necessary life achievement. Title: Re: The Stories on Bitcoin's Value Post by: GeorgeJohn on December 04, 2023, 08:18:47 PM Bitcoins cannot be eaten or drunk. They cannot be seen like artwork or heard like music. They cannot be used for text or image editing like computer software. They cannot be driven like a car or worn like jewelry. In short, bitcoins have no intrinsic value. Bitcoin may not be used for any of these but indirectly can be used to acquire all of these you have mentioned, there are many opportunities with bitcoin and you could also use this same digital currency to acquire what you want since it's a legal means of making payments and well recognized, what money can do to make life enjoyable for us, bitcoin can do thesame or even better, it's value is always appreciable and we can use it to acquire any necessary life achievement. Title: Re: The Stories on Bitcoin's Value Post by: JoyMarsha on December 04, 2023, 11:39:17 PM Everyone who holds bitcoins knows that. What you are saying is arrant nonsense and there is no truth in it. And in the same vain believe that you are way backward and lack an understanding of what digital currency is. It will serve good and be accepted if you are to leave this digital era we are in now to live in an analog way of life because that's what fits you to keep living with. I can't just imagine someone coming to a bitcoin forum like this to discredit bitcoin when it is a known fact that many people have benefited from it hugely in their financial lifestyle. Sorry, I sounded blunt but I hate it when someone tries to be irrational to the known fact that Bitcoin is the best thing that has happened to humanity. Title: Re: The Stories on Bitcoin's Value Post by: serjent05 on December 04, 2023, 11:39:30 PM You've all probably heard the stories on Bitcoin's value. Stories that portray Bitcoin not only as valuable, but precious. Stories by which buying bitcoins is one of the smartest things you can do. Well, all of that is just propaganda. A bait to lure you to buy something worthless. People who have something to impose or promote always make use of propaganda, it is not a new term for us, even governments are making propagandas in order to keep their citizens in check. Whether Bitcoin is worthless depends on the person, since I believe that a person's junk can be another person's treasure. Quote Bitcoins cannot be eaten or drunk. They cannot be seen like artwork or heard like music. They cannot be used for text or image editing like computer software. They cannot be driven like a car or worn like jewelry. In short, bitcoins have no intrinsic value. But Bitcoin can be traded to buy such things. Bitcoin can be used to exchange for cash to buy food, hire people to create artwork, and compose music. Buy a text or image editing computer software and even buy a car and property. In which point does Bitcoin not have an intrinsic value? You may not see Bitcoin to have intrinsic value but more people than you see Bitcoin have it even a certain country declares that Bitcoin is a legal tender. As we all know intrinsic value is subjective so you cannot push your argument to others whether Bitcoin has intrinsic value or not. Title: Re: The Stories on Bitcoin's Value Post by: JamesNZ on December 05, 2023, 08:48:25 AM Stories, stories, stories. Everybody is just telling stories.
Is there any person on Earth who doesn't want to sell their bitcoins at one time in the future? No, no such person exists. Everybody must sell their bitcoins simply because, as explained in the opening post, Nakamoto doesn't redeem them nor they are intrinsically valuable for someone to be able to satisfy their needs with them. So what is the point of all those stories about their value if everybody wants to get rid of them exactly because they know bitcoins have no value? Well, the point is simple: to lure as many suckers as possible and dump them worthless coins at as a high a price as possible. So, please stop with this nonsense stories. At least in this topic. Just admit why you're all here and move on. Title: Re: The Stories on Bitcoin's Value Post by: btc78 on December 05, 2023, 10:44:42 AM Stories, stories, stories. Everybody is just telling stories. Is there any person on Earth who doesn't want to sell their bitcoins at one time in the future? as long as there is someone out there who wants to buy bitcoin, there will always be someone who would want to sell it especially if they can sell it for a higher price than the price they bought it for if someone still believes in bitcoin’s value then there will always be demand bitcoin is developed in a way wherein inflation has a lesser chance of happening Title: Re: The Stories on Bitcoin's Value Post by: Ojima-ojo on December 05, 2023, 11:09:54 AM The USA government happens to be the buggest holder of bitcoin, that is, they hold the highest number of bitcoin, and aside from them, there are several other big cooperations and entities, even individuals like Elon musk, jack Dorsey, CZ (to mention a few) that hold a good number of bitcoins, this are prominent and well influencial men and women who have made good money even before they came across bitcoin, and after studying bitcoin, they decided to invest in it because they found it worthy.
