So what was that about Bitcoin?
(www.marketwatch.com)
You're viewing a single comment thread. View all comments, or full comment thread.
Comments (19)
sorted by:
There has been a lot of USE of Bitcoin.
Unfortunately Bitcoin is not destined to be a long term holder of VALUE.
It was always designed as a quick universal exchange, not digital currency. There is nothing backing Bitcoin except it's users and that bubble will burst like every single one before.
Who told you it's not a long term holder of value?
Most people who own it think of it as digital property. Like owning worldwide real estate. For countries that don't have assets to purchase, it's the only way.
"For countries that don't have assets to purchase, it's the only way."
Because with Bitcoin, you will own nothing (real) and be happy :>)
It is backed by the huge expense of electricity in mining it. If it was backed by nothing, anyone could issue it without cost.
Bitcoin is backed by proof-of-work known as mining. The proof of work and scarcity gives it its initial value. Now that El Salvador has converted to using Bitcoin, it has a continuous use and its own country economy.
It's not going anywhere and there's no bubble to burst.
There is nothing backing gold either except a series of quantum fields and physical laws that confine energy into a particular pattern. Bitcoin is backed by a series of mathematical algorithms and Boolean laws. These limit its creation in exactly the same way gold is limited by physical processes.
True, there may be a few industrial uses of gold, but nobody tries to argue that is what gives gold its value. If the math behind Bitcoin ever fails, it will become worthless. If Star Trek style matter replicators are ever invented, gold will become worthless.
It is naive to say gold is real and Bitcoin isn't. It's just personal bias that makes you think that. At our current technology level, both can be considered to have backing. You're welcome to your biases obviously, but they aren't universally accepted and based in fact.
What backs bitcoin itself is the processing power and electricity it requires to run the network.
As long as the coin is a currency and is being used then there’s no “bubble” to be burst.
that's nonsense, the power is dissipated and wasted as heat, you can't turn in bitcoin for more power, it is not a reversible process, which is required for something to not be a fiat currency. it's a fiat currency, it's not backed by anything but hopes and dreams
You do realize that many of the reasons gold was originally valuable… are the same reasons bitcoin is valuable.
A lot of what isn't mentioned is that people think of it as valuable, so then it is.
I don't think BTC will crash ever. It is too mainstream, people believe it to be an asset now. The whole thing about it not being valuable or having any use is gone.
Scarcity and transparent is one of the best arguments. You cannot create more BTC out of thin air. No FED secretly creating more.
bitcoin can be crushed by a gold (or silver) backed crypto, which is what i expect to happen, but we'll seeeee
anyone can make a crypto, eventually people will figure out that bitcoin isn't special, and has been manipulated, and controlled in order to simply steal money.