Does shitcoin rise solely because of people thinking its worth something?

does shitcoin rise solely because of people thinking its worth something?
IT DOES NOT HAVE INTRINSIC VALUE

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the block chain is an huge waste of time but that is the value of btc

A diamonds intrinsic value (diamon dust is good for coating tools) has nothing to do with diamon market value.
Same for gold.
Same for US dollars.
Same for any other currency.
Same for almost any other gem.

The idea about money is that you dont have to bother trading bulky usefool stuff, like food or tools, but instead have something arbitrary that is convienient that everyone can agree on. (and that is rare so that people cannot just go aruond make large quantities on their own)

cant make large quantities on their own ?

look at this list buddy

coinmarketcap.com/

do you mean people keep inventing new crypto coins? Yeah a lot of them are just a scam. But they are not bitcoin - they are wannabe pretenders

Do you mean people can mine for bitcoin? In many places the electricity and hardware is almost as expensive as the mined bitcoin and it only gets harder over time. So its not easy and takes huge effort

Supply and demand. If demand out paces supply, price goes up

At first bitcoin was worth less than a penny because you could make one with little effort/time. As time goes on it takes more and more effort/time.

just like the stock market just a bunch of drunk investors

smart people made their cash and got the fuck out diversifying their assets

what i mean this invention is a paradox because it doesnt work how it was supped to and spiraled out of control.
it wants to be something to replace current money but for this to happen this kind of money needs to lose its attractiveness as an investment.

i will give you a situation it works.
lets take a universe like in the mass effect series, where you but stuff trough your "pipboy"
there the goverment would have huge computing power that she could utilize to control the currency and thus allow every one to use it

the only thing with value is your soul, dont sell is for a bag of silver

>IT DOES NOT HAVE INTRINSIC VALUE
Neither does the dollar

>usefool

>the only thing with value is your soul
supply far, far outweighs demand; souls have been worthless for a good while.

yes because more people "join" the block chain and it takes time to "write it all over the network"
thus you have create your "bitcoin" write how much you want , since you are the only one in the chain , then release it for tard to buy and join. (this what many are doing)

you count the money while walking down the stairs ...

yes but the dollar have an economy to back it up,
image the dollar jumping 50% on and off every day.

the thing is when buying bitcoin you just but some "thing" that fluctuates because its out of control and people play with it

>the dollar have an economy to back it up
Only if you're counting Saudi Arabia's, which is soon to be in the toilet.
US economy doesn't have shit to do with the dollar's value; and it's subject to stock market fluctuations in a similar way to bitcoin.
TLDR; it's all the same shit, really, except one has butthurt associated with it.

>shill for bitcoin to try and get people to buy bitcoin
>retards buy bitcoin at record highs
>bubble gets even bigger
>rinse and repeat

Bitcoin should be worth maybe 500 bucks. Maybe.

I sold the 50 coins I paid 600 bucks for at about 6800, I'm very happy with that return, and my paid off house.

it's got a military that will murk anyone who says otherwise, faggot

But it does though
>Pedos on the internet can buy pedo porn
>Drug users that don't know how to get a prescription can buy drugs
>And old men that think they know about investing will buy it

you lie enjoy your shekels in hell

....until the petrodollar tanks & you can't PAY that military anymore.
Patriotism is only going to go so far.

Only 4 things in this world has intrinsic value
>Smokes
>Socks
>Liquor
>Gas
Everything else has made up value. 2 people sat down and decided this is worth that, and that is worth this.

>US economy doesn't have shit to do with the dollar's value
Yes it does. Federal Reserve notes are a liability of the Federal Reserve. The primary assets of the Federal Reserve are U.S. Treasury notes. U.S. Treasury notes are obligations of the U.S. government paid for primarily through tax revenue, and what they tax are the individuals and corporations that make up the U.S. economy.

In a more direct way, the dollar is used for transactions in the U.S. economy, contributing to supply and demand.

Souls haven't had real value since we topped 1 billion. If they did, most nowadays would sell theirs for a slightly better smartphone than the one they currently have.

