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Nothing like healthy scepticism and hard evidence
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May 31, 2014, 07:11:38 PM |
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Let me reformulate: value can be subjective; some people collect used stamps, for others, they are worthless.
If many people want a rare object, it will increase in price, even if it can be of no practical use.
Bitcoin can be very helpful, but it's use only has indirect importance on the price, because it will be the old law of supply and demand that will decide it.
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The network tries to produce one block per 10 minutes. It does this by automatically adjusting how difficult it is to produce blocks.
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crunck
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crunck
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May 31, 2014, 09:49:16 PM |
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I think it's value comes from demand and not something established and the proof is the fact it can increase or decrease a large % of it's price.
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wasserman99
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May 31, 2014, 11:57:04 PM |
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There are some hypothetical situations that could arise where you'd know the value is not intrinsic. What if, for instance, we see a hard fork gone wrong, loss of confidence in the protocol, and miners leave bitcoin for other blockchains. In that case, we see the value was in the miners and the network, and not intrinsic.
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Trading
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May 31, 2014, 11:59:42 PM |
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Important or not, the intrinsic value of bitcoin can not be disconnected from the value of its network. They are both part of what makes bitcoin.
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Swordsoffreedom
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Leading Crypto Sports Betting & Casino Platform
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May 31, 2014, 11:59:59 PM |
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Its intrinsic value is from users the greater the user base the stronger the fundamentals of the system That said their is a good article on the Bitcoin wiki about this https://en.bitcoin.it/wiki/Myths#Bitcoins_have_no_intrinsic_value_.28unlike_some_other_things.29He-he now to go watch the video  |
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wasserman99
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June 01, 2014, 12:01:54 AM
Last edit: June 01, 2014, 02:37:46 AM by wasserman99 |
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Important or not, the intrinsic value of bitcoin can not be disconnected from the value of its network. They are both part of what makes bitcoin.
Someone upthread mentioned playing with semantics. That's exactly what this is. What "makes bitcoin" is the protocol. Yes, you can separate that from the value of its network, because in the end, it *could* become dead and unused (like so many altcoins). If there are no nodes, there is no value. In that case, bitcoin still exists as a protocol, but has no value (that anyone will pay for, anyway). |
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harlenadler
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June 01, 2014, 01:07:34 AM |
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I don't see the hang up on intrinsic value. Okay, so what if bitcoin doesn't have it. So what? It's got the most concentrated network of computing power in the world and its user base is constantly growing. That's value right there!
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Trading
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Nothing like healthy scepticism and hard evidence
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June 01, 2014, 01:57:18 AM |
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If think you meant "you can't separate that from the value" or your sentence won't have much meaning.
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wasserman99
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June 01, 2014, 02:39:39 AM |
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If think you meant "you can't separate that from the value" or your sentence won't have much meaning.
Read it again, because I think you misinterpreted. If bitcoin is a protocol, then surely it can be analyzed apart from its network. If it is a protocol that no one uses, then it has no network. So yes, they can be separated. |
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Trading
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June 01, 2014, 03:12:28 AM |
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Bitcoin as an idea, something that can be implemented, could have a value, but since it's open source, it's in the public domain, so has no economic value of it own.
Bitcoin as a currency can't be valued without a supporting network, because without it it's value is 0. Therefore, doesn't make sense to separate it from the network. The network, might have some value without bitcoin, in order to support other services, but right now it's value is very low. There are only a few offering registration services on the network.
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Marbit
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June 01, 2014, 04:35:47 AM |
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Bitcoin as a currency can't be valued without a supporting network, because without it it's value is 0. Therefore, doesn't make sense to separate it from the network.
Actually, it makes perfect sense, and you just stated the reason why in the first part here. Without the network, it has no value. That's the entire point of this thread. |
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CEG5952
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June 01, 2014, 04:52:08 AM |
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I don't see the hang up on intrinsic value. Okay, so what if bitcoin doesn't have it. So what? It's got the most concentrated network of computing power in the world and its user base is constantly growing. That's value right there!
I'm in this camp. I'm not totally sure I understand exactly how intrinsic value is defined, but let's be real here. Bitcoin has real value, and I don't think that's going away any time soon. The rest is just sophistry, as far as I'm concerned. |
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Trading
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June 01, 2014, 04:10:41 PM |
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Yes, a thing, separated from the other, has no value or utility whatsoever, but, of course, it makes perfect sense to separate them and evaluate bitcoin without the network.
It's like evaluating the value of bitcoins in a wallet when its owner lost the password and private key.
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Bitcoin For Dummies (OP)
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June 02, 2014, 08:42:26 AM |
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And who agrees with the point of view about this presented in the video?
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Dxuz
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June 02, 2014, 02:26:29 PM |
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Who cares for "intrinsic value"? It's all about supply and demand.
Do you know something with more intrinsic value than air? You die in a few minutes without it. But it's worthless, because supply is overwhelming.
haha, it's a good statement!. even money doesn't have it's intrinsic value and Who care for "intrinsic value"? |
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Dxuz
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June 03, 2014, 09:44:06 AM |
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i'd really like all of your videos, it's adding more knowledge for me . Keep it up!  |
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blumangroup
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'Slow and steady wins the race'
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June 08, 2014, 10:47:36 PM |
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Bitcoin's value comes from the faith in the network.
This is similar to how the Euro's value comes from the faith in the European Union various governments and how the faith in the US Dollar comes from the faith of the US economy.
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CEG5952
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June 08, 2014, 10:53:49 PM |
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Bitcoin's value comes from the faith in the network.
This is similar to how the Euro's value comes from the faith in the European Union various governments and how the faith in the US Dollar comes from the faith of the US economy.
Not just faith in the network, but the actual interconnectivity that the network provides. The more nodes that are added to the network, the more useful it becomes. |
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