How then can you, probably some one no body knows, tell me now that bitcoin is valueless? If the US government sees bitcoin as valuable, and are stacking as much as they can through various means possible, then, I don't believe anything you have said about bitcoin being valueless, and will never believe. Bull run is coming, buy bitcoin now and make some good profit for yourself. Title: Re: The Stories on Bitcoin's Value Post by: aoluain on December 05, 2023, 11:12:30 AM Bitcoins cannot be eaten or drunk. They cannot be seen like artwork or heard like music. They cannot be used for text or image editing like computer software. They cannot be driven like a car or worn like jewelry. In short, bitcoins have no intrinsic value. I got to this line and didnt read any further . . . You are 100% right about what you say above! But Bitcoin is D I F F E R E N T, its not something to be eaten or drank, Listened to, looked at, driven, worn. Bitcoins value comes in the form of DECENTRALISED, DIGITAL, SECURE FINANCIAL ASSET, It can be bought, sold, traded, transported across borders without any permission from a third party like a central bank, Government or law enforcement. The Bitcoin network has never been hacked. So lets see how you get on transporting and importing your truck load of fine vintage exotic Wine, or your rare collection of Artwork, your Rolls-Royce La Rose Noire or Graff Diamonds Hallucination without either paying import duty, TAX or worrying about your personal security . . . If you are looking for intrinsic value which has a physical form then you are in the wrong forum preaching to the wrong audience. You should get in contact with Blackrock and Grayscale for instance and see how they will accomodate your views because they obviously see Bitcoin as having intrinsic value as do their clients Stories, stories, stories. Everybody is just telling stories. Is there any person on Earth who doesn't want to sell their bitcoins at one time in the future? No, no such person exists. Everybody must sell their bitcoins simply because, as explained in the opening post, Nakamoto doesn't redeem them nor they are intrinsically valuable for someone to be able to satisfy their needs with them. So what is the point of all those stories about their value if everybody wants to get rid of them exactly because they know bitcoins have no value? Well, the point is simple: to lure as many suckers as possible and dump them worthless coins at as a high a price as possible. So, please stop with this nonsense stories. At least in this topic. Just admit why you're all here and move on. Is there anyone on Earth who doesnt want to sell their Quote fine vintage exotic Wine, or your rare collection of Artwork, your Rolls-Royce La Rose Noire or Graff Diamonds Hallucination at some time in the future . . . You are actually confirming that BTC HAS intrinsic value . . . Title: Re: The Stories on Bitcoin's Value Post by: JamesNZ on December 06, 2023, 05:14:18 AM Stories, stories, stories. Everybody is just telling stories. Is there any person on Earth who doesn't want to sell their bitcoins at one time in the future? as long as there is someone out there who wants to buy bitcoin, there will always be someone who would want to sell it especially if they can sell it for a higher price than the price they bought it for if someone still believes in bitcoin’s value then there will always be demand bitcoin is developed in a way wherein inflation has a lesser chance of happening Title: Re: The Stories on Bitcoin's Value Post by: pinggoki on December 06, 2023, 05:30:17 AM There are many reasons why Bitcoin is so valuable to convert to a digital currency. Before Bitcoin there were many other coins in the crypto currency market but all the other coins could not get the attention of the investors and investors did not see anything special in any of the other coins that would make an investor prefer another coin. The value of Bitcoin and the popularity of Bitcoin were not like that in the beginning, if we dig through history we find some information that proves that Bitcoin was not a valuable coin to people at that time. A man paid a huge amount of bitcoins to buy just two pizzas. Imagine the position of the person who paid a large amount of BTC in exchange for two pizzas and the person who received a large amount of BTC in exchange for the pizza. At the current level of popularity of Bitcoin, in a few years its popularity may double. Bitcoin was the 2nd I think, there's probably only 1 that was created before bitcoin so I say that you're misinformed that there are other cryptocurrency in the market because bitcoin started it all. It's not that bitcoin isn't valuable per se, during the early years of bitcoin, it just so happens that there's not a lot of people that