How can nothing... Be worth something?

How can nothing... Be worth something?

Dumb emojiposter.

pedophiles and criminals

pyramid scheme

>How can a piece of paper be worth $amount of money?

There, got your answer.

Because the government says so.

No because the federal reserve says so. 90% of money out there is fiat currency.

Faith

All money is theoretical.

>Because the government says so.

Who are they to decide that?

Because enough people collectively hallucinate that nothing is something.

Welcome to the real world.

but it represents "gold"

rly makes u think

No, because people are willing to exchanges wares and services worth the imprinted amount because they believe they will, in the future, be able to do the same.

Don't they teach history in burgerland? Look up the origin of money. Paper note existed since the 11th century.

And now you grasp why fiat is so ridiculous.

That's a good question.

Common misconception but this is no longer the case. The US dollar is a fiat currency backed only by the government that produces it.

Technically speaking, a currency is supposed to represent the man and corporate power of everyone using this currency.
If people are willing to offer services for the bitcoin, then it gets real value, as it will represent the power of all those people.

Not anymore it doesn't

The government you dumb anarcuck
Not a burger and with my original post I meant the government decides if a piece of paper is currency or not
Not really, the dollar is WHT almost everyone uses to buy from each other on international level

do also you think your bank has a drawer with your money in it?

Faith + utility = value

There is no difference between a digital asset and a physical asset considering human psychology if you're not an oldnigger on the wrong side of the digital divide or a pussy who's scared of risk.

Bitcoin is not nothing, at least you could say nothing 'physical'. Bitcoin is valued something because it is rare, like gold. It used because it's trusted, like money.

It's identical to every currency with the exception of not having a central bank.

Well, it's not quite that simple. Dollar is held in large quantities internationally, creating a vested interest in perpetuating its value. This is especially the case for third and second world economies, where governments have large holdings of $ - in many ways the function of the world bank.

For example, it would be remiss to forget that Chinese holding of dollar assets exceeds that of the US entirely. This is, in part, why China is so eager to offload its dollars wherever possible, transferring them into under-developed nations (African and SEA infrastructure projects), and, where possible, into tangible assets (mineral rights in Australia, Canada, Europe, and elsewhere).

It's also incorrect to think that fiat lacks /any/ intrinsic value. Liquidity, especially when coupled with macro-economic stability, is valuable in of itself.

The big lie, however, is that fiat currencies should be used as a means of holding assets. Liquidity is something you pay for, just like a credit card fee, by way of inflation and other hidden devaluations of the currency. Quite a number of unhealthy aspects to our economies could be eased were consumers and individuals to realise that holding in fiat is poor value. I don't mean to say that people should transact each weekly paycheque out of fiat, but they should avoid holding large sums of money.

What happens when north korea nukes you and your government is gone? Why would anybody accept the dollar anymore? It's not backed by anything.

Are you saying that Scrooge McDuck was a retard?

Scrooge McDuck had the gold standard, the old devil.

You got got nigga

>How can nothing... Be worth something?

Go to McDonalds and ask the same question.

What do i do with large sums of money? I have 100k and just sit on it.

Your money is literally nothing since the beginning of 20th century. Banks don't even

Accidentally sent but you get the idea.

...

fiat is also worthless you stupid goy

Stalin was a good man

Should we go back to gold standard?
Do you know the story behind leaving that system? It's quite interesting. NPR (planet Money) made an episode about it. Look it up.

You do know that your bank account filled with ""usd"" is actually a .db file on a server. actually even a dollar bill is just fucking paper, we need to go back to gold coin desu

Look up proof of work. If bitcoin is nothing then so are other non tangible items like patents.

Go ask /biz/, that's what they're there for, we don't need retarded faggots like you flooding this board with your maymaycoin shit.

North Korea cant and will literally never do anything to harm anyone outside north Korea.
China basically owns North Korea and if China stops buying/selling with North Korea in 72 hours NK would die.
Also the US and China have too much trading between them for Kim Jung un to the and ruin.

