Honey Boo Boo Asks,"WTF Is Bitcoin? Aint It Like Bacon?"

[serenitys]

And let's not forget the value of trust...

The fact that every single person who's ever heard about bitcoin - outside the ones who came up with the concept of bitcoin - immediately bristles up over the decentralization unregulated "wild west" anonymous aspect as a BAD THING shows how extraordinarily they've been raped, dicked over, and financially fucked around by their own government and financial centers throughout their entire lives that they trust NOBODY with their money - and how brainwashed we've all become to that fact. We know it when it's pointed out but it's all we know, so we're automatically distrustful of the LACK OF central authority...scared to take on real responsibility of pure freedom.

For what it's worth, people of the wild west, pre regulation and central authority, were 99.999% more trusting of their fellow man than they are now...all because of the regulation and central authority conditioning us to embrace and welcome being fucked over and bankrupted and in some countries, welcoming and actually putting up with communism and dictatorships....and kings and queens and princesses - (what, are we, 10?) and religious masters.

Pretty said, eh?

We're all such a jaded lot! 

[franky1]

The irony here is that BTC is not "real" value either.   Its a credit someone received for solving a math problem.

bitcoin has usefullness.. it fill a need some people have that banks or other things dont offer.
gold has usefullness.. it feels a need for jewellers and electronic manufacturers

as long as there is a need, there is a value

if we were to use your opinion, then gold is only a credit for the guys with excavators and sluice machines, getting the metal out of the ground..........

the irony is that your here on a website about bitcoins, but you seem to not own any.. if you do have bitcoin. then please send your valueless/useless bitcoins to 'seans outpost' donation address..

if you do have bitcoins and you dont wish to donate your coins to a good cause, then you admit that bitcoins do hold a value for you to prefer to keep them.

[twiifm]

The irony here is that BTC is not "real" value either.   Its a credit someone received for solving a math problem.

as long as there is a need, there is a value

What you are are trying to say is.   If there is demand there is a market price.

If a $10 gold coin has only $1 worth of gold then the exchange value of that coin is $10 but its intrinsic value is $1.  But that instrinsic value is based on the gold market.   Like electronics makers demanding gold to make electronics.

A better example is stamps. 

A $1 stamp issued by USPS is worth $1 as the exchange value.  But if they don't accept it anymore its worth nothing. I has no intrinsic value.

However,  some stamp collector may pay $1000 for the same stamp if its rare and collectible. Its speculative value is $1000

You're mistaken if you think bitcoin has any properties that make it a store of value.  Its $450 because someone is willing to pay that much.   It could be $10000 or zero.   Same as an ETF share.   Neither is more "real" than the other.   They are both speculative instruments

[serenitys]

So why does a newly minted coin silver dollar cost 50 of them to own? Why shouldn't we just pay a buck for it?

[twiifm]

So why does a newly minted coin silver dollar cost 50 of them to own? Why shouldn't we just pay a buck for it?

Its only worth a buck if you spend it as legal tender.   The seller can sell it at whatever price.   I wouldn't buy it but some collector might

[serenitys]

I wouldn't buy it either. If they said it was a 25 dollar round, you pay s/h and if I could spend it as 25 bucks maybe 

[Bit_Happy]

Back on topic:
Honey Boo Boo used some of her BTC to buy Mom a snack.

[franky1]

What you are are trying to say is.   If there is demand there is a market price.

If a $10 gold coin has only $1 worth of gold then the exchange value of that coin is $10 but its intrinsic value is $1.  But that instrinsic value is based on the gold market.   Like electronics makers demanding gold to make electronics.

A better example is stamps. 

A $1 stamp issued by USPS is worth $1 as the exchange value.  But if they don't accept it anymore its worth nothing. I has no intrinsic value.

However,  some stamp collector may pay $1000 for the same stamp if its rare and collectible. Its speculative value is $1000

You're mistaken if you think bitcoin has any properties that make it a store of value.  Its $450 because someone is willing to pay that much.   It could be $10000 or zero.   Same as an ETF share.   Neither is more "real" than the other.   They are both speculative instruments

im just facepalming your failures to understand bitcoin and now your misunderstandings of value..

i am not even going to try teaching you the truth.. so now please just hand over your worthless bitcoins to 'seans outpost' and get on with your life back in the FIAT world. you obviously dont want to be part of bitcoin

[serenitys]

Which is worth more?

The BTC or the paper wallet with the private key? 

[twiifm]

What you are are trying to say is.   If there is demand there is a market price.

