31–40 of 148 posts
So, in short, they are still allowed to trade with it and use it, as long as they are 'okay' with the 'risk'. It's only financial institutions that can't work with Bitcoin anymore? Is this right?
Yes. I read the full text and it said that websites are people can have and trade bitoins at their own risk. Financial institutions cannot join this market due to the non-currency property.
Pretty disappointed in this statement from Greenspan: “It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.” All money has no intrinsic value, including gold. Things have value because other people want them. That's it. People want bitcoin, then it has value. Pretty much the only thing with i…
Dollars have intrinsic value in that you can burn them to keep warm, gold you can make things out of, Bitcoins have no possible use outside of being a currency, thus no intrinsic value.
"Bitcoin prices plunged after the PBOC announcement." Where? It's still trading over $1000 on every exchange I follow. This announcement seems to have almost no perceptible effect on the price of Bitcoin. This is an interestingly biased article, actually. It quotes Alan Greenspan, whose history as a stubborn gold bug (in his Ayn Rand worshiping days) and whose pretty awful performance at the Federal Reserve make his…
> Where? It's still trading over $1000 on every exchange I follow. This announcement seems to have almost no perceptible effect on the price of Bitcoin. Well, the prices did drop about $200 on MtGox after the news. It's debatable whether this qualifies as 'plunged'.
Pretty disappointed in this statement from Greenspan: “It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.” All money has no intrinsic value, including gold. Things have value because other people want them. That's it. People want bitcoin, then it has value. Pretty much the only thing with i…
How come some paper has more value than other paper. Intrinstically they are the same.
Earlier quoted context omitted.
Dollars have intrinsic value in that you can burn them to keep warm, gold you can make things out of, Bitcoins have no possible use outside of being a currency, thus no intrinsic value.
The heating value of dollars is a lot lower than the economic value. Same for gold.
Pretty disappointed in this statement from Greenspan: “It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.” All money has no intrinsic value, including gold. Things have value because other people want them. That's it. People want bitcoin, then it has value. Pretty much the only thing with i…
Intrinsic value (in the context of finance) usually refers to the value of something when not used as investment or money. Gold has intrinsic value because you can use it for jewellery and electronics. A bitcoin has no intrinsic value because you only have it to get something else in return later. Physical money has intrinsic value equal to the metal or paper it's made of. Of course that is not what makes physical mo…
USD/EUR/JPY currency (either physical as bank notes and coins, or electronic) has intrinsic value because it is almost universally accepted, taxable, and backed by debt that (at least in theory) will have to be repaid at some point in time. Bitcoin proponents like to point out that bitcoins are decentralized as if that's only an advantage of the currency, but it's the fact that commonly accepted currencies are centralized, controlled and regulated that makes them trustworthy enough that people keep accepting them in exchange for goods or labor. It's called 'fiat money' for a reason. Bitcoin has none of this, and the 'value' it derives from the 'trust' people buying them is based on nothing but speculation and hype. Anyone who thinks otherwise is fooling themselves.
Disclaimer: I'm not 'anti-bitcoin', 'anti-cryptocurrency', 'pro-government' or a big fan of fiat money and how central banks are handling it. I'm just stating my observation how the bitcoin hype and echo-chamber has made people almost blind to see the risk it will some day go to zero (maybe soon)
"Bitcoin prices plunged after the PBOC announcement." Where? It's still trading over $1000 on every exchange I follow. This announcement seems to have almost no perceptible effect on the price of Bitcoin. This is an interestingly biased article, actually. It quotes Alan Greenspan, whose history as a stubborn gold bug (in his Ayn Rand worshiping days) and whose pretty awful performance at the Federal Reserve make his…
Pretty disappointed in this statement from Greenspan: “It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.” All money has no intrinsic value, including gold. Things have value because other people want them. That's it. People want bitcoin, then it has value. Pretty much the only thing with i…
Intrinsic value (in the context of finance) usually refers to the value of something when not used as investment or money. Gold has intrinsic value because you can use it for jewellery and electronics. A bitcoin has no intrinsic value because you only have it to get something else in return later. Physical money has intrinsic value equal to the metal or paper it's made of. Of course that is not what makes physical mo…
>> Of course that is not what makes physical money valuable and I am equally confused by that quote.
Not going to jail is pretty valuable, and that's what governments "give us" in exchange for paying taxes in their fiat currency of choice. It's quite simple.