99.9% of people don't understand what underpins the value of cryptocurrencies, which is why they are poor and make threads like this to mitigate their cognitive dissonance with sour grapes rationales.


The fact i that the market cap for cryptocurrencies right now is $135,151,321,939.

135 billion USD.

It's a de facto international, deregulated, decentralized currency. Something like it has never excised before, because of a lack of a global instantaneous high bandwidth communications network.. and something called "the two generals' problem".

The first is solved by the internet, the second problem is solved by the blockchain. Or rather, it isn't solved because the two generals' problem is proven unsolvable, but the blockchain provided an elegant solution where the only way for an attacker to break is to have 51% or more of the computation capability (hashpower) of the global network that underpins the entire network. Which, because of the way cryptocurrencies are made, makes in prohibitively expensive. There are problems, suh as the tendency for hashing power to be concentrated because of economy of scale, etc but over all the market seems to tolerate that risk because, well, the market cap is 135 billion USD and increasing.

TLDR: Cryptocurrencies have value because they solve a mathematical problem that have prevented a truly global deregulated currency to exist.

Because people agree to lend a certain amount of numbers a certain value to be able to indirectly transfer value and create a society.

Reminder that thinkingemojiposters should be all gassed.

Existed*

I guess while I was partying you WERE studying the blockchain

>its a random Sup Forums redditor knows all foreign policy state secrets episode again

I was, yes. Now I have a nice escort that visits me whenever I want.. Paid for in full by my bitcoins.

Money is just an idea of people
Therefore
I people believe it has value, it does

Because cipherspace

Anything you can buy food and pussy with is a currency you should own.

Bet how high it will go until the bubble will burst.
I'd say $100k

So it burst, then what? We go back to only having Paypal and VISA/Mastercard as payment options on the internet? Crypto is never going away, it's the way forward.

It started as electricity and hardware cost, difficulty went up, value scaled with difficulty and barter, eventually is it gained a little more traction it was was traded on an open market against fiat currencies. There's a small margin between the investment cost of mining and the speculative price. But it's typically not worth it unless you're a chink with access to cheap power and hardware.

Tulips are also still around but at one point in the 17th century you could buy a house with a single tulip.

Give some to me

The web is just a fad. It'll never take off.

What's the point of going into Bitcoin now? Since people know about it, and it's more common knowledge (Like cryptos in general) why bother to buy and sell since others will flock in as well?
Trading is a tricky business because you have to be on the dot with your transactions, and if BTC has a 1 min transfer time/site loads slowly or some crap you potentially lose money instead of gaining from your trade due to how fucking volatile it is

And I know people will generally just say "buy, not sell" but there are plenty of risks as well
Yes, deregulated currency is a first, but nothing is ever so simple for someone trying to make it in this world. Most of the time you'll just fail, life will find a way

>Tulips are also still around

Tulips never solved a real problem. Cryptos do.

it's not nothing. it represents computation time

Buy and hold if you believe in it. I bought at 800, now it's 4000 +-. Still holding.

your life is worthless to me. i bet you value it at something.

Would $550 be too little today for buying btc?

USDT (tether) markets are the way to go for speculative trading. Bitcoin serves as a long term store of value because it was first and it's the most widely adopted. Due to the lack of stability in alts, I see them as a method of transmitting money where they can be sold on exchanges or brokerages for your country's fiat.

Here's how I got started:

Fiat -> BTC -> USDT (hold) -> ALT (trade) -> USDT (hold) -> ALT (transmit to broker) -> Fiat

What I don't understand is why there are still entire communities dedicated to shitting on Bitcoin and talking how it will never work. It made sense back when Bitcoin had just started, but why do so many people still spend their time this way?

No. Personally I expect a 10x market cap within the next decade or so, but that's just what I believe. If that's true, you'd make 5550 in 2027. Minus the inflation of -2,5%/year of course and any tax you may have to pay. Could also be worth a penny in a decade, nobody can be sure of anything.

It's literally a bubble. So empty, it doesnt even exist.

Stubborn people that went to the trouble of "warning" people about a "ponzi scam" and now refuse to accept the reality that they're simply a mathmatically provable ledger speculatively traded.

