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I feel obligated to post this comment: Bitcoin is stupid. It’s a bubble. If you make money it will only be on the backs of massive losses on the other side, a

by Top19 9y ago

I feel obligated to post this comment: Bitcoin is stupid. It’s a bubble. If you make money it will only be on the backs of massive losses on the other side, and potentially globally destabilizing / destructive effects.

scotty79 9y ago
You can say the same about art and gold.
- kamaal 9y ago
  Gold has obvious ornamental and industrial uses. And art is a totally different market. Largely the players are the richest of the rich, who invest in below 1% of their net worths largely for decorating their castles. Other forms of art have recreational and entertainment and genuine uses. Even tulips have their utility, Bitcoin too. The question here really is at what price?
  - scotty79 9y ago
    > Gold has obvious ornamental and industrial uses. Which contributes almost nothing to its price. > And art is a totally different market. Largely the players are the richest of the rich, who invest in below 1% of their net worths largely for decorating their castles. Other forms of art have recreational and entertainment and genuine uses. There is medium priced art too and some people buy it as investment. You can also think about people buying collectibles if buying art is something you associate with decorating castles. What entertainment value has unopened box with plastic spiderman figurine that would justify price of few hundred bucks? It has enteraiment value of me showing you I own it. Bitcoin has the same utility and it also doesn't justify its price. Value comes from scarcity, durability and transferability.
    - kamaal 9y ago
      Ornamental use of Gold is the primary diver for its prices. Ask women. Art has its uses. Because we haven't yet automated creativity.
      - scotty79 9y ago
        I guess that most gold in the world in the world must be in women's hands since their appreciation of ornamental purpose is the primary driver of price. Do you think guys wear golden bracelets and chains because they look pretty? Art has its uses, gold has its uses, collectibles have their uses and bitcoin has its uses but most of their price comes from scarcity, durability and transferability.

by Top19 9y ago

scotty79 9y ago

You can say the same about art and gold.

kamaal 9y ago
Gold has obvious ornamental and industrial uses. And art is a totally different market. Largely the players are the richest of the rich, who invest in below 1% of their net worths largely for decorating their castles. Other forms of art have recreational and entertainment and genuine uses. Even tulips have their utility, Bitcoin too. The question here really is at what price?
- scotty79 9y ago
  > Gold has obvious ornamental and industrial uses. Which contributes almost nothing to its price. > And art is a totally different market. Largely the players are the richest of the rich, who invest in below 1% of their net worths largely for decorating their castles. Other forms of art have recreational and entertainment and genuine uses. There is medium priced art too and some people buy it as investment. You can also think about people buying collectibles if buying art is something you associate with decorating castles. What entertainment value has unopened box with plastic spiderman figurine that would justify price of few hundred bucks? It has enteraiment value of me showing you I own it. Bitcoin has the same utility and it also doesn't justify its price. Value comes from scarcity, durability and transferability.
  - kamaal 9y ago
    Ornamental use of Gold is the primary diver for its prices. Ask women. Art has its uses. Because we haven't yet automated creativity.
    - scotty79 9y ago
      I guess that most gold in the world in the world must be in women's hands since their appreciation of ornamental purpose is the primary driver of price. Do you think guys wear golden bracelets and chains because they look pretty? Art has its uses, gold has its uses, collectibles have their uses and bitcoin has its uses but most of their price comes from scarcity, durability and transferability.