I can see data from the Internet and it certainly has value. However, there are circumstances that can occur that would render it basically worthless, just like internal combustion engine powered cars would become basically worthless if "fossil" fuels were outlawed.
Bitcoin's value is not backed by energy, because I don't redeem it for energy. Also, the amount of energy it takes to generate a Bitcoin has been changing since it started, as has the cost of that energy. In 2010 I generated 1 Bitcoin using about 7 kWh. Today it takes 155,000 kWh or about 22,000 times as much, but the price is not anywhere close to 22,000x what it was.
That's just it though, the future value of Bitcoin doesn't make me wrong, because I'm not arguing Bitcoin is worthless or will be worthless in the future, I'm just saying it isn't hard money.
I mined Bitcoin back in 2010 on a lark, concluded the heat it dumped into my room, the electric cost, and the stress on my computer wasn't worth the $5 a day it was earning. And now I go to work everyday because I made $52,5000 mining one Bitcoin in a day instead of having mined over $4.5 million that summer.
I can see data from the Internet and it certainly has value. However, there are circumstances that can occur that would render it basically worthless, just like internal combustion engine powered cars would become basically worthless if "fossil" fuels were outlawed.
Bitcoin's value is not backed by energy, because I don't redeem it for energy. Also, the amount of energy it takes to generate a Bitcoin has been changing since it started, as has the cost of that energy. In 2010 I generated 1 Bitcoin using about 7 kWh. Today it takes 155,000 kWh or about 22,000 times as much, but the price is not anywhere close to 22,000x what it was.
It's obvious at this time you and I will never agree on the value of bitcoin. In a few years we'll see who was right.
That's just it though, the future value of Bitcoin doesn't make me wrong, because I'm not arguing Bitcoin is worthless or will be worthless in the future, I'm just saying it isn't hard money.
I mined Bitcoin back in 2010 on a lark, concluded the heat it dumped into my room, the electric cost, and the stress on my computer wasn't worth the $5 a day it was earning. And now I go to work everyday because I made $52,5000 mining one Bitcoin in a day instead of having mined over $4.5 million that summer.
Too bad!!
Well we'll just have to agree to disagree on the hard money issue then, lol.
The pond is big enough for differing opinions. Thank you for your insight fren!