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> To be clear, Bitcoin is absolutely worthless by any real measure. It’s fake money that’s about as practical to use in the real world as Monopoly bills. The w
by CapmCrackaWaka 6y ago
> To be clear, Bitcoin is absolutely worthless by any real measure. It’s fake money that’s about as practical to use in the real world as Monopoly bills.
The whole ‘intrinsic value’ argument doesn’t sway me anymore. USD has no intrinsic value, neither does holding any shares of the GLD ETF for all intents and purposes. Let’s just call bitcoin what it is - a fiat currency that cannot be printed by governments. It has no intrinsic value, but that makes it a unique financial instrument in my opinion. What is 1 BTC actually worth? There is no cap at the top or bottom. It is definitely unique, I don’t understand the seething hate some people have for it.
- nabaraz 6y agoIsn't the argument USD is backed by the country's GDP?
- CapmCrackaWaka 6y agoYou could make a number of abstract arguments that the USD is backed by any number of things - its reserve status, the US military, the GDP, whatever you want really. But I could also say that Bitcoin is backed by the fact that people simply want it and that is a unique financial instrument. What does 'backed by' really mean?
- trixie_ 6y agoThe intrinsic value of Bitcoin is that it works really well as a means of exchange. It’s not easy to find a good medium - gold is heavy/physical, dollars can be minted, etc.. If there is something that works well as money then that’s in it or itself reason for it to be valuable.
- Scamception 6y agoLmaoo
- deleted 6y ago[deleted]