The Fair Price of a Bitcoin is Zero
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The Fair Price of a Bitcoin is Zero
1–10 of 65 posts
Re: The Fair Price of a Bitcoin is Zero
#2I'm so tired of every Tom, Dick, and Harry throwing his hat in the ring to declare Bitcoin worthless. Can't we just agree that this is a new thing nobody quite understands and stop making prognostications about it's value or lack thereof?
Let those of us who are interested in furthering the Bitcoin economy do so unencumbered by pundits.
Re: The Fair Price of a Bitcoin is Zero
#3The Fair Price of an Ounce of Gold is Zero! Since there's no issuer of an ounce of gold it can't be worth anything. Q.E.D.
EDIT: Some context: "First, all financial instruments are accounting creatures. They are the asset of the bearer and the liability of the issuer. Gold coins were the liability of, e.g., the King, Federal Reserve notes are liability of the Federal Reserve, and coins are the liability of the Treasury."
An ounce of gold is worth a lot even prior to being minted into a coin. As such you could melt it, cut it in half, etc and it would retain it's value. That means it might technically be the liability of the government or the king, but practically speaking they're not. I could buy krugerrands, francs, golden eagles or whatever, melt them down and make jewelry out of them and it doesn't screw up the books of any of their issuers.
Re: The Fair Price of a Bitcoin is Zero
#4So you have people exclaiming that bitcoins are worthless.
Well... there are plenty of people right now spending bitcoins and receiving goods and services in exchange for those bitcoins.
Plenty of things in the world can be considered worthless if you aren't interested in them.
I'm quite happy for people to continue living in a world where sending money goes through several 3rd parties, all taking a cut and adding delays, but I don't want to be one of those people any more.
Re: The Fair Price of a Bitcoin is Zero
#5also, the internet is worthless. just photos of cats, you know.
Re: The Fair Price of a Bitcoin is Zero
#6I'm so tired of every Tom, Dick, and Harry throwing his hat in the ring to declare Bitcoin worthless. Can't we just agree that this is a new thing nobody quite understands and stop making prognostications about it's value or lack thereof? Let those of us who are interested in furthering the Bitcoin economy do so unencumbered by pundits.
Things are worth what people are willing to pay (or trade) for them. What's a dollar worth? How about a Linden dollar, or WoW gold? What about rare stamps, or collectible coins, or baseball cards? All of those things are objectively worthless, yet they have value because humans imbue them with value.
Economics is like quantum physics: if you claim to understand it, you don't understand it. Let the experiment play out, and caveat emptor.
Re: The Fair Price of a Bitcoin is Zero
#7The Fair Price of an Ounce of Gold is Zero! Since there's no issuer of an ounce of gold it can't be worth anything. Q.E.D. EDIT: Some context: "First, all financial instruments are accounting creatures. They are the asset of the bearer and the liability of the issuer. Gold coins were the liability of, e.g., the King, Federal Reserve notes are liability of the Federal Reserve, and coins are the liability of the Treasu…
The fair price of an ounce of gold is one Bitcoin. More or less. Currently.
Re: The Fair Price of a Bitcoin is Zero
#8So you have people exclaiming that bitcoins are worthless. Well... there are plenty of people right now spending bitcoins and receiving goods and services in exchange for those bitcoins. Plenty of things in the world can be considered worthless if you aren't interested in them. I'm quite happy for people to continue living in a world where sending money goes through several 3rd parties, all taking a cut and adding de…
Your third sentence could just as easily apply to the Bitcoin network. Miners ( third parties ) take their cut ( transaction fees ) and the processing time is dependent upon the generosity of the fee-payer ( low-fee transactions are left out of blocks until finally swept after hours or days ).
You don't have a way to pay someone else BTC without participating in the system at least once.
I'm excited by Bitcoin but it isn't financial liberation.
Re: The Fair Price of a Bitcoin is Zero
#9I'm so tired of every Tom, Dick, and Harry throwing his hat in the ring to declare Bitcoin worthless. Can't we just agree that this is a new thing nobody quite understands and stop making prognostications about it's value or lack thereof? Let those of us who are interested in furthering the Bitcoin economy do so unencumbered by pundits.
> Let those of us who are interested in furthering the Bitcoin economy do so unencumbered by pundits.
Bitcoin would be much more encumbered if it wasn't relevant enough for the pundits to pontificate on it.
Re: The Fair Price of a Bitcoin is Zero
#10The price of a Bitcoin is the amount of other resource (possibly a more traditional currency, like electrum or cocoa beans ;) ) that two parties can agree to trade at.
What's fairness?