6 ms·

I'm not sure we have any definition here :-) But claim that anything is economically wothless unless there are people willing to participate in exchanging it is

I'm not sure we have any definition here :-) But claim that anything is economically wothless unless there are people willing to participate in exchanging it is in fact supported (not denied as you seem to imply) by any example of speculative bubble, including of course Tulipmania.

arcticbull 6y ago
People are using bitcoins price to justify its value. Price is not value, certainly not on a short timescale. Consider that in the short term a market is a popularity content but in the long term, it weighs actual value. This is another way of saying that the market can remain irrational longer than you can remain solvent. If you actually attempt to assess fundamental value of Bitcoin based on anything comparable it’s value approaches zero. It’s pretty much worthless at anything it’s ever been positioned to achieve except crime and speculation. Frankly it’s not even good at crime.
- wolco2 6y ago
  The value of a bitcoin is the rarity of owning a coin is limited and the way it works opens up transactions globally. The price is the market demand.
  - arcticbull 6y ago
    oooh the rarity of owning a some digital magic beans, right, thanks I'll pass.
    - ric2b 6y ago
      That's alright, there is no coercion to use BTC.
      - arcticbull 6y ago
        I have no idea what that statement is supposed to mean or prove lol.
        ric2b 6y ago
        Nothing, just a polite way of responding "nobody cares" to "thanks I'll pass."
    - wolco2 6y ago
      Are they magic beans or just beans? A bitcoin address gives you a unique global address decentralizated that funds can be sent to. There is utility to that function. Using your description the internet is a magic place faeries built that provides no usefulness because it's virtual.
      - arcticbull 6y ago
        No, Bitcoin provides no value because it's bad at everything it tries to be. It's a bad store of value (-86% swings 3x in the last few years), it's a bad currency (7tx/sec) and it's bad for the environment (as much power consumption as Chile). The internet provides utility. Bitcoin provides speculation and crime.
        brokenkebab 6y ago
        He maybe bad at what you believe it tries to be, and still be useful. And hence its price. >Bitcoin provides speculation and crime. Everything valuable can become a tool, or a reason for criminal activity.
        alwillis 6y ago
        It's a bad store of value (-86% swings 3x in the last few years), it's a bad currency (7tx/sec) Bitcoin is the best performing asset of the past years compared to stocks, gold, commodities, etc.
    - brokenkebab 6y ago
      "Magic beans" is something you can say about majority of payment tokens humanity has been using. However, once enough people agree they are good for exchange they become good for exchange.
    - cbozeman 6y ago
      Then you can say the exact same shit about American dollars. The rarity of owning some paper with ink on it!

arcticbull 6y ago

People are using bitcoins price to justify its value. Price is not value, certainly not on a short timescale. Consider that in the short term a market is a popularity content but in the long term, it weighs actual value. This is another way of saying that the market can remain irrational longer than you can remain solvent. If you actually attempt to assess fundamental value of Bitcoin based on anything comparable it’s value approaches zero. It’s pretty much worthless at anything it’s ever been positioned to achieve except crime and speculation. Frankly it’s not even good at crime.

wolco2 6y ago
The value of a bitcoin is the rarity of owning a coin is limited and the way it works opens up transactions globally. The price is the market demand.
- arcticbull 6y ago
  oooh the rarity of owning a some digital magic beans, right, thanks I'll pass.
  - ric2b 6y ago
    That's alright, there is no coercion to use BTC.
    - arcticbull 6y ago
      I have no idea what that statement is supposed to mean or prove lol.
      - ric2b 6y ago
        Nothing, just a polite way of responding "nobody cares" to "thanks I'll pass."
  - wolco2 6y ago
    Are they magic beans or just beans? A bitcoin address gives you a unique global address decentralizated that funds can be sent to. There is utility to that function. Using your description the internet is a magic place faeries built that provides no usefulness because it's virtual.
    - arcticbull 6y ago
      No, Bitcoin provides no value because it's bad at everything it tries to be. It's a bad store of value (-86% swings 3x in the last few years), it's a bad currency (7tx/sec) and it's bad for the environment (as much power consumption as Chile). The internet provides utility. Bitcoin provides speculation and crime.
      - brokenkebab 6y ago
        He maybe bad at what you believe it tries to be, and still be useful. And hence its price. >Bitcoin provides speculation and crime. Everything valuable can become a tool, or a reason for criminal activity.
      - alwillis 6y ago
        It's a bad store of value (-86% swings 3x in the last few years), it's a bad currency (7tx/sec) Bitcoin is the best performing asset of the past years compared to stocks, gold, commodities, etc.
  - brokenkebab 6y ago
    "Magic beans" is something you can say about majority of payment tokens humanity has been using. However, once enough people agree they are good for exchange they become good for exchange.
  - cbozeman 6y ago
    Then you can say the exact same shit about American dollars. The rarity of owning some paper with ink on it!