So I suppose people must use it all the time to buy goods and services. Right?
Never.
Yet, btc price keeps rising.
Ergo, your model for understanding economics is worthless.
Bitcoin has made a new all-time high price
71–80 of 343 posts
Re: Bitcoin has made a new all-time high price
#72Re: Bitcoin has made a new all-time high price
#73Re: Bitcoin has made a new all-time high price
#74Earlier quoted context omitted.
How long has this been the case for gold roughly? Since the 1970s?
Gold is used to make things. You can argue what its value should be as a material alone, but it’s not entirely speculation.
can you make useful things with abstract art? They're not even good as toilet paper and yet people still buy and trade them.
Re: Bitcoin has made a new all-time high price
#75how you guys interpretate all this price swings with barely no trade volumen increase? i think the whole crypto narrative it's slowly dying, okay its ATH now, but yeah, we still got this huge elephant in the room called tether and well u know
"Crypto is dead, that's why it's more valuable than ever"
Re: Bitcoin has made a new all-time high price
#76Earlier quoted context omitted.
How long has this been the case for gold roughly? Since the 1970s?
Gold is used to make things. You can argue what its value should be as a material alone, but it’s not entirely speculation.
Crypto can be used as a store of wealth when crossing borders preventing search and seizure of your wealth against overzealous governments. See Russia in the early 90s which would regularly search and confiscate cash from people leaving. That alone makes it very valuable.
Re: Bitcoin has made a new all-time high price
#77So I suppose people must use it all the time to buy goods and services. Right?
Stablecoins are much better for payments, no one would use BTC for goods and services with the transaction fee and the confirmation time being so bad. https://www.coinbase.com/institutional/research-insights/res... TL;DR from the article : Stablecoins settled $10.8T worth of transactions in 2023 of which $2.3T were related to organic activities including payments and cross-border remittances, among others Today’s pay…
To purchase goods and services with Bitcoin such as Lightning where fees are negligible. It is indeed being used worldwide. E.g., you can purchase a wide array of things with Lightning at Bitrefill.com
Re: Bitcoin has made a new all-time high price
#78Soon this will all collapse, reaching all time highs isn't a good thing. Pyramid scheme at best, ponzi scheme at worst. I still don't know any use case for this other than speculation and people aren't even using it in the real world.
It is neither pyramid nor Ponzi. Bubble or mania probably. In pyramid money comes from recruits directly under, in ponzi central party pays out from new and old investors. Bitcoin is not either anymore than say Tesla or Nvidia...
If one is to believe that there is no other usage for a Bitcoin besides having a digital ticket worth 60k+ USD, then those people selling those tickets would be organizing one of these schemes.
In order for it not to be so, you need to believe in there being some other usage to a Bitcoin (indeed, there is more to your Nvidia stock than its counter value in USD).
Re: Bitcoin has made a new all-time high price
#79So I suppose people must use it all the time to buy goods and services. Right?
hope as a service
Re: Bitcoin has made a new all-time high price
#80Earlier quoted context omitted.
No, but people are feeling sketchy about keeping their wealth in USD
> USD sketchy > BTC less sketchy I get what you are saying but it is still a wild sentence. I get monetary policy, debasement, inflation... but there is no rule/law that says "BTC MUST be a safe-haven alternative to inflation"
The relative sketchiness between those two just had a significant change.
Prices are set on the margins. Not at the absolute values.