are engaged or are in this forum so the value of bitcoin isn't that high but as time goes by and more people are trying to get in and the value of bitcoin goes from a cent to a dollar, people starts getting in because they want a piece of the action, the popularity of bitcoin is parallel to how many people have discovered bitcoin over the years not to mention that as technology and affordable computers become a thing in the year 2010 onwards, the interest in technology increases everyday so it's only natural that bitcoin will be discovered by more people.Title: Re: The Stories on Bitcoin's Value Post by: oktana on December 06, 2023, 05:34:48 AM Exactly what I think about the paper with numbers and photo that you call money. Let’s say you claim to have 20 Million, but isn’t it all just paper that can be burnt to ashes. I think your problem is not knowing what value means. Value is the worth/importance that something holds. With this definition, you can see that value doesn’t care about the ”something”, but its generally perceived worth/importance. It doesn’t have to be visible for it to have value, don’t act like the world just began; we’re digital! Loads of things happen online and this is one of those innovations. It doesn’t have value, yet, it can be used to buy cars, houses, etc? It doesn’t have value, but some politicians use it? The reason why Bitcoin is where it is today is because it has value. All this started from cents and see how valuable it has become; ten thousands of dollars.
Title: Re: The Stories on Bitcoin's Value Post by: EluguHcman on December 06, 2023, 06:10:00 AM Everything is functionable according to its nature of being, programs and how it is instructed realistically portraying its potentials.
No Bitcoin users is forced in to promote Bitcoin as a precious stone you you may say @ OP, rather the role is instigated that Bitcoin functionality shall be wide spread to attain a widely range of adoptions considering it as crypto exchange for purchase between traders and merchandise. Satoshi is a creative inventor. Imagine having a unified digital currency that can be exchanged to any form of global currency through an exchange and yet an assets to to stand against the governmental ecosystems economy. The decentralization system of Bitcoin of its Blockchain was the best invention on matter of being self confidence to your assets and funds. That is why Bitcoin has seemed to be decentralized do each and every of its holders Is a governor to its denomination of its digital currency. Bitcoin is an exchange currency that can afford you all that you needed to feel or touch such as the arts and whatever. That is why it is a currency for purchase. Sometimes we just need to grow up in terminological reasoning @ OP because the sense of reasoning was too low Title: Re: The Stories on Bitcoin's Value Post by: JamesNZ on December 06, 2023, 09:27:03 AM Everything is functionable according to its nature of being, programs and how it is instructed realistically portraying its potentials. Nakamoto invented decentralized pyramid scheme. It attracts investors by simulating bank deposits. People buy units of the number 21 million and then falsely believe that this is just like having units in their bank accounts. The catch is of course, as explained in the OP, that the second units are redeemable by their issuers (banks), while the first are not redeemable by their issuer (Nakamoto). Which in other words mean that Bitcoin units are worthless. And that's why everyone who holds them must dumpt them on someone else. They need new investors to save them from the pyramid scheme. With stories on Bitcoin's value or importance, like yours, they try to attract as much investors as possible.No Bitcoin users is forced in to promote Bitcoin as a precious stone you you may say @ OP, rather the role is instigated that Bitcoin functionality shall be wide spread to attain a widely range of adoptions considering it as crypto exchange for purchase between traders and merchandise. Satoshi is a creative inventor. Imagine having a unified digital currency that can be exchanged to any form of global currency through an exchange and yet an assets to to stand against the governmental ecosystems economy. The decentralization system of Bitcoin of its Blockchain was the best invention on matter of being self confidence to your assets and funds. That is why Bitcoin has seemed to be decentralized do each and every of its holders Is a governor to its denomination of its digital currency. Bitcoin is an exchange currency that can afford you all that you needed to feel or touch such as the arts and whatever. That is why it is a currency for purchase. Sometimes we just need to grow up in terminological reasoning @ OP because the sense of reasoning was too low |