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Author Topic: [2018-06-16] The Bitcoin Valuation Delusion  (Read 67 times)
BitcoinArsenal
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June 16, 2018, 03:56:00 PM
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Some people seem to believe that Bitcoin might be worthless, we discuss their arguments. If there was value in Bitcoin, how would we know? Shared delusions, are they useful? Full article on SeekingAlpha
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June 16, 2018, 07:19:30 PM
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That was a pretty lengthy but somewhat worthwile article.

In the end the conclusion I like the most is that we should be saving ourselves, which is pretty much what I have been doing for years now.

I have no confidence in governing bodies because they keep messing up and keep making sure that the value I worked hard for is depreciating constantly. I also want to cut ties with the system because of how unfair the tax system is set up. The far majority of my wealth sits in Bitcoin and I am actually happy to have very little exposure to the regular system. I actually hope that the price will keep dropping, because that will motivate me further to lower my fiat exposure.

All my fiat that goes into Bitcoin never exits again, which says enough. Bitcoin's 'bubble' inflating = regular economy bubble deflating.

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June 17, 2018, 03:31:02 PM
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Bitcoin is a vote of "no confidence" in the current financial/banking system.

It will continue to devour bad money, and as it accelerates, will be the catalyst for changing finance as it exists today -- and entire nations, too.

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June 17, 2018, 07:56:02 PM
 #4

Bitcoin is a vote of "no confidence" in the current financial/banking system.

It will continue to devour bad money, and as it accelerates, will be the catalyst for changing finance as it exists today -- and entire nations, too.

I sympathize with this, though I'd emphasize that it isn't black-and-white. I'm a realist. I don't think BTC will necessarily displace sovereign currencies or revolutionize/replace nation-states. I'm not sure that it will become a global reserve asset.

But I do see it as a wealth transfer from unsound money to sound money (and I'm glad to be a part of that). I understand the economic implications of Bitcoin's supply with regard to Metcalfe's Law, so regardless of what happens with governments and legacy finance, I'm confident that the size and importance of the Bitcoin counter-economy will continue to grow. And therefore, so will the price.

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June 17, 2018, 09:08:12 PM
 #5

Bitcoin isn't backed by anything. Everyone knows that and a lot of people think that is the reason why it's not valuable.

I have to say that is completely wrong and distorted. Bitcoin is a decentralized currency, which means that nobody is able to manipulate the amount of bitcoin that is in circulation. Nobody is able to inflate away the value of the currency.

The more you look into BTC the more you see resemblance with gold, but way better. That's why I consider bitcoin to be a good long term store of value. Now, if bitcoin was centralized, then obviously there is no apparent source for value. But it's not.

Also, there are FOMO elements in bull markets, but that's not why bitcoin prices are going up in the long run.

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June 18, 2018, 06:35:20 PM
 #6

Bitcoin is a vote of "no confidence" in the current financial/banking system.

It will continue to devour bad money, and as it accelerates, will be the catalyst for changing finance as it exists today -- and entire nations, too.
I'd like to see this happen sooner than later but some major issues with Bitcoin need to be resolved before mass adoption by countries is considered. One of them is the amount of transactions it can process per second as compared to other existing financial payment system. Bitcoin performs really bad in this aspect.
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June 18, 2018, 09:33:29 PM
 #7

Bitcoin is a vote of "no confidence" in the current financial/banking system.

It will continue to devour bad money, and as it accelerates, will be the catalyst for changing finance as it exists today -- and entire nations, too.
I'd like to see this happen sooner than later but some major issues with Bitcoin need to be resolved before mass adoption by countries is considered. One of them is the amount of transactions it can process per second as compared to other existing financial payment system. Bitcoin performs really bad in this aspect.

The number of transactions which can be handled per second used to be a problem, but that is no longer the case with blocks not being full. Scalability solutions will get developed. We have seen Segwit, Lightning Network,....


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June 19, 2018, 12:31:56 AM
 #8

The number of transactions which can be handled per second used to be a problem, but that is no longer the case with blocks not being full.
Unfortunately, people will keep blaming Bitcoin for being expensive just because of how a group of miners initiated their most powerful spam attack to date. Doing 100 things right is worthless when 1 thing goes wrong.

Just like the $20,000 mark of last year. It was an extremely short lived peak, but we have to sit through this nonsense for probably a year or so. People's stupidity is reaching low after low.

And yes, currently transaction fees are peanuts and stimulate a stable currency experience. Most transactions will be confirmed by the first next or second block. Block times have also come down. It's under 10 minutes now. Smiley

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June 19, 2018, 06:17:27 AM
 #9

Bitcoin is a vote of "no confidence" in the current financial/banking system.

It will continue to devour bad money, and as it accelerates, will be the catalyst for changing finance as it exists today -- and entire nations, too.
I'd like to see this happen sooner than later but some major issues with Bitcoin need to be resolved before mass adoption by countries is considered. One of them is the amount of transactions it can process per second as compared to other existing financial payment system. Bitcoin performs really bad in this aspect.

The number of transactions which can be handled per second used to be a problem, but that is no longer the case with blocks not being full. Scalability solutions will get developed. We have seen Segwit, Lightning Network,....


Indeed. I don't see scaling being the problem in the future. A lot of ICO projects out there are making a lot of tests to make millions of transactions per second that I know that can also be applied to bitcoin after.
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