Bitcoin: it rocks

[CN3089]

actually the cool thing is that people lose real money on it

#1 post on r/bitcoin: suicide hotline


lmbo

[Warsaw]

The thing is, you don't have to trade crypto currency with typical currency to give it value, the USDs value is based on what people believe its value is which is the same as these crypto currencies.
You could if a seller was willing, make purchases with crypto currency bypassing the entire typical currency system all together.
If it were up to me, I would trade bitcoins for Copper bullion rather than normal currency because Copper is being consumed at a fast rate due to its various uses and its price is rising at a strong consistent pace.

Except you do because there are few sellers accepting Bitcoin directly. Sure, the USD or GBP or Euro or whatever are just as arbitrary these days, but they are established. Bitcoin is not. Bitcoin is new. And because Bitcoin is not centralised to a government, said governments have incentive to outlaw its use in transactions until they figure out how to tax it and the banks behind those governments get the lion's share and give the okay for the rest of us plebs to use it. Even then they might just let it stay outlawed because it offers no benefit to them and having your wealth reside in a realm that can only be currently described as a war-zone is not exactly wise.

[Limited]

Theres no intrinsic value in the actual Bitcoin themselves, the value comes with the Bitcoin protocol, and the network of Bitcoin.

This is why Bitcoin is good.

[Patrickssj6]

Theres no intrinsic value in the actual Bitcoin themselves, the value comes with the Bitcoin protocol, and the network of Bitcoin.

This is why Bitcoin is good.

That's not true................read previous posts. The actual value of the Bitcoin comes from the people who trust and invest into the currency, you are talking about the countervalue which is no value at all if people don't accept it.

Example: In an apocalyptic scenario your money is worthless, not because the countervalue is gone (e.g. precious resources like gold are still there) but because people need food to survive. Suddenly food and water become the currency.

[Timo]

haha bitcoins

[Zeph]

#1 post on r/bitcoin: suicide hotline


lmbo

Yep. Lots of people investing in something with money that's not leftover from living expenses. The 1930s stock market fallout crash was engineered to affect the people who were investing with their daily living money because they didn't know any better. This "China bank no back coin" crash is affecting the same kind of people.

[Limited]

That's not true................read previous posts. The actual value of the Bitcoin comes from the people who trust and invest into the currency, you are talking about the countervalue which is no value at all if people don't accept it.

Example: In an apocalyptic scenario your money is worthless, not because the countervalue is gone (e.g. precious resources like gold are still there) but because people need food to survive. Suddenly food and water become the currency.

Please look up the meaning of intrinsic value.

[Warsaw]

Please look up the meaning of intrinsic value.

He's disagreeing with the second part of your comment, not the first. You are right, the Bitcoin has no intrinsic value. While you are not entirely wrong that there is value in the Bitcoin system, that system is not what is making it monetarily valuable. Speculation is what is making it monetarily valuable.

[Higuy]

money is fucking dumb. i'll trade you a chicken for an egg

[Warsaw]

That's a bad trade, since you can use the chicken to produce eggs.