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Yeah this confused me for a long time as well. I then realized that there is tremendous value in something that acts as a reliable store of value. For example
by mattm 6y ago
Yeah this confused me for a long time as well. I then realized that there is tremendous value in something that acts as a reliable store of value.
For example, rich people are known to buy expensive art and then lock it away in a warehouse. Why do this? You're not getting any value out of the piece. The reason is that the sole purpose of the art piece is to be a reliable store of value. You're paying a lot for something that you know will hold its value.
This is what Bitcoin has become. It's valuable because it's valuable. And the fact that it has become more valuable over time (despite volatility) makes it even more valuable.
- me551ah 6y agoSorry but I disagree about your analogy with an art piece. An art piece is unique, especially the antique ones made by an artist who is no longer alive. And that artpiece will always be the only one to ever exist. There are many other cryptocurrencies which can do what bitcoin can, dogecoin was made just to illustrate that point.
- flush 6y agoThere are many other artists who can paint. Does not make their art equally valuable.
- jwblackwell 6y agoBitcoin is essentially unique in that you cannot double spend it.
- dr-detroit 6y agoIt seems really volatile based on your analogy and you're underselling the untraceable untaxable aspect that lets down on their luck financial industry boys who unironicly say fugazi to deal directly with human traffickers and other higher tier criminals.