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Author Topic: Bitcoin has to have 0 intrinsic value in order to be freely exchangable.  (Read 1443 times)
alxs
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June 13, 2011, 08:06:25 PM
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"The intrinsic value of bitcoin is its free exchangeability"

http://www.youtube.com/watch?v=E_4wqNLE5TY
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bitcoinconnection
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June 13, 2011, 08:16:20 PM
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Interesting video, but a lot of questions. I think you could be a little more clearer.  But not bad. Yes if Bitcoin value never changes, then the market place would do well, but the exchange would collapse. People become interest in a product because of the chance to make a profit. Not so much to hide money.







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alxs
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June 13, 2011, 08:25:06 PM
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Not my video, just found and passing on.

I sent author link to this thread.

re: your comment...you are still thinking of bitcoin as an asset.
Exchanges would still be used like they are today, for conversion and wouldn't collapse.







Babylon
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June 13, 2011, 09:18:57 PM
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Interesting video, but a lot of questions. I think you could be a little more clearer.  But not bad. Yes if Bitcoin value never changes, then the market place would do well, but the exchange would collapse. People become interest in a product because of the chance to make a profit. Not so much to hide money.







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The Exchanges would still do business if there wee things that were easier to buy with bitcoin than with dollars.

kylesaisgone
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June 13, 2011, 09:52:28 PM
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A currency has no value unless there's some utility to the currency. Currency is a way to facilitate the exchange of goods and services, and if goods and services aren't being traded, there's no need for the currency. Currently, the only utility of BTC is the ability to double your money by sitting there and doing nothing. Eventually this will come to an end as people realize that the BTC economy is backed by nothing but pure speculation. BTC needs more uses if it wants to continue; more shops and more vendors needs to accept BTC. Just because BTC is freely exchangeable doesn't mean anything, there need to be services that lend itself to that free exchangeability or it all means nothing.

alxs
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June 13, 2011, 10:24:28 PM
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A currency has no value unless there's some utility to the currency. Currency is a way to facilitate the exchange of goods and services, and if goods and services aren't being traded, there's no need for the currency. Currently, the only utility of BTC is the ability to double your money by sitting there and doing nothing. Eventually this will come to an end as people realize that the BTC economy is backed by nothing but pure speculation. BTC needs more uses if it wants to continue; more shops and more vendors needs to accept BTC. Just because BTC is freely exchangeable doesn't mean anything, there need to be services that lend itself to that free exchangeability or it all means nothing.

Isn't that the point? BTC has value as it is freely exchangeable.  Speculation will come to an end eventually and utility will take over. 

kylesaisgone
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June 13, 2011, 10:40:44 PM
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A currency has no value unless there's some utility to the currency. Currency is a way to facilitate the exchange of goods and services, and if goods and services aren't being traded, there's no need for the currency. Currently, the only utility of BTC is the ability to double your money by sitting there and doing nothing. Eventually this will come to an end as people realize that the BTC economy is backed by nothing but pure speculation. BTC needs more uses if it wants to continue; more shops and more vendors needs to accept BTC. Just because BTC is freely exchangeable doesn't mean anything, there need to be services that lend itself to that free exchangeability or it all means nothing.

Isn't that the point? BTC has value as it is freely exchangeable.  Speculation will come to an end eventually and utility will take over. 



That makes no sense; speculation arises only because there is instability, and the instability is created because there's nothing that gives the BTC economy any real value. Speculation is a mechanism that is supposed to stabilize an economy, and when speculation becomes out of control, there's a systemic problem with the economy. Just because BTC is freely exchangeable doesn't mean a thing. BTC is open source, so there's nothing stopping me from copying the source code of BTC, naming it something else, and starting my own currency. This currency wouldn't be worth anything for obvious reasons, unless I made it worth something by making it a currency that just couldn't be ignored. This is what needs to happen to BTC, or else it will crash and burn. Currency is supposed to facilitate trade, and when trade is not supporting an entire currency, it has no value. Eventually the market will begin to realize this, and BTC will go up in flames, unless people get their acts together and come up with good ideas to support the BTC economy.

alxs
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June 13, 2011, 10:59:05 PM
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A currency has no value unless there's some utility to the currency. Currency is a way to facilitate the exchange of goods and services, and if goods and services aren't being traded, there's no need for the currency. Currently, the only utility of BTC is the ability to double your money by sitting there and doing nothing. Eventually this will come to an end as people realize that the BTC economy is backed by nothing but pure speculation. BTC needs more uses if it wants to continue; more shops and more vendors needs to accept BTC. Just because BTC is freely exchangeable doesn't mean anything, there need to be services that lend itself to that free exchangeability or it all means nothing.

Isn't that the point? BTC has value as it is freely exchangeable.  Speculation will come to an end eventually and utility will take over.  



That makes no sense; speculation arises only because there is instability, and the instability is created because there's nothing that gives the BTC economy any real value. Speculation is a mechanism that is supposed to stabilize an economy, and when speculation becomes out of control, there's a systemic problem with the economy. Just because BTC is freely exchangeable doesn't mean a thing. BTC is open source, so there's nothing stopping me from copying the source code of BTC, naming it something else, and starting my own currency. This currency wouldn't be worth anything for obvious reasons, unless I made it worth something by making it a currency that just couldn't be ignored. This is what needs to happen to BTC, or else it will crash and burn. Currency is supposed to facilitate trade, and when trade is not supporting an entire currency, it has no value. Eventually the market will begin to realize this, and BTC will go up in flames, unless people get their acts together and come up with good ideas to support the BTC economy.

I'm not going to argue with you.  You clearly don't understand what BTC is all about or why it was created.  There is a good discussion about bitcoin on freedomainradio, Bitcoin is in phase 2.  Another at mises.org and also see economist post about bitcoin. Moreover, it doesn't matter if bitcoin doesn't reach its full potential or fails totally. This will be because some other, better, competing exchange method takes its place.  

The cat is out of the bag.
http://www.youtube.com/watch?v=ygoqDBfjimM

alxs
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June 14, 2011, 09:08:36 PM
 #9

Should also add...expect to see 100+ BTC competitors by end of 2012 or sooner.
killer2021
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June 15, 2011, 09:40:01 AM
 #10

Should also add...expect to see 100+ BTC competitors by end of 2012 or sooner.

Does't matter. Bitcoin already has 100% market share of p2p, decentralized currency market. If new btc shows up, probably no one will use it. It will be an uphile battle for anyone trying to promote a new p2p, decentralized currency. Its like the whole tablet wars. Apple was first to develop a good tablet, now they have 95%+ of the market even though there are 100+ other android tablets.

The first company to get most of the market share tends to control most of the market. It only loses market share when a competiting product is SIGNIFICANTLY better (ie. myspace vs facebook).

If a new p2p currency shows up, it will have to be significantly better than bitcoin. I am not saying it couldn't happen but you have to put it into perspective.

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