It has to eventually. Any currency that is backed by faith crashes when faith fails. As soon as a viable competing crypto that is backed by an asset enters the market, all the rest will crash and burn.
It doesn't cost much of anything to move it around actually.
And it only fluctuates due to the paper markets, which shows the paper markets are the ones that's actually volatile.
I am currently invested in the project Revolution Populi (RVP).
RVP has a maximum circulating supply of 2,000,000,000 tokens.
The utility of RVP is two fold.
First: The team wants to built a decentralized app store for hosting applications that will require user data input. The foremost app they wish to design for this platform is a new social media site. Normally, when you hand over your data to a social media company like Facebook, the owner of that company has full control over what happens with your data. They can use your data to target advertisements at you, or they can sell it to the highest bidder. One utility purpose of the RVP token in the blockchain will be to require third party advertisers to pay users with RVP for access to their data, and only at the approval of each individual user. Rather than Zuckerbot getting all advertisement revenue, as is the case with Facebook, that revenue goes to the user via the crypto token RVP.
A second utility of the RVP token will be in the transactions executed on their clearing house. Whenever an institution wants to use the services of their clearing house, they will first have to pay the gas tax in RVP in order to convert their Fiat to Crypto, the profits of which will go to the proof of stake node runners who operate the blockchain. This clearinghouse will directly finance the continued support of the decentralized app store.
This is only one example of how a blockchain can produce utility with a cryptocurrency. It is the only example I feel I am knowledgeable enough to give a writeup about, but there are many other projects out there with excellent utility and use cases for their tokens.
I didn't say that crypto couldn't have any possible uses. I think our entire stock market and economy will be using them in the future. I asked about Bitcoin and the other assets that have value solely because people believe they do. Is there some property of Bitcoin that can make any of those utilities better than some other crypto?
For instance, RVP is worth a dime (or whatever its at atm). Is Bitcoin 600,000 times better at those things than RVP as the value difference suggests?
It has to eventually. Any currency that is backed by faith crashes when faith fails. As soon as a viable competing crypto that is backed by an asset enters the market, all the rest will crash and burn.
It's not backed by "faith." It's backed by it's utility.
This is an excellent perspective. Very accurate.
Whats the utility of bitcoin? Costs a ton just to move it around and fluctuates like crazy. Most places dont even accept it.
It doesn't cost much of anything to move it around actually. And it only fluctuates due to the paper markets, which shows the paper markets are the ones that's actually volatile.
I dont think you understand how bitcoin works.
What utility? How can it be used to produce something? What does it make?
I'll give you an example.
I am currently invested in the project Revolution Populi (RVP).
RVP has a maximum circulating supply of 2,000,000,000 tokens.
The utility of RVP is two fold.
First: The team wants to built a decentralized app store for hosting applications that will require user data input. The foremost app they wish to design for this platform is a new social media site. Normally, when you hand over your data to a social media company like Facebook, the owner of that company has full control over what happens with your data. They can use your data to target advertisements at you, or they can sell it to the highest bidder. One utility purpose of the RVP token in the blockchain will be to require third party advertisers to pay users with RVP for access to their data, and only at the approval of each individual user. Rather than Zuckerbot getting all advertisement revenue, as is the case with Facebook, that revenue goes to the user via the crypto token RVP.
A second utility of the RVP token will be in the transactions executed on their clearing house. Whenever an institution wants to use the services of their clearing house, they will first have to pay the gas tax in RVP in order to convert their Fiat to Crypto, the profits of which will go to the proof of stake node runners who operate the blockchain. This clearinghouse will directly finance the continued support of the decentralized app store.
This is only one example of how a blockchain can produce utility with a cryptocurrency. It is the only example I feel I am knowledgeable enough to give a writeup about, but there are many other projects out there with excellent utility and use cases for their tokens.
I didn't say that crypto couldn't have any possible uses. I think our entire stock market and economy will be using them in the future. I asked about Bitcoin and the other assets that have value solely because people believe they do. Is there some property of Bitcoin that can make any of those utilities better than some other crypto?
For instance, RVP is worth a dime (or whatever its at atm). Is Bitcoin 600,000 times better at those things than RVP as the value difference suggests?
I wonder if that's the nesara gesara plan