71–80 of 505 posts
Don't worry! It won't ever fall below its intrinsic value!
Serious question: Is that really a fair criticism of BTC? Because afterall, our beloved US currency is fiat based, and often subject to whims of geopolitical games.
Earlier quoted context omitted.
No, because you can't go from Bitcoin back to electricity in the same way you could smelt a gold coin.
Maybe you could give someone a bitcoin and they'd give you x amount of compute time on their cluster equal to the time they'd need to generate a new bitcoin. ?
Can someone explain me why this could happen? Large amounts of BTCs moving at the same time? What are your theories?
To everyone claiming that bitcoin isn't a currency, no shit! Currency doesn't happen overnight, it's a process to get there. Just like anything revolutionary, it takes time before anyone knows what it will be come. By the time (with a very big IF) bitcoin becomes a viable currency, it's price won't be $200 anymore. It'll be at least a few thousand per coin and people will be transacting in micro bitcoins. What bitcoi…
It solves no problems because it carries greed with it.
Two of the largest exchanges seems to be under DDOS (mtgox and bitstamp). And it wasn't 6 hours it was more like 1 hour.
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Because the next morning everyone panics that MtGox feels they can lock you out of your money and withdraws everything?
Don't worry! It won't ever fall below its intrinsic value!
I just thought about something I'd never thought before: Could it be said that bitcoins _do_ have an intrinsic value equal to the marginal amount of electricity and equipment needed to produce one?
No, that's an intrinsic cost. It would only be an intrinsic value if that electricity and equipment could inherently be extracted back from the bitcoin. The intrinsic value of gold comes from what you can use gold for other than a medium of exchange. Bitcoin has neither the intrinsic value of commodity currencies nor the sovereign backing of fiat currencies.
Earlier quoted context omitted.
Serious question: Is that really a fair criticism of BTC? Because afterall, our beloved US currency is fiat based, and often subject to whims of geopolitical games.
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