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This is beating a dead horse and the typical argument, but the same can be said for gold. Its "intrinsic value" in terms of practical application is far lower t

This is beating a dead horse and the typical argument, but the same can be said for gold. Its "intrinsic value" in terms of practical application is far lower than the market cost given the plentiful substitutes for high current / low heat transmission applications. I really do wonder why Bloomberg hates Bitcoing. If you read through a history of their articles, they REALLY hate it.

Nursie 7y ago
I haven't mentioned intrinsic value once in my post, I agree it's not especially useful to talk about. I'm asking why BTC value should keep going up without some sort of demand beyond people buying because they expect it to go up? Or do you think that's enough?
- ohaideredevs 7y ago
  If you can answer that for gold & silver, then there is a point in talking about this. If not, the answer is "It's a secure, easily transferable, deflationary store of value. Examples of it being used - Venezuela. Gold is not an option due to crime. The local currency is not an option due to massive inflation.
  - paulgb 7y ago
    I see Venezuela cited a lot as an example of Bitcoin adoption, but all I can find about its use is people mining as a way to arbitrage the subsidized electricity prices they get. Is there any evidence of widespread use of Bitcoin there as opposed to, say, USD?
    - vkou 7y ago
      There's also no shortage of people claiming to be from Venezuela, asking for BTC donations.
  - Nursie 7y ago
    > If you can answer that for gold & silver, then there is a point in talking about this. You've had an answer for gold and silver and you've just said it's a store of value because it's a store of value. That's circular logic.
    - ohaideredevs 7y ago
      Obviously "people keep buying it" is enough for the price to go up. People keep buying for the reasons already mentioned. I don't have much else to add to the conversation.
village-idiot 7y ago
Gold’s special place in the western canon is really just a cultural artifact. Not only are there a variety of metals that could take its place as an investment vehicle (silver, platinum, and rhodium among others), but historically a variety of metals were used for currencies and transactions. Bronze, brass, lead, and salt were all once used as currency, but have long since just become “base” metals. On the opposite end of the spectrum you’ve got South American cultures that loved Gold for purely decorative purposes, but basically never considered it money. These cultures largely traded using barter or using a specific agricultural product as the unit of account, such as cacao beans.
- Theodores 7y ago
  The Chinese were first to print money and the first to get into difficulties by printing too much. After this silver became the store of value and the currency. Hence the Opium Wars, the only way for UK/USA to get silver out of the Chinese economy. China had no interest in sub-standard Western goods and only wanted silver in exchange for their fine porcelain, silk and other goodies. Getting the whole nation on drugs and defending that trade with gunboats was a way of getting silver, silver being needed in the West for paying soldiers/mercenaries. Such proud history we have, enslaving India to get the opium, selling it in China and getting silver back to buy legit goods from China.
koonsolo 7y ago
This reminds me of this funny video about "gold": https://www.youtube.com/watch?v=YHjYt6Jm5j8 https://www.youtube.com/watch?v=YHjYt6Jm5j8

Nursie 7y ago

I haven't mentioned intrinsic value once in my post, I agree it's not especially useful to talk about. I'm asking why BTC value should keep going up without some sort of demand beyond people buying because they expect it to go up? Or do you think that's enough?

ohaideredevs 7y ago
If you can answer that for gold & silver, then there is a point in talking about this. If not, the answer is "It's a secure, easily transferable, deflationary store of value. Examples of it being used - Venezuela. Gold is not an option due to crime. The local currency is not an option due to massive inflation.
- paulgb 7y ago
  I see Venezuela cited a lot as an example of Bitcoin adoption, but all I can find about its use is people mining as a way to arbitrage the subsidized electricity prices they get. Is there any evidence of widespread use of Bitcoin there as opposed to, say, USD?
  - vkou 7y ago
    There's also no shortage of people claiming to be from Venezuela, asking for BTC donations.
- Nursie 7y ago
  > If you can answer that for gold & silver, then there is a point in talking about this. You've had an answer for gold and silver and you've just said it's a store of value because it's a store of value. That's circular logic.
  - ohaideredevs 7y ago
    Obviously "people keep buying it" is enough for the price to go up. People keep buying for the reasons already mentioned. I don't have much else to add to the conversation.

village-idiot 7y ago

Gold’s special place in the western canon is really just a cultural artifact. Not only are there a variety of metals that could take its place as an investment vehicle (silver, platinum, and rhodium among others), but historically a variety of metals were used for currencies and transactions. Bronze, brass, lead, and salt were all once used as currency, but have long since just become “base” metals. On the opposite end of the spectrum you’ve got South American cultures that loved Gold for purely decorative purposes, but basically never considered it money. These cultures largely traded using barter or using a specific agricultural product as the unit of account, such as cacao beans.

Theodores 7y ago
The Chinese were first to print money and the first to get into difficulties by printing too much. After this silver became the store of value and the currency. Hence the Opium Wars, the only way for UK/USA to get silver out of the Chinese economy. China had no interest in sub-standard Western goods and only wanted silver in exchange for their fine porcelain, silk and other goodies. Getting the whole nation on drugs and defending that trade with gunboats was a way of getting silver, silver being needed in the West for paying soldiers/mercenaries. Such proud history we have, enslaving India to get the opium, selling it in China and getting silver back to buy legit goods from China.

koonsolo 7y ago

This reminds me of this funny video about "gold": https://www.youtube.com/watch?v=YHjYt6Jm5j8 https://www.youtube.com/watch?v=YHjYt6Jm5j8