If a $10 gold coin has only $1 worth of gold then the exchange value of that coin is $10 but its intrinsic value is $1.  But that instrinsic value is based on the gold market.   Like electronics makers demanding gold to make electronics.

A better example is stamps. 

A $1 stamp issued by USPS is worth $1 as the exchange value.  But if they don't accept it anymore its worth nothing. I has no intrinsic value.

However,  some stamp collector may pay $1000 for the same stamp if its rare and collectible. Its speculative value is $1000

You're mistaken if you think bitcoin has any properties that make it a store of value.  Its $450 because someone is willing to pay that much.   It could be $10000 or zero.   Same as an ETF share.   Neither is more "real" than the other.   They are both speculative instruments

im just facepalming your failures to understand bitcoin and now your misunderstandings of value..

i am not even going to try teaching you the truth.. so now please just hand over your worthless bitcoins to 'seans outpost' and get on with your life back in the FIAT world. you obviously dont want to be part of bitcoin

LOL.   "Fiat world". As if there is any choice.   Grow up child

[lynn_402]

LOL.   "Fiat world". As if there is any choice.   Grow up child

There's always a choice. The only thing tying us to the fiat world, is our voluntary contribution to it.
Being free is as simple as saying no to those who oppress our ideals, and having the balls to keep walking an unpaved road. Especially now, thanks to the great minds who gave us Bitcoin as a tool of resistance.

[Bit_Happy]

...
Being free is as simple as saying no to those who oppress our ideals, and having the balls to keep walking an unpaved road...

Most people are lemmings; It's hard for many to blaze a new trail, but I like it.
"An unpaved road is not as hot in the Summer sun" ~Anon

[franky1]

LOL.   "Fiat world". As if there is any choice.   Grow up child

well i get paid in bitcoin, i buy things in bitcoin.. food, car fuel, drink.. pay rent etc etc.. my world is not fiat dominant.

now have a nice day, kid

[twiifm]

LOL.   "Fiat world". As if there is any choice.   Grow up child

There's always a choice. The only thing tying us to the fiat world, is our voluntary contribution to it.
Being free is as simple as saying no to those who oppress our ideals, and having the balls to keep walking an unpaved road. Especially now, thanks to the great minds who gave us Bitcoin as an arme-de-resistance.

You realize BTC isn't legal tender?    As a debtor,  you can't force the creditor to accept BTC as debt payment.   That means IRS,  your landlord, the bank that holds your mortgage,  stores where you buy food,  clothes,  etc..

As the creditor, you have to accept legal tender (USD)  for all debts.   If my tennants pay me rent in USD,  I can't refuse and force them to pay me in BTC, bananas,  gold nuggets, blowjobs or anything not legal tender.

This is the real world.   Grow up and accept it.  It not voluntary.   Its a legal obligation.

There is no choice but to use fiat.  You can barter between private parties but thats about it

[twiifm]

LOL.   "Fiat world". As if there is any choice.   Grow up child

well i get paid in bitcoin, i buy things in bitcoin.. food, car fuel, drink.. pay rent etc etc.. my world is not fiat dominant.

now have a nice day, kid

I doubt you pay taxes in bitcoin

[jonald_fyookball]

LOL.   "Fiat world". As if there is any choice.   Grow up child

There's always a choice. The only thing tying us to the fiat world, is our voluntary contribution to it.
Being free is as simple as saying no to those who oppress our ideals, and having the balls to keep walking an unpaved road. Especially now, thanks to the great minds who gave us Bitcoin as an arme-de-resistance.

You realize BTC isn't legal tender?

So what

[lynn_402]

You realize BTC isn't legal tender?    As a debtor,  you can't force the creditor to accept BTC as debt payment.   That means IRS,  your landlord, the bank that holds your mortgage,  stores where you buy food,  clothes,  etc..

As the creditor, you have to accept legal tender (USD)  for all debts.   If my tennants pay me rent in USD,  I can't refuse and force them to pay me in BTC, bananas,  gold nuggets, blowjobs or anything not legal tender.

This is the real world.   Grow up and accept it.  It not voluntary.   Its a legal obligation.

There is no choice but to use fiat.  You can barter between private parties but thats about it

Some landlords do accept BTC as payment, as well as lawyers, stores selling food and clothes, and there's a service that allows you to pay bills in bitcoins. Keep in mind that Bitcoin is still very young and people are just beginning to see its potential and to trust it. Adoption is still growing exponentially.