Yes... and when the world is falling apart, we will trade digital internet money to criminals so they don't rape our anuses

>>And old men that think they know about investing will buy it
it's going to be the highest return those "old men" have ever made
apparently they knew more about investing than the "real investors"

Nixon & Kissinger replaced the Gold standard with the Oil standard , so the value of our currency is solely dependent on the health of the Saudi & other OPEC country oil market.
When that tanks, you'll see exactly how much the US economy has to do with the dollar's value.

Oh no no no.
I meant the old men buying now are the reason it still has value.
It's like any bubble... only time before people stop buying, once they realize no one else is...
The big gains have already come and gone, now its just another risky move

bitcoin, one hack away from being absolutely worthless.

No digital tech in unhackable, and I'm going to laugh my ass off when a couple major exchanges get hacked, the people who took it dump it, and the market crashes back to 50 bucks a coin where it belongs.

I'm sorry, but that's false. There is no oil standard as you cannot exchange dollars for oil at any set rate. The value of the dollar is floating. The use of the dollar in foreign markets contributes to that value, but it is in no way the only thing giving it value.

buddy from what you are saying you understand nothing in economics.
learn the definition of intrinsic
yeah i knew some alcoholic jobless retard that managed to make some money from bitcoin kek

are you implying it's easy to just 'make large quantities' of bitcoin?
and if that's the case, why don't YOU do it?

The US has astronomically large reserves of oil, and Hugh untapped fields of oil. When middle Asian oil fields run dry, the US will be the largest supplier of crude oil, and have sole control over the market. It's a long conversation, typical Jewish trickery, but in our benefit. The reason why we don't invest much into alternative energy is because our investment into oil.

ITT: people who don't understand that the only way the petro dollar collapses is that the US collapses. Don't want our petro dollar for oil anymore? Get the lube and pull down your pants because we're invading your country.

I would argue btc has value by virtue of a combination of having everything required for money (thanks to blockchain and some clever algorithms) and also not being owned by any govt or the jews. Not just that, it really can't be owned by design, noone can pump more btcs out to artificially lower the price like they do with traditional jew owned currency.,

>INTRINSIC VALUE
Irrelevant.

Golds intrinsic value is WAY lower than it's trade value. That doesn't make gold a bad investment. Bitcoin is like gold but easier to transfer.

Cryptocurrency is the future.

Are you just mad you never bought in and made your money?

he clearly dont understands how it works , and invents thing "oil standard"
no the value of dollar is valued by the output of the country and the exchange rate relative to other countrys economys

This guy a tard?

that is just a temporary glut until we get off planet, a few generations from now 10B souls will seem quaint. You gotta get your souls now while they are relatively cheap. I've got a pretty sweet hoard of souls stashed away. Plus many are multi-life souls, nice and rich with experience. But even new Souls or Tainted Childs are a good buy long term. BTW stay away from outer-D souls - pretty sure they are a scam.

Same with regular money, buddy boy.

If anybody wants free crypto check out this faucet:

classicdelegate.biz/faucet

You need an ark wallet: ark.io/

You can sell the ARK for bitcoin or whatever you want. This won't be up forever.

>Mfw the us economy is backed by the military industrial rape gang.

wish you were correct, but the US doesn't play long term like that. If we did, we wouldn't be fracking. No, we're ready to gouge out any and all national reserves for short term profit.

a huge solar flare can.
yes and no

>That doesn't make gold a bad investment.
No, but gold is a pretty bad investment anyway. The only real argument in favor of it is that it can be used as a hedge for the rest of the market.
>Bitcoin is like gold but easier to transfer.
...and less recognized and cannot be made into jewelry and cannot be used without power / internet.
>Cryptocurrency is the future.
Sure, but that doesn't make it a wise investment.
>Are you just mad you never bought in and made your money?
Keep your sour grapes meme on /biz/

>a huge solar flare can.
It wouldn't. A huge solar flare would only hit one side of the planet, the other side would be "mostly" fine. Since the blockchain is distributed it would survive.

