41–50 of 148 posts
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…
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…
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…
More than that, bitcoin has intrinsic value in that it solves a very hard problem in computer science, to trust a network of perhaps untrusted peers (up to 49% of them). The protocol itself I would say is of same value as the idea to use paper for value instead of carrying around heavy metals. How come some paper has more value than other paper. Intrinstically they are the same.
"However, Bitcoin transaction as a commodity trading behavior on the Internet, ordinary people have the freedom to participate in the premise own risk."
The new bitcoin policy here isn't that much more conservative than the USA's bitcoin policy, and Beijing just legalized bitcoin for ordinary citizen gamblers, speculators, savers, and options traders! This is a good sign for bitcoin, and the market is reacting negatively anyways, probably encouraged by whales selling off trying to hit stop loss orders.
As the Chinese social-mediasphere dissects this announcement over the next day, the price should recover. Great buying opportunity right now for the short term, even if you're not long on bitcoin.
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…
There is a great post on r/bitcoin on this topic by Erik Voorhees. He talks about the value of network which gives bitcoin its value. A great read: http://www.reddit.com/r/Bitcoin/comments/1rxmk3/my_open_lett...
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.
I think Greenspan's point was that just like with stocks you have to be careful investing in things that have low intrinsic values, ie a company that is valued very high but doesn't make much money. This is why people view gold as a safer investment then dollars, it has a higher intrinsic value.
Earlier quoted context omitted.
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…
Who would want to use a fiat currency that's printed with wild abandon, if they had the option of completely disregarding it and using say, a gold-backed currency instead? >> 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 qui…
There's a lot of money sitting on the sidelines waiting for an entry point. The question is how low will the price go before it all starts piling in.
Earlier quoted context omitted.
More than that, bitcoin has intrinsic value in that it solves a very hard problem in computer science, to trust a network of perhaps untrusted peers (up to 49% of them). The protocol itself I would say is of same value as the idea to use paper for value instead of carrying around heavy metals. How come some paper has more value than other paper. Intrinstically they are the same.
The bitcoin protocol may have intrinsic value, but that does not transfer to individual bitcoins.
There's a lot of money sitting on the sidelines waiting for an entry point. The question is how low will the price go before it all starts piling in.
Also a lot of people who think its too high and were waiting for a sign it was time to take their profits and get out.