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Author Topic: Techreview : Bitcoins are not a currency with horders  (Read 2120 times)
Piper67
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August 23, 2011, 11:02:51 PM
 #21

Lol, yeah, things that no one wants to keep are super valuable.

That implies bitcoin currently has real value instead of speculativity driven value.

I just sent my friend in Dubai $50 worth of value. After clicking "send" I went to pee, and upon my return he had confirmed receipt of payment. Zero fees.

What's your point? The bitcoins you had were only worth 50 dollars because speculators and hoarders drove the price high, rather than because bitcoins have any practical use at the moment other than converting them back into USD or otherwise. It's like saying "well this dust I picked up off the side of the road is valued at 50 dollars a gram!!" but only if you could find someone who's actually willing to pay that for it.

And your point is? If the dust is gold dust, that's exactly what would happen.

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jrtubs
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August 23, 2011, 11:05:46 PM
 #22

Lol, yeah, things that no one wants to keep are super valuable.

That implies bitcoin currently has real value instead of speculativity driven value.

I just sent my friend in Dubai $50 worth of value. After clicking "send" I went to pee, and upon my return he had confirmed receipt of payment. Zero fees.

What's your point? The bitcoins you had were only worth 50 dollars because speculators and hoarders drove the price high, rather than because bitcoins have any practical use at the moment other than converting them back into USD or otherwise. It's like saying "well this dust I picked up off the side of the road is valued at 50 dollars a gram!!" but only if you could find someone who's actually willing to pay that for it.

And your point is? If the dust is gold dust, that's exactly what would happen.

well a gram of gold dust would be worth $57.87 since gold has nearly hit 1800+ an oz lol! hook me up with some 50$ a gram gold imo
+1 to gold dust!
onesalt
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August 24, 2011, 12:05:13 AM
 #23

You're missing my point. my point is that bitcoins haven't settled on any market defined value because currently the only reason they are worth so much is because everyone is going "hey I'm going to spend 10 dollars on bitcoins right now!" due to the speculators and hoarders, rather than because they're actively being used in a comercial aspect.

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Piper67
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August 24, 2011, 01:07:46 AM
 #24

You're missing my point. my point is that bitcoins haven't settled on any market defined value because currently the only reason they are worth so much is because everyone is going "hey I'm going to spend 10 dollars on bitcoins right now!" due to the speculators and hoarders, rather than because they're actively being used in a comercial aspect.

And your point again? The only reason gold is now worth $1900 is because enough people agree it should... Other than that, it's shiny, but it truly has far fewer uses than other metals less precious.

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