I realized 17,000 USD on trading alts in April. Extremely lucky entry. Got into XRP at 4 cents.

There are 7.5 billion people on earth, or 7500 million.

There are 21 million total bitcoins, not accounting for the amount that were lost when they were worthless or the ones lost by human human error (sending to the wrong address, etc). 85% have been mined, and it'll take until 2120 to mine all the coins.

Simply put, there isn't enough bitcoin for everyone on earth.

We all know the boomers are the reason why young adults today carry inane college loans with no prospect of ever owning a home. They had the best economy and a single minimum wage job in their time could afford a nice house with a stay at home wife.

What you don't hear about are the NEET boomers with nothing today. This is you if you don't own a single bitcoin.

Damn so if I want to be optimistic about this but also hold any actual gain I will need to invest much more. What's your opinion on the altcoins? I've actually put more of my hope on them to try and get some nice big returns when I get more money, or are they all just memes? I've been looking at OMG and PIVX from previous suggestions.

the gravy train is just getting started baby

Altcoins are a big risk but offer huge rewards. I put everything into dogecoin when it was shilled here during christmas of 2013. Best decision I've ever made. Sold them and bought BTC when BTC was at 800. I've also mined a lot of shitcoins, I'd say 40% of them turned out to be worth quite a lot the rest tanked. Don't listen to what other suggest, everyone is shilling their coin. Go to the source and buy altcoins on day 1 when they are released, then hold for a few years. I bought some ETH when it was 250, I believe in it as well. What ever coin solved the decentralized exchange problem is also one I will invest in.

How do I start into btc? I want to invest $100 and hold, but I'm a brainlet who is new to crypto currency. How do I get an account, how do I change cash to bitcoin? What are some tips?

Thanks user, I'll take your advice to heart. One more thing, do you have a preferred trading platform?

how is something worth anything? People attach whatever value they want to something which is mutually accepted as a bartering tool.

My advice is, don't ask Sup Forums.

There's entirely too much to explain. Do your research on the following topics:

"how to buy bitcoin"
"paxful"
"localbitcoins"
"bitcoin safety"
"securely generating bitcoin addresses"
"blockchain"
"wallet vs address"

Read tons of explanations and build your own perspective. You CAN go wrong. So do your research.

Not poloniex.

Fair points, I'm a bit disgruntled since like everything else in life I was too retarded to get in when it was good. I was working as a cashier and a nice dude was telling me about bitcoins and even offered a couple for free if I wanted, biggest mistake of my life not going into it

Now if I get in and buy some I feel like it'll backfire

Cryptocurrency solves nothing outside of buying drug on the dark web. It's a solution looking for a problem that doesn't exist.

Because many people want that specific kind of nothing, so now it has a worth.

I almost bought at $5
Everyone has regrets about bitcoins.

Just be glad you didn't buy a multimillion dollar pizza.

If you want to send money to someone in a different country, you have to pay high fees and wait a long time for it to clear if you use a bank or other fiat based service. And if it's mote than a couple grand, it'll be denied and you need to go through extra security steps etc.

With crypto it takes a few minutes, doesn't cost much, and there are no restrictions on amount.

If you're a seller on line, use paypal for payment processing, and what you're selling becomes popular, then paypal will freeze your account and it'll take months to resolve. Case in point: the minecraft guy. PayPal can and will freeze your account for no reason.

With crypto, nobody can freeze your account.

If you want to pay for porn or cam hows or you want to buy some used panties or what ever you're into, that shit will be on your credit card bill. Not so fun. With crypto that stuff stays anonymous.

If you have a million dollars in the bank, and the bank goes bankrupt you loose your money. Not so with crypto.

The list goes on and on.

Coinbase nigga, it's super easy.

>deposit money into coinbase
>wait 7~10 days
>buy btc for $2~3 fee

Alternatively

>make coinbase account
>go to gdax (owned by coinbase)
>deposit money
>buy from other traders at market price with no fees

From there you can withdraw it onto your account with a wallet such as a electrum and back it up. Hardware wallets also exist.