What is the intrinsic value of the coin? It is immaterial, cannot be used without the hardware and software backing it. Even the original papers acknowledge the fiat nature of the currency, meaning it only has the value of faith that it has value.
The hardware INVESTED to operate was made on the promise of future investments providing a value, ultimately the miners only use their resources because they will see a return. A return they can only see by increasing users investments.
Bitcoin is not a ponzi scheme, which isn't to say that is doesn't have problems -- chief among them that the on-ramps are government-monitored exchanges that report to the IRS just as if you were trading stocks.
Not a ponzi scheme, just holds many of the same traits.
Pretending it is anything but fiat. Without having the ledgers backed by anything tangible it cannot hold any value beyond the value attributed by faith.
You can transfer value from person A to Person B anywhere in the world, with no permission from a bank, govt, corporation or organization, tustlessly in minutes or seconds. And its global. This isn't sending US dollars to China. Bitcoin is a universal money.
just wondering.. if someone would be poor how would they get any bitcoin in the first place, 60k isnt exactly cheap is it?
What about the wild price swings? if rose nearly 4k today? what about next week??
e.g if i put in $60k right now bought 1 BTC, 6 months time the price crashes 50% now my 1 coin is only worth $30k, who just stole my other $30k?
Not a very reliable way to store $$ long term is u ask me..
Now i hate the current financial system but atleast with fiat currency the value remains stable and im not going to wake up next week and my life savings will be gone...
WIth current system all i have to deal with is inflation and interest rates affecting the buying power of my $$$ and these are usually 1-5% a year or 0.25/0.5% on CB interest rates.
Seems no different that trading stocks to me.. just gambling.
Also with supply being limited is there not a huge risk of a financial whale coming along and dropping a few bill in and capturing the market? like a hostile takeover via stock ownership?
Also who processes all the payments?
I dont know jack about crypto, never really trusted tech atall... never owned a smartphone... :D :D never will.
P.S Formatting on this site is abysmal.. this WAS a proper paragraph CBA to fix it.
bitcoin is divisible into 100 million parts.....the whole idea the "omg a bitcoin is so epensive how could a poor person buy one" is demonstrative of the fundamental lack of understanding here. You can buy $1 worth of BTC.
What about the wild price swings? What about the wild price swing of the dollar to the downside? What about the endless printing of the dollar?
BTC has performed at an average of over 200% per year over the course of its lifetime. If you don't think that sounds like a reliable way to store long term value...LOL
The main problem with the current financial system is you are forced to take on risk (stocks, investment) to store your value because like you said you're dealing with inflation. Bitcoin is deflationary, with a hard cap on total supply, and a decreasing rate of issuance.
In addition it is uncensorable/unconfisatable. Daddy Trump recently had banking services shut off. Gab and other patriots too. Those dollars you thought were yours could be suddenly under somebody else's control at any moment. Bitcoin fixes this.
What is the intrinsic value of the coin? It is immaterial, cannot be used without the hardware and software backing it. Even the original papers acknowledge the fiat nature of the currency, meaning it only has the value of faith that it has value.
The hardware INVESTED to operate was made on the promise of future investments providing a value, ultimately the miners only use their resources because they will see a return. A return they can only see by increasing users investments.
Bitcoin is not a ponzi scheme, which isn't to say that is doesn't have problems -- chief among them that the on-ramps are government-monitored exchanges that report to the IRS just as if you were trading stocks.
Not a ponzi scheme, just holds many of the same traits.
Pretending it is anything but fiat. Without having the ledgers backed by anything tangible it cannot hold any value beyond the value attributed by faith.
You can transfer value from person A to Person B anywhere in the world, with no permission from a bank, govt, corporation or organization, tustlessly in minutes or seconds. And its global. This isn't sending US dollars to China. Bitcoin is a universal money.
I just explained the intrinsic value to you.
The argument that it's immaterial is false as well. It very well exists physically, as the collection of all involved parts.
PMs and fiat currency cannot be used without their respective infrastructure either.
By your reasoning they are now worthless, because you don't accept the costs associated with mining PMs or printing paper currency.
It's okay - you tried. user2827 can have fun staying poor
just wondering.. if someone would be poor how would they get any bitcoin in the first place, 60k isnt exactly cheap is it? What about the wild price swings? if rose nearly 4k today? what about next week?? e.g if i put in $60k right now bought 1 BTC, 6 months time the price crashes 50% now my 1 coin is only worth $30k, who just stole my other $30k? Not a very reliable way to store $$ long term is u ask me..
Now i hate the current financial system but atleast with fiat currency the value remains stable and im not going to wake up next week and my life savings will be gone... WIth current system all i have to deal with is inflation and interest rates affecting the buying power of my $$$ and these are usually 1-5% a year or 0.25/0.5% on CB interest rates. Seems no different that trading stocks to me.. just gambling.
Also with supply being limited is there not a huge risk of a financial whale coming along and dropping a few bill in and capturing the market? like a hostile takeover via stock ownership? Also who processes all the payments?
I dont know jack about crypto, never really trusted tech atall... never owned a smartphone... :D :D never will.
P.S Formatting on this site is abysmal.. this WAS a proper paragraph CBA to fix it.
bitcoin is divisible into 100 million parts.....the whole idea the "omg a bitcoin is so epensive how could a poor person buy one" is demonstrative of the fundamental lack of understanding here. You can buy $1 worth of BTC.
What about the wild price swings? What about the wild price swing of the dollar to the downside? What about the endless printing of the dollar?
BTC has performed at an average of over 200% per year over the course of its lifetime. If you don't think that sounds like a reliable way to store long term value...LOL
The main problem with the current financial system is you are forced to take on risk (stocks, investment) to store your value because like you said you're dealing with inflation. Bitcoin is deflationary, with a hard cap on total supply, and a decreasing rate of issuance.
In addition it is uncensorable/unconfisatable. Daddy Trump recently had banking services shut off. Gab and other patriots too. Those dollars you thought were yours could be suddenly under somebody else's control at any moment. Bitcoin fixes this.