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> One value of Bitcoin is in its decentralization Gold, bread etc. have value because they can be consumed as commodities. A bitcoin can not be consumed, thus
by Ologn 8y ago
> One value of Bitcoin is in its decentralization
Gold, bread etc. have value because they can be consumed as commodities. A bitcoin can not be consumed, thus it has no utility, no use value.
Currencies (like gold) are commodities with extraordinary properties which make them good currencies. Properties on top of their base utility. Those properties are portablility, divisibility, durability and uniformity. You are saying Bitcoin has a good currency property. But it is a property of an object (a non-object actually) which has no utility.
As I said before, then people bring up the last 47 years of the dollar, but that is a whole other discussion.
- Jommi 8y agoIt can be argued that over 50% of the value of gold is not at all related to it being able to be consumed. Dollars cannot be consumed, or more broadly a network cannot be consumed. Yet one can enjoy the benefits of this network and this can be seen as generating value. Being able to do global transactions without trusting a single authority has value. How is this so hard to see?