And even if we can never pay taxes in BTC, it does not matter. Bitcoin IS the superior currency. As more and more people realize this, its value will grow, the US dollar will get weaker, so these few things that can't legally be paid with Bitcoins will be trivial expense for those who held the coins for long enough - and its value will continue to grow as long as fiat currencies exist.

All is always voluntary, that's the main characteristic of humanity. And trade between private parties is way more significant than trades with the government.

[franky1]

LOL.   "Fiat world". As if there is any choice.   Grow up child

There's always a choice. The only thing tying us to the fiat world, is our voluntary contribution to it.
Being free is as simple as saying no to those who oppress our ideals, and having the balls to keep walking an unpaved road. Especially now, thanks to the great minds who gave us Bitcoin as an arme-de-resistance.

You realize BTC isn't legal tender?    As a debtor,  you can't force the creditor to accept BTC as debt payment.   That means IRS,  your landlord, the bank that holds your mortgage,  stores where you buy food,  clothes,  etc..

As the creditor, you have to accept legal tender (USD)  for all debts.   If my tennants pay me rent in USD,  I can't refuse and force them to pay me in BTC, bananas,  gold nuggets, blowjobs or anything not legal tender.

This is the real world.   Grow up and accept it.  It not voluntary.   Its a legal obligation.

There is no choice but to use fiat.  You can barter between private parties but thats about it

many landlords have accepted blowjobs and other sexual favours when single women fall behind on their rent.

but due to your lack of knowledge of bartering and the real world, it is totally obvious that your stuck in your own little bubble..

i have one question, if you dont hold any value in bitcoin and you have no desire in having an alternative to FIAT.. then ... why are you even on this forum??

[twiifm]

Some landlords do accept BTC as payment, as well as lawyers, stores selling food and clothes, and there's a service that allows you to pay bills in bitcoins. Keep in mind that Bitcoin is still very young and people are just beginning to see its potential and to trust it. Adoption is still growing exponentially.

And even if we can never pay taxes in BTC, it does not matter. Bitcoin IS the superior currency. As more and more people realize this, its value will grow, the US dollar will get weaker, so these few things that can't legally be paid with Bitcoins will be trivial expense for those who held the coins for long enough - and its value will continue to grow as long as fiat currencies exist.

All is always voluntary, that's the main characteristic of humanity. And trade between private parties is way more significant than trades with the government.

I already said you can private barter.  

There is no voluntary trade w govt.   It is a legal requirement to pay taxes on income.   Failure to do so can result in fines and/or jail.

Do you guys pay taxes ?  How is it you cannot comprehend this.   Taxes create demand for USD

USD might weaken but not because of BTC.   Even if BTC become the unofficial currency of USA,  at the end of year everyone will need to buy USD to pay taxes.  Whereas nobody needs to buy BTC for anything other than speculation

[twiifm]

LOL.   "Fiat world". As if there is any choice.   Grow up child

There's always a choice. The only thing tying us to the fiat world, is our voluntary contribution to it.
Being free is as simple as saying no to those who oppress our ideals, and having the balls to keep walking an unpaved road. Especially now, thanks to the great minds who gave us Bitcoin as an arme-de-resistance.

You realize BTC isn't legal tender?    As a debtor,  you can't force the creditor to accept BTC as debt payment.   That means IRS,  your landlord, the bank that holds your mortgage,  stores where you buy food,  clothes,  etc..

As the creditor, you have to accept legal tender (USD)  for all debts.   If my tennants pay me rent in USD,  I can't refuse and force them to pay me in BTC, bananas,  gold nuggets, blowjobs or anything not legal tender.

This is the real world.   Grow up and accept it.  It not voluntary.   Its a legal obligation.

There is no choice but to use fiat.  You can barter between private parties but thats about it

i have one question, if you dont hold any value in bitcoin and you have no desire in having an alternative to FIAT.. then ... why are you even on this forum??

Im here to educate people about economics.   My very old and retired father got a tip to invest in BTC.  He was told that it was "digital gold".  "Price never can go down cause deflationary design".  "Currency of the future".   This was when BTC was like $1000.  Glad i told him to stay away.   It got me thinking that there are a lot of bitcoin pumpers out there preying on greed of uninformed investors

I don't want to people get suckered in this pump and dump and lose their money.

My stance is that cryptos have a future as a transfer mechanism but not store of value.   Im mostly  intersted in crypto for academics.   Ripple shows most promise to me

I see that banking is broken but I believe solution is more regulation not less.   Not anarchy nor lassiez faire capitalism,  not wild west currencies.  Fiat is not the problem.   BTC is a fiat by definition!   The problem is derivatives