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The answer to this question does not demonstrate that USD has any intrinsic value, it merely demonstrates that USD is the most valuable and well circulated of t

The answer to this question does not demonstrate that USD has any intrinsic value, it merely demonstrates that USD is the most valuable and well circulated of the currencies. These currencies still have zero intrinsic value.

adam_arthur 4y ago
Yes, fiat currencies don't have intrinsic value, they have network value as the primary unit of exchange. A good investment does need intrinsic value, which BTC does not have. It's also not a feasible payment system. The fact that cryptos are only referenced in USD terms proves that the only real use people have for them is a vehicle of speculation. Investment without intrinsic value = speculation The second there's a gov backed USD stable coin, the argument for any crypto as a payment system evaporates.
- datadata 4y ago
  > A good investment does need intrinsic value, which BTC does not have. Agree, USD is also not a good investment but it is still widespread to have some USD. > It's also not a feasible payment system. Disagree, it is used (not widely) but without issue for payments all the time. It isn't a feasible payment system for every single transaction, but that is a ridiculous goal. There is no payment system that is feasible for every payment. > The fact that cryptos are only referenced in USD terms proves that the only real use people have for them is a vehicle of speculation No, it just proves that they haven't succeeded in taking over the incumbent fiat currencies. Stocks are also most commonly referenced in USD prices, and they are not merely vehicles of speculation.
  - adam_arthur 4y ago
    People buy stocks to make money. People buy BTC to make money. Stocks have intrinsic value, BTC does not. Important difference
    - datadata 4y ago
      That's the difference between an investment and money. I've never said that bitcoin is an investment, but it is a form of money.

adam_arthur 4y ago

Yes, fiat currencies don't have intrinsic value, they have network value as the primary unit of exchange. A good investment does need intrinsic value, which BTC does not have. It's also not a feasible payment system. The fact that cryptos are only referenced in USD terms proves that the only real use people have for them is a vehicle of speculation. Investment without intrinsic value = speculation The second there's a gov backed USD stable coin, the argument for any crypto as a payment system evaporates.

datadata 4y ago
> A good investment does need intrinsic value, which BTC does not have. Agree, USD is also not a good investment but it is still widespread to have some USD. > It's also not a feasible payment system. Disagree, it is used (not widely) but without issue for payments all the time. It isn't a feasible payment system for every single transaction, but that is a ridiculous goal. There is no payment system that is feasible for every payment. > The fact that cryptos are only referenced in USD terms proves that the only real use people have for them is a vehicle of speculation No, it just proves that they haven't succeeded in taking over the incumbent fiat currencies. Stocks are also most commonly referenced in USD prices, and they are not merely vehicles of speculation.
- adam_arthur 4y ago
  People buy stocks to make money. People buy BTC to make money. Stocks have intrinsic value, BTC does not. Important difference
  - datadata 4y ago
    That's the difference between an investment and money. I've never said that bitcoin is an investment, but it is a form of money.