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I don't get why bitcoin is worth so much.Bitcoin is called a store of value like gold, but gold has inherent uses. If the price of gold went to zero then you co

I don't get why bitcoin is worth so much.Bitcoin is called a store of value like gold, but gold has inherent uses. If the price of gold went to zero then you could still use it to make jewellery or use it for electrical conductivity. If the price of bitcoin goes to zero then it's worthless. It's also not environmentally friendly and bitcoin mining uses up 0.21% of the world's power supply. And all of this energy is used to calculate billions of hashes per second out of which all but one will be discarded. There is also increased regulatory focus from governments who see it as a threat , with India even going so far as to suggest they would ban it.

krsdcbl 6y ago
I'd argue that the demand for gold jewelry would drop accordingly to the gold price falling to zero. Jewelry is a secondary form of said value store, nothing inherently useful
- OOPMan 6y ago
  Well, unlike Bitcoins, I can put gold jewellery in a sack and use it as a cosh ;-)
alantrrs 6y ago
We live in the information age. Information has a lot of value, most software companies' main asset is information. Visa, Mastercard and all the banks are companies that are valued very highly because they provide the infrastructure for managing money. Bitcoin is not just the asset, it is the network and the infrastructure. It's a whole system that works semi autonomously by by aligning the incentives of all of its members. Wouldn't you say that's valuable?
BTCOG 6y ago
Do you typically just copy/paste the same comment on every Bitcoin article rather than think of nuanced commentary? Are you a part of ArcticBull's astroturfing campaign? Edit: I see that you've copy/pasted it once but some other commentary on Bitcoin seems mostly genuine.
ric2b 6y ago
> If the price of gold went to zero then you could still use it to make jewellery or use it for electrical conductivity. If the price of bitcoin goes to zero then it's worthless. Does it really matter if the bottom is 5% instead of 0%? Is that honestly something you think about when choosing an investment?

krsdcbl 6y ago

I'd argue that the demand for gold jewelry would drop accordingly to the gold price falling to zero. Jewelry is a secondary form of said value store, nothing inherently useful

OOPMan 6y ago
Well, unlike Bitcoins, I can put gold jewellery in a sack and use it as a cosh ;-)

alantrrs 6y ago

We live in the information age. Information has a lot of value, most software companies' main asset is information. Visa, Mastercard and all the banks are companies that are valued very highly because they provide the infrastructure for managing money. Bitcoin is not just the asset, it is the network and the infrastructure. It's a whole system that works semi autonomously by by aligning the incentives of all of its members. Wouldn't you say that's valuable?

BTCOG 6y ago

Do you typically just copy/paste the same comment on every Bitcoin article rather than think of nuanced commentary? Are you a part of ArcticBull's astroturfing campaign? Edit: I see that you've copy/pasted it once but some other commentary on Bitcoin seems mostly genuine.

ric2b 6y ago

> If the price of gold went to zero then you could still use it to make jewellery or use it for electrical conductivity. If the price of bitcoin goes to zero then it's worthless. Does it really matter if the bottom is 5% instead of 0%? Is that honestly something you think about when choosing an investment?