God Almighty (OP)
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Activity: 4
Merit: 0
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November 02, 2012, 05:11:17 AM |
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I can't pay taxes with it. I can't fund my credit card with it. Why do people value Bitcoins at $11 a piece?
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DividendCrazy
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Activity: 38
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November 02, 2012, 05:16:23 AM |
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Anonymity.
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iamnotcool
Legendary
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Activity: 1042
Merit: 1000
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November 02, 2012, 05:19:59 AM |
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Because there's only a limited amount of them?
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FreeMoney
Legendary
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Activity: 1246
Merit: 1016
Strength in numbers
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November 02, 2012, 05:36:24 AM |
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Because there's only a limited amount of them?
That's not sufficient, signed copies of my first album are downright scarce, but also worthless. |
Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone. |
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Fjordbit
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November 02, 2012, 05:54:12 AM |
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I can't pay taxes with it. I can't fund my credit card with it. Why do people value Bitcoins at $11 a piece?
Because they can use them to get $11 (or more) worth of value in goods and services. |
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casascius
Mike Caldwell
VIP
Legendary
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Activity: 1386
Merit: 1140
The Casascius 1oz 10BTC Silver Round (w/ Gold B)
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November 02, 2012, 05:57:31 AM |
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Ask the same about gold.
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Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable. I never believe them. If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins. I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion. Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice. Don't keep coins online. Use paper or hardware wallets instead.
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drakahn
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November 02, 2012, 05:58:33 AM |
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Because there's only a limited amount of them?
That's not sufficient, signed copies of my first album are downright scarce, but also worthless. How about the mix of Scarcity, (Provable/non reversible/Almost instant/Almost free) transactions, Final Control/Power over your money, The ability to keep it in your head and no where else, The ability to be kept in just about any form you could want to store value in, The already existing user base that has already spent money either directly buying bitcoins or buying hardware to acquire bitcoins... did i miss anything? |
14ga8dJ6NGpiwQkNTXg7KzwozasfaXNfEU
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FreeMoney
Legendary
Offline
Activity: 1246
Merit: 1016
Strength in numbers
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November 02, 2012, 05:59:46 AM |
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I can't pay taxes with it. I can't fund my credit card with it. Why do people value Bitcoins at $11 a piece?
Taxes and CC suck. Bitcoins are awesome, not mostly for what you can do with them now (as a simple consumer I mean, I can run a business and make global payments instantly for nearly free), but for their properties. |
Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone. |
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FreeMoney
Legendary
Offline
Activity: 1246
Merit: 1016
Strength in numbers
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November 02, 2012, 06:01:05 AM |
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Because there's only a limited amount of them?
That's not sufficient, signed copies of my first album are downright scarce, but also worthless. How about the mix of Scarcity, (Provable/non reversible/Almost instant/Almost free) transactions, Final Control/Power over your money, The ability to keep it in your head and no where else, The ability to be kept in just about any form you could want to store value in, The already existing user base that has already spent money either directly buying bitcoins or buying hardware to acquire bitcoins... did i miss anything? Durability and divisibility and difficult (dare I say impossible) to counterfeit. |
Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone. |
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flooraccount
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November 02, 2012, 06:02:26 AM |
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Because entrepreneurs say so!  |
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Deafboy
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November 02, 2012, 06:48:03 AM |
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I can't fund my credit card with it. You can. But as someone stated before, CC suck. But if you are really interested in doing so, it's possible to send your coins to bitcurex.com, buy a CC there and and charge it with your coins. And finally the taxes argument... you can't be serious, right?  |
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mintcoin
Newbie
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Activity: 15
Merit: 0
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November 02, 2012, 07:18:14 AM |
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Trust and security.
Basically everyone has complete tust in bitcoits not disappearing overnight and the security in which bitcoins not becoming worthless in comparison to other currencies (usd, gbp).
Compare to the Euro - people are losing trust in the euro, it could disappear and force everyone to revert to a localized currncy and the security of its worth is depreciating in comparison to other currncies (see the eur/usd swap rates over a three year period on forex sites)
And as for the taxes thing, if bitcoins became the next usd by some miracle governments would simply place high taxes on goods and services to compensate for the decrease in income tax revenue.
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Phox
Newbie
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Activity: 31
Merit: 0
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November 02, 2012, 11:02:42 AM |
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Why do people assign value to anything?
It's supply and demand that sets the value of the coin, yet it's only human to set a value to something in general.
Usability, anonymity, and possibly novelty even play a small part.
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Kazimir
Legendary
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Activity: 1176
Merit: 1011
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November 02, 2012, 11:12:53 AM |
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I can't pay taxes with it. I can't fund my credit card with it. Sure you can. Why do people value Bitcoins at $11 a piece? For the same reason why people value gold at $1700 per ounce. |
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casascius
Mike Caldwell
VIP
Legendary
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Activity: 1386
Merit: 1140
The Casascius 1oz 10BTC Silver Round (w/ Gold B)
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November 02, 2012, 12:16:36 PM |
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For the same reason cigarettes have value in prison even to non smokers.
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Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable. I never believe them. If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins. I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion. Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice. Don't keep coins online. Use paper or hardware wallets instead.
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kwoody
Sr. Member
Offline
Activity: 454
Merit: 250
Technology and Women. Amazing.
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November 02, 2012, 12:26:29 PM |
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For the same reason cigarettes have value in prison even to non smokers.
A carton of newports is worth 2 bald asian guys these days. That's value. |
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flooraccount
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November 02, 2012, 02:37:50 PM |
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For the same reason cigarettes have value in prison even to non smokers.
That is probably the best comparison on the list so far :-) |
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firefop
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November 02, 2012, 03:43:15 PM |
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Because someday, once I've been digitized... I plan on putting them all into a digital vault and swimming in them.  |
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Aahzman
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November 02, 2012, 03:52:28 PM |
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For the same reason cigarettes have value in prison even to non smokers.
A carton of newports is worth 2 bald asian guys these days. That's value.Hooped cigs (ie butt-smuggled) or not? would hooped be worth less than non? what about in a women's prison? would pink-smuggled cigs be worth more or less than non-vaginally-concealed cigs? |
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Kettenmonster
Sr. Member
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Activity: 420
Merit: 250
bool eval(bool b){return b ? b==true : b==false;}
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November 02, 2012, 04:18:08 PM |
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How comes people take lousy 11$ and give a total of one bitcoin away?
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The paining (sic!) is done with the QPainter class inside the paintEvent() method.
(source: my internet)
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