I refuse to believe kikes are so incompetent that a community college flunky could think of a better scheme then they can.

How often do you hear people talk about investing in regular money?

A solar flare capable of destroying most technology would fuck our shit up regardless of the money we used at the time.

That's the meaning of value.

The item is worth what a buyer is willing to pay for it. What they're going to do with it (sit on it and hope it increases in value, use it to coat their superabrasives, make it into circuitboard parts) does not matter at all.

>cannot be used without internet.
This isn't true. It can be used without internet. In fact it's safer to have an offline wallet and many long term holders do this (0% chance being hacked if your wallet/computer were never online)

sure, but that doesn't really change the fact that the US dollar is backed foremost by the military and the ability to say, no fuck you we're just taking your shit if you don't want our money.

Thats the real power behind USD, that max military spending doesn't seem so silly now does it?

US dollars don't have intrinsic value. It's just fucking paper, you dumbshit. It is backed by absolutely nothing.

Read the definition of a fiat currency.

Bitcoin is no different to any other currency in existence, except it's independent from the control of a national government.

It is true. You cannot USE it without internet. A seller would be extremely foolish to accept bitcoin offline.

go to biz idiots and learn how to make money instead of larping

>IT DOES NOT HAVE INTRINSIC VALUE
NEITHER DOES ALMOST ANY CURRENCY IN THE WORLD, INCLUDING THE US DOLLAR AND ALL THE OTHER CURRENCIES BACKED BY IT.

The buying of bitcoin under the expectation that someone will pay more for it is the mistake.

I dunno what OP is talking about, what the fuck is "intrinsic value" like.

it's backed by my dick in your mouth, bitch.

beliving in giant global conspiries are ok, but you can't buy into just one. there are a ton of power brokers out there, and many MANY of them favor short term gains. get your money and get out, provide for next generation. staying in power is fucking hard. executing plans while everyone is vying for control is hard. the plan isn't unique - anyone can come up with a good plan. It's always in the details, and the lack of ability to control something the larger it gets.

>except it's independent from the control of a national government.
Which is why it makes for a shit currency. There's no system to regulate the value.

100% this

the only reason USD is worth something is because people agree it is. The only reason BTC is worth something is because people agree it is.

Only cops/government can't take your BTC (unless you're retarded and give it to them)

thats literaly what the post says that you quoted? retard?

yeah but you missed the point
print out the code and distribute it to every one in the block chain

yeah right on.

I basically have it figured out. There are 4 types of people on this topic:

1. people who understand money has no real value other than everyone else agreeing some arbitrary thing has value (and its not something easy to get)

2. people who don't

3. people who invested in cryptocurrency early

4. people who didn't

you will find people of groups 2 and 4 will argue hoe bitcoin is dumb and a fraud

Q.E.D.

This! The independence is what gives it a seemingly overly large value in my opinion. Being free from meddling by any government is vital for a world currency

I can use it fine without internet. A store can't, but that's a specific use case. Your original statement is still incorrect.

Also everywhere has fucking internet. Also I'm not using it to buy coffee, it's for large values ($1000+) not mom and pop shops.

just now kek

/thread

>I can use it fine without internet.
>proceeds to show how he can't use it without internet
>Also everywhere has fucking internet
False.
>Also I'm not using it to buy coffee, it's for large values ($1000+) not mom and pop shops.
So it's for things that people don't commonly do and not for things that people do commonly do. Thanks.

>go to biz
>buy high, sell low
>get angry at loss
>get angry at crypto
>make thread on Sup Forums about how shitty it is
>cry self to sleep

kek i am op , i went there and just saw that

It is highly divisible unlike traditional dollars. But this could be a valid concern in the future. I believe btc will be a "super gold" and another coin will become a mainstream world currency

You don't need internet to make a wallet. You don't need internet to receive money. You don't need internet to send money.

>So it's for things that people don't commonly do and not for things that people do commonly do
>read im a poorfag
It isn't for you. It's for people with money, or people that wan't to accumulate wealth.

