Could you please explain if Bitcoin has any intrinsic value? If a currency is not backed by a bank/government, can it have real value? This scenario seems more like casino style gambling to me.
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Throughout history, humans have used shells, beads, livestock, grain, metal coins, paper notes, salt, tobacco, stones and feathers. You’re drawing the line at immutable finite digital hashes backed by 10’s of thousands of decentralized computers. Okay 😅
Here’s one of your professors. Central authorities are exactly the problem. Separate money and state. French Finance Professor Tad Smith 20+ years at NYU. (3 minutes) https://m.youtube.com/watch?v=mzbntkfbh7o
This jumped up by 20 companies in just the past month. Are you sure you’re up to speed with your peers in finance, how old is that degree? Haha. https://bitcointreasuries.net
Thanks, but I respectfully disagree. “Most” money has an established government that manages and supports their currency. They must at least be somewhat responsible for their citizens sake. Who supports Bitcoin?
There are a bunch of people working on open source software that makes it work, beyond that there are a lot of people that assign value to it and otherwise contribute to the project. About 1 in 7 Americans all across the political spectrum hold Bitcoin.
Also like gold, it is cumbersome. Bitcoin is too slow to confirm payment. Your average Dunkin Donuts drive thru would grind to a halt if everyone tried to pay with bitcoin (or physical gold).
No money has intrinsic value. Money is a simply a socially agreed upon symbol usee to represent value. Bitcoin is basically wildcat banking in electronic form. They are electronic beanie babies.
Nothing in the world has any value other than that placed on it by someone else. Currency has no value unless other people want it. And they only want it because other people want it. If other people want Bitcoin it has value.
You could not possibly be more wrong. Look up the words “intrinsic value” and educate yourself a bit -
“A measure of what an asset is worth that is arrived at by means of an objective calculation or complex financial model, rather than using the currently trading
market price of that asset.”
Try to spend it on anything else in this world of true value. You’ll soon learn its intrinsic value. Your only hope of “spending” it is to find another sucker who’ll buy it.
I would choose the money too, but only because I knew I could easily spend it! Like the ham sandwich (and unlike Bitcoin) it does have true intrinsic value.
There is still an element of needing a person to give it value. Ham sandwiches have zero value to a vegetarian. You are giving it a value because you like ham sandwiches.
the "intrinsic value" of money is how efficiently it transmits/preserves information about the relative value of goods and services across time and space.
BTC is "backed" by electrical generation and computational capacity (and nearly all future productivity gains will be dependent on this)
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Bitcoin is not managed by a responsible central authority, so its value is 100% determined by what the next fool will pay for it.
And, If more bitcoin is mysteriously “mined” today, your “fortune” is…
https://m.youtube.com/watch?v=mzbntkfbh7o
If the those “central authorities” do fall, and the anarchy (you seem to predict) does start, who will protect you and your bitcoin then?
Unless you are purchasing verifiable “stable” coins, your bitcoins will become even more useless to you in a fallout shelter.
Like gold bars that are stored in costly secure vaults. But unlike gold because gold has real world uses in jewelry and electronics.
Owners of bitcoin think it’s going up, won’t spend it. Non-owners think it’s going down, won’t accept it.
“A measure of what an asset is worth that is arrived at by means of an objective calculation or complex financial model, rather than using the currently trading
market price of that asset.”
bill. Yet most ppl would choose the money over the sandwich unless they were starving.
BTC is "backed" by electrical generation and computational capacity (and nearly all future productivity gains will be dependent on this)