Posted on 11/08/2017 5:25:56 PM PST by 1_Inch_Group
Freerepublic could cancel their quarterly fund drives if they offered to let us(members) mine for them while on FR.
I don’t know if they could get $88k per quarter but it could help.
I get the impression you really just want me to type for a few minutes so you can say, “But what happens when the power goes out?”
Or, “But I like gold better.”
If you really want to know, PM me and I will write you a nice explanation. But, there are not a lot of open minds around here.
but there are lots of yayhoos..
I'm still holding beany babies an cabbage patch dolls. They're due for a rebound any time now.
I hate when $300 million of my Crypto currency dissappears.
Why does digging in a stream and finding a certain yellowish material worth anything?
So then, is the implication that any medium of exchange or any store of value is valuable simply because everyone has agreed this is how it will be?
Federal Reserve Notes have value only because the government tells you they do.
For that matter, gold only has value because people agreed that it does.
Bitcoin is worthless when the power goes down.
FRN are worthless when government orders too many of them into existence.
Gold isn't perfect. (Under some circumstances, it's utterly worthless. You can't eat it.) It has, at least, the inherent virtues or rarity and permanence.
Yup, just like those greenbacks in your wallet.
Oh no. Now the loser won't be able to shop for crypto-groceries. Thanks 1_Inch_Group.
For bitcoin there is a base intrinsic value because it is used as a digital currency. For example if I pay for some widget online with bitcoin. I had to go and find a bitcoin and pay for it. I then assign it to the merchant. The merchant may sell the bitcoin immediately and convert it to cash. Because bitcoin can be used in this way it creates a base level of demand for the crypto-currency. Since the hash values that represent the bitcoin are finite and becoming harder to find. The hash-keys that are in use may be fractionally spent, allowing a single bitcoin to have multiple owners that own a share of bit coin. This also drives the price up because as each person's risk is over a smaller portion of a bitcoin the less likely they are going to rush to sell their stake.
Because there is a market established where anybody can buy and sell the product demand increases as people speculate, just like what happens in the oil market. I'm not saying that Bitcoin is a safe investment. