Trust me Bitcoin has far more value than fiat

[coinbuyer2580]

I may be a "newbie" and unworthy to post in the "elite" top level forums but I know value when I see it.

China may be a bump in the road to what Bitcoin will become but don't go running for the hills just yet. The decline in value of Bitcoin has less to do with China than it does with all the inexperienced holders tanking what they have in the market for fear they will lose their shirts.

That my friends is exactly what the heavy hitters want. Bitcoin with its popularity has now become a legitimate commodity with room for massive profits no matter who tells you different.

Imagine a country with the reach and power of the united states declaring that they will only ever print 42 000 000 and that they will have a built in protocol to remove a small percentage of that currency with every transaction. What would that countries currency be valued at compare to other nations? To put it into perspective for you, the current estimated net worth of private citizens in the U.S is 54 TRILLION dollars which means if they were to convert to use bitcoin as the national currency at bitcoins maximum output, each U.S dollar would be worth in the range of $1200 and the average american would earn $36 a year!

Now you are most likely asking me why I am comparing Bitcoin to a nations reserve, right? The answer is because unlike the currency of the United States the Bitcoin ACTUALLY has VALUE The U.S dollar is loaned to the government at interest by a pseudo-governmental establishment called the Federal Reserve, which although it hides behind the term "Federal" is actually a privately controlled establishment. What this mean is that for EVERY $1.00 issued by the reserve the government owes the principal +%  back to the reserve making the entire circulating money supply nothing more than debt, thus the currency is valueless.

That isn't even where the story ends, when this money is deposited into any bank in the U.S it is instantly leveraged at 90% of its actual "Value". Meaning for every dollar they get an extra $0.90 which is created out of thin air! This is INFLATION people! Then they loan you that $0.90 and say you owe them the pricipal + 6%. SEE FRACTIONAL RESERVE BANKING for more info.

Just ask Former Federal Reserve Chairman Alan Greenspan  who says he can find no intrinsic value to the Bitcoin. This is a BIG BANKER, open your eyes. This Big Banker can see no value in a currency that allows for free exchange of VALUE between private persons, big business and foreign exchange free of any fees or tax!

This supposed "Bubble" that is flooding news sites, blogs, and social networks is all hype to devalue one of the most valuable inventions in modern history made entirely for a move to corner the market and line the pockets of the rich and super rich.

Bitcoin will not only survive this recent drop it will move to surpass its highest traded value. This is the currency of the future get as much of it as you can!

Regards

My bitcoin address if you feel like donating, why not its worthless right.

15BWMFc5KYRLHVnSVy7NbmkbCRqCVbLPoE

[shorena]

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This Big Banker can see no value in a currency that allows ...
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Intrinsic value would mean that the bitcoins, the data that represent them have a value even if noone wants them.
That is not true as it is with most currencies. Bitcoin is basicly fiat money without a central goverment that declares it legal tender. Basicly its just valueable because we all agree that it has a value to us.
Think about it like this. I have a lot of keys for this steam game team fortress 2, they sell for ~1.75-2.50$ depending where you buy/sell, because they have certain use in the game. But if noone plays that game any more, its just a pile of 1's and 0's on a server somewhere and it has no value. Same with bitcoins.

[coinbuyer2580]

Intrinsic by definition describes the nature of something. The intrinsic value of bitcoin is exactly what it is used for. The basic nature of the internet connecting the globed called for a currency that could be freely traded amongst all of its inhabitants without fees and tax.

[tinyteapot]

The value of bitcoin is based entirely on belief, just like the Dollar, so your title is incorrect.

[Francky85]

Lots of speculative investors, who know little about Bitcoin bar what they have seen on the news and the recent rises....will be panic selling, as they think the "bubble" has burst, when in reality all they have done is allow us to now purchase Bitcoin for cheaper.

News in China will always swing the chart wither way as the currency is in such an infancy, its volatility make it a scary ride for speculative short term traders.

[Lethn]

That isn't even where the story ends, when this money is deposited into any bank in the U.S it is instantly leveraged at 90% of its actual "Value". Meaning for every dollar they get an extra $0.90 which is created out of thin air! This is INFLATION people! Then they loan you that $0.90 and say you owe them the pricipal + 6%. SEE FRACTIONAL RESERVE BANKING for more info.

Don't worry, you're not alone I'm of the opinion that this price rise is just a product of hyperinflation as well, the reason everybody thinks Bitcoin is a bubble is because the other commodities haven't reacted yet, but the reason for that is the constant price fixing and market manipulation by central banks, Bitcoin has no central authority so it can't be manipulated as easily, in time the rest of the markets including Gold/Silver will follow this pattern.

Part of it is just price speculation but the bigger problem is all the hyperinflation and people rushing to put their printed money into something which will hold value better.

[shorena]

Intrinsic by definition describes the nature of something. The intrinsic value of bitcoin is exactly what it is used for. The basic nature of the internet connecting the globed called for a currency that could be freely traded amongst all of its inhabitants without fees and tax.

What would you value a bitcoin that you cant buy anthing with? The value of bitcoin comes from its ability to trade it for other things that have a value to you or others. That is not an intrinsic value.

https://bitcointalk.org/index.php?topic=137.0

[coinbuyer2580]

My rebuttal is in your argument shorena.

[coinbuyer2580]

I will reiterate my point, the U.S dollar is not backed by anything. It in itself has no value, only because it is issued by the government for the use of TRADE it has the illusion of value. The Bitcoin is issued by no one to be used by everyone, you have to think globally.

[shorena]

I will reiterate my point, the U.S dollar is not backed by anything. It in itself has no value, only because it is issued by the government for the use of TRADE it has the illusion of value. The Bitcoin is issued by no one to be used by everyone, you have to think globally.

Correct neither USD nor BTC have intrinsic value.

Both have value only because people believe it can be traded for other things that have value to them.

I though about it and came up with no currency that has intrinsic value. Even gold might have no value to certain people and thus has no intrinsiv value. Well food and tools have, but they are hard to use as currency outside of virtual worlds.

[StephG]

If you compare the amount of available BTC to the amount of available $$$ then you're probably right.

[monbux]

Well, we can value things in different ways.  Perhaps a bracelet has sentimental value to you.  Perhaps bitcoin is everything you have, you have emotional value over it.  But if you stating that bitcoin has a richer value then any fiat, you're wrong.  I'm talking about the world's fiat combined versus the world's bitcoin combined.  fiat is more.

[coinbuyer2580]

I absolutely agree with you zorke and I believe Crypto-currency is the answer.