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Sorry, but in case you don't have much intuition, let me fill you in. People value gold and artwork because it is beautiful and you can have it for yourself. Go

Sorry, but in case you don't have much intuition, let me fill you in. People value gold and artwork because it is beautiful and you can have it for yourself. Gold also has several utilitarian uses. Now compare these things to a digital token. Can I frame and admire a digital token? Can I use it for anything? Do I even understand what it is or how it works most of the time? No. So it therefore has no value for me. Millions of people like me have the same basic intuition. Others, like you, are driven by ideology and see digital tokens as something nice and valuable that can be "kept", for ideological reasons. This value has no basis in anything physical like looks or usefulness, and has no battle-tested authority telling you it is responsible for making it useful. Decentralization doesn't count, because as I've already said many times there is no trust or recourse in a decentralized system with random people. So you haven't given me a reason for why a "Bitcoin" should be worth $40k+. That's why I say its sad that authorities in other countries are so unreliable that people have to buy into this disreputable game to stay afloat.

efwfwef 6y ago
Yes you can frame and admire a digital token, or rather the address holding the funds. Gold's value has nothing to do with its utility. I don't get your people's arguments. You keep repeating "a digital asset can't have real value" when the last 10 years have proven you wrong. You fool!
- nexthash 6y ago
  So you pay $40k+ for bitcoin just so you can frame some numbers and letters and say you paid $40k+ for those numbers and letters? Gold's value comes from the fact that it doesn't dull or dim over time, and has many uses in the electronics and jewelry industries. If you have the resources to get gold and own it, that is a clear sign of status and value. Can't say the same with crypto for any counts. All of crypto's value comes from speculation. Over the last 10 years, I've seen the same tired drum beat, that 'crypto is valuable because of decentralization, supply regulation, and censorship resistance' but these are so vapid and completely different from reality and what people actually need. There is no convenience, no government backing, and no trust. So the only people using these fake tokens are disreputables and hedge funds/speculators looking to exploit and get fun returns.
  - efwfwef 6y ago
    No, Gold value comes from the fact that we all agreed that it should have a value, and it's scarce. Same for Bitcoin. And yes you can parade the fact that you own a bitcoin address, this is after all probably the only reason most people know about Craig S. Wright > There is no convenience, no government backing, and no trust convenience is in stablecoins, government backing is in CBDC, trust is anchored at the foundation of any cryptocurrency project... Let me put it this way: as long as people will find ways to do things with Bitcoin (remittances, darkmarket, etc.) that they couldn't do with Gold or USD or whatever, then it'll have value. 40k of value? I don't know, but it will still have value.
    - nexthash 6y ago
      A little bit of value. But as a decentralized utopian panacea? Nope. If I was given the choice between a Bitcoin and a bar of gold, I'd definitely take the bar of gold.
      - efwfwef 6y ago
        Do you know what is actually worth more NOW? Because what matters is really what is worth more NOW.
hntrader 6y ago
I can look at artwork on my computer for free, or print out a high resolution image that's indistinguishable for a few dollars. Yet people pay a fortune for the "real thing", even though their eye doesn't know the difference. Tell me again how this is in any way rational or logical? It's not, you've just bought into the narrative that artwork has legitimate value but haven't bought into the narrative that BTC has legitimate value. You are trying to push your subjective opinion of value as an assertion. Just because you derive utility from original art but not bitcoin doesn't mean there's value in the former and not the latter. Value is assigned by supply and demand, not by an authoritative top-down council composed of u/nexthash. It may well be the case that the market's opinion of BTC's value changes and the price drops to near nothing. But then again maybe people will wake up to the fact that an original artwork is indistinguishable from a photo, and the art market collapses too :-)
splintercell 6y ago
I pay my Spanish teacher in Latin America using crypto. Can't do that using gold, or paintings. Blockchain is a global consensus network. The consensus is on a data structure's definition, rules and it's actual data.

efwfwef 6y ago

Yes you can frame and admire a digital token, or rather the address holding the funds. Gold's value has nothing to do with its utility. I don't get your people's arguments. You keep repeating "a digital asset can't have real value" when the last 10 years have proven you wrong. You fool!

nexthash 6y ago
So you pay $40k+ for bitcoin just so you can frame some numbers and letters and say you paid $40k+ for those numbers and letters? Gold's value comes from the fact that it doesn't dull or dim over time, and has many uses in the electronics and jewelry industries. If you have the resources to get gold and own it, that is a clear sign of status and value. Can't say the same with crypto for any counts. All of crypto's value comes from speculation. Over the last 10 years, I've seen the same tired drum beat, that 'crypto is valuable because of decentralization, supply regulation, and censorship resistance' but these are so vapid and completely different from reality and what people actually need. There is no convenience, no government backing, and no trust. So the only people using these fake tokens are disreputables and hedge funds/speculators looking to exploit and get fun returns.
- efwfwef 6y ago
  No, Gold value comes from the fact that we all agreed that it should have a value, and it's scarce. Same for Bitcoin. And yes you can parade the fact that you own a bitcoin address, this is after all probably the only reason most people know about Craig S. Wright > There is no convenience, no government backing, and no trust convenience is in stablecoins, government backing is in CBDC, trust is anchored at the foundation of any cryptocurrency project... Let me put it this way: as long as people will find ways to do things with Bitcoin (remittances, darkmarket, etc.) that they couldn't do with Gold or USD or whatever, then it'll have value. 40k of value? I don't know, but it will still have value.
  - nexthash 6y ago
    A little bit of value. But as a decentralized utopian panacea? Nope. If I was given the choice between a Bitcoin and a bar of gold, I'd definitely take the bar of gold.
    - efwfwef 6y ago
      Do you know what is actually worth more NOW? Because what matters is really what is worth more NOW.

hntrader 6y ago

I can look at artwork on my computer for free, or print out a high resolution image that's indistinguishable for a few dollars. Yet people pay a fortune for the "real thing", even though their eye doesn't know the difference. Tell me again how this is in any way rational or logical? It's not, you've just bought into the narrative that artwork has legitimate value but haven't bought into the narrative that BTC has legitimate value. You are trying to push your subjective opinion of value as an assertion. Just because you derive utility from original art but not bitcoin doesn't mean there's value in the former and not the latter. Value is assigned by supply and demand, not by an authoritative top-down council composed of u/nexthash. It may well be the case that the market's opinion of BTC's value changes and the price drops to near nothing. But then again maybe people will wake up to the fact that an original artwork is indistinguishable from a photo, and the art market collapses too :-)

splintercell 6y ago

I pay my Spanish teacher in Latin America using crypto. Can't do that using gold, or paintings. Blockchain is a global consensus network. The consensus is on a data structure's definition, rules and it's actual data.