Bubble, Bubble, Fraud and Trouble

Post by sudouser » Wed, Jan 31, 2018, 2:50 PM UTC

cableshaft wrote: post #23

ThomPete wrote: post #16

> Bitcoin, by contrast, has no intrinsic value at all. The idea of intrinsic value should die. It's fundamentally a complete misunderstanding of what value is based on. FIAT currency and Bitcoin have value as long as people believe it has value. Value isn't some objective criteria it's a highly subjective one, what one considers valuable another might not. depending on what we are talking about, you can then add some…

I think the world should just start using board games as a currency. They have a lot of value to me, and I'd be rich under this new paradigm. Also, some of those board games are really hard to get ahold of, and they last a really long time (I own games that are 60+ years old, much older than most dollars in circulation last). BTW, I agree with you. I'm just trying to convince the masses that this is a good idea.

when people ask what is bitcoin I tell them they are .txt files and that some people want to pay a lot for them

Post by prostoalex » Fri, Feb 02, 2018, 7:18 AM UTC

ThomPete wrote: post #57

prostoalex wrote: post #34

Earlier quoted context omitted.

This argument did not exist with BTC at two- and three-digit price levels. Instead BTC was advertised as useful for (a) microtransactions on the Web, such as paying Web publishers or e-mail recipients (21.co second business model), (b) buying a drink at the trendy neighborhood coffee shop that accepted BTC, (c) transacting with strangers on sites like Silk Road, (d) buying stuff from Newegg, Overstock and ever-expand…

Gold wasn't originally a store of value nor used in technology. The world is filled with companies that started as one thing and ended up completely different. In reality, it's not an argument, there isn't some supreme court of judges sitting there valuing the intent vs. the outcome. You are creating your own arbitrary rules for judging BTC. That's fine but it's not an argument.

Let’s say the BTC network moves towards store of value instead of “Peer-to-Peer Electronic Cash System“.

Fewer transactions result in fewer blocks. Fewer blocks result in fewer miner rewards. Decreased profitability of block creation will have to be compensated by increased transaction fees. Increased transaction fees will lead to fewer transactions. What’s the incentive for miners to stick around in a store of value environment?

Re: Bubble, Bubble, Fraud and Trouble

Re: Bubble, Bubble, Fraud and Trouble