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The first time I bought bitcoin it was under a dollar a coin. When I realized it actually had zero real value I got out. What actual value does bitcoin have? A
by dgfitz 1y ago
The first time I bought bitcoin it was under a dollar a coin. When I realized it actually had zero real value I got out.
What actual value does bitcoin have? As an example, gold can be used to make high fidelity cabling.
- int_19h 1y agoIf price of gold was according to its "actual value", it wouldn't be $3300/oz right now. Nor would anyone hold it if they expected its price to ever get down to such "actual value". Bitcoin really isn't any different in that regard - it has value because people are willing to trade it. Although it does have practical uses, as well - black markets, for example.
- immibis 1y agoThe actual value of bitcoin is that you can use it to buy illegal counter-cultural things like drugs, fake IDs, etc. Except you can't, because more anonymous cryptocurrencies were invented and the markets migrated to those. Now Bitcoin is mostly used for more "serious", "wall-streety" crimes, like bypassing international sanctions. Either one can hold up the value of an investment asset.