...

it's fun / a larp tho

>It is highly divisible unlike traditional dollars
This is pretty irrelevant and also only true of physical cash and coin.
> I believe btc will be a "super gold" and another coin will become a mainstream world currency
You can believe it all you want, that doesn't make it true. Using cyrptocurrency as it is currently implemented as a world currency would be nonsensical even if the idea of a world currency made sense, which it really doesn't.

IMO we should abolish all forms of currency. It ruins and stifles human potential because instead of pursuing a specific path in life, we all "gotta get dat money firs"

Without it, we would also eliminate most greed, most crime, and ALL advertisements.

FUCKING KEK its filled with this ones

>bring this ignorant

>You don't need internet to receive money.
You do if you want to verify that money was sent.
>read im a poorfag
No actually.

On the investor side, Bitcoin does not generate wealth. On the consumer side, Bitcoin has zero consumer protections. On the seller side, Bitcoin is highly volatile, requiring you to use a third party service to convert back to some other currency so you don't expose yourself to currency risk.

>Using cyrptocurrency as it is currently implemented
Correct, it wouldn't currently work. Eventually it will. Maybe in 10 years.

Intrinsec value for a currency depends on whether people find useful to transact and store value.

What is the instrinsic value of the zimbabwean dollar?

It is currently 4 times as divisible as dollars (1 satoshi is 0.00000001 btc) and can be altered to become more divisible if required.

Of course my belief won't make anything true, and don't get me wrong I think traditional dollars still have a way to go. Perhaps my use of world currency was a little misleading, I don't necessarily mean everyone everywhere will use it for everything, just that it will become something with high value that is valued across the world, like gold in a way.

It would only work if there was a central authority that could regulate its value. Even then, to really work, you would also need all nations to give up sovereignty over their fiscal policies.

Toilet paper

>not understanding something so basic as how an EMP works at this scale.

I'll help you, everything is 100% all gone. read about the carington event.

>It is currently 4 times as divisible as dollars (1 satoshi is 0.00000001 btc) and can be altered to become more divisible if required.
Again, not terribly relevant when it comes to currency use. Again, only true when it comes to physical cash and coin. You could create arbitrarily small divisions of USD, you just have no way to physically represent them.

not according to ebay faggot

It is very relevant when 1 coin is worth thousands of dollars. Since new btc cannot be created, the value cannot be artificially lowered by a central bank, it should in theory have a general trend upwards so long as it remains agreed upon that it has value. This is where divisibility becomes important with cryptocoins.

Neither does paper

And the voice of reason in this thread goes unnoticed or ignored.

>It is very relevant when 1 coin is worth thousands of dollars.
It's not relevant when you are comparing it to USD, where dealing with fractions of a cent is not common.
>Since new btc cannot be created, the value cannot be artificially lowered by a central bank,
Good for an investment, bad for a currency. Pick which one you want cryptocurrency to be.

not because people over here "dey tok mi money!" fuck you government! (not understanding how things work0

MORE LIKE


BITCH COIN
DUDE LMAO KEK LOL LEL LIL LOKDOWNFQUOPEFWJOPGV WOPERUGBEGBIUGBRGBGRG0GJMRPwr

money is the biggest fucking waste of time, you all are retarded for even thinking about it.

fuck all of it and fuck this thread, fucking money at it again, wasting fucking lives and accomplishing literally nothing but misery

fuck off

people use it for drugs

Say as a hypothetical that btc becomes worth a billion usd, 1 satoshi would then be $10USD and you would not be able to perform transactions lower than that. This isn't really a problem with paper currency as the value is kept within a range by the owners of the currency, divisibility is much more important to an currency with no dedicated regulatory system.

>pick investment or currency
I'm not the one choosing, but I think btc will become more of an investor thing anyway, being highly valuable and not well suited for everyday purchases. This is why I think there is room for a well designed coin to take on this role, with btc acting as a super gold of sorts. This is purely speculation.

>ctrl+f
>tulip
>not found

fuck you kid

retard