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Gold is inflationary. There's infinite amount of that on asteroids and other planets. Bitcoin is totally an asset. It will probably have far wider usage than cu
by negamax 13y ago
Gold is inflationary. There's infinite amount of that on asteroids and other planets. Bitcoin is totally an asset. It will probably have far wider usage than currency.
- atmosx 13y agoI wrote a 30+ words comment, but to make it shorter: * The nature of BitCoin could make it from an asset worth 350 USD to 0 USD overnight. * Gold has been there for centuries. I won't even comment on the asteroid thing.
- jafaku 13y ago> I won't even comment on the asteroid thing. Because you can't refute it?
- atmosx 13y agoNo I can't. Neither I can refute that you're... Batman!
- TillE 13y agoNobody will be mining asteroids and shipping the resources back to Earth within our lifetimes. Certainly not profitably. It's a complete irrelevance unless you're specifically talking about 100+ years in the future.
- mrosseel 13y agothis company (backed by high-profile investors) is setting out to do just that: http://www.planetaryresources.com/ http://www.planetaryresources.com/
- hbbio 13y agoSeems a bit like: "You're a startup, I won't use your product." But like startup customers, bitcoin users exist and eventually the new product takes over.
- lectrick 13y ago> * The nature of BitCoin could make it from an asset worth 350 USD to 0 USD overnight No. Not unless it stops being traded for anything. Read this: http://bitcoinsurvey.wordpress.com/2013/04/08/what-is-the-real-price-of-bitcoin-measuring-bitcoin-hoarding-irrational-exuberance-and-the-inevitable-crash/ http://bitcoinsurvey.wordpress.com/2013/04/08/what-is-the-re... It makes sense if you think about it. As long as 2 parties will accept Bitcoin as a trade medium, it literally MUST have a value in order to carry that exchange value. Whether it's 10,000 coins for 1 pizza or 1 coin for a gold bar. So no, it will never go to zero anymore unless something as useful and unique comes out which is at least twice as good (due to network effects). That doesn't mean a portion of the current value isn't speculative. But the speculative value is NOT "all" the value.
- SilasX 13y agoGrandparent: Bitcoin could fall to 0 USD overnight. You: Not true, it would only fall arbitrarily close to 0 USD. Me: Not reassured.
- lectrick 13y agoIf you actually read the article, at the time it was written (months ago, when BTC volume was lower), it calculated a "bottom, minimum" value of about $45 USD. So if it ever goes back to there, it will most certainly be a buy... which will of course drive the price higher, into the speculative space. Basically, since the cat is out of the bag, it won't be possible to get completely rid of the speculative portion of the value, but the fundamental portion of the value WILL keep rising (at this rate).
- SilasX 13y agoI was replying to your comment[1], not the numerous, separate arguments that could have been made in defense of a related point. I'm optimistic myself about BTC, but don't think your comment as written is a good reason to think so in the context of the GP's point. [1] specifically, "As long as 2 parties will accept Bitcoin ... it literally MUST have a value ... Whether it's 10,000 coins for 1 pizza ...". That last bit is the "arbitrarily close to zero" lower bound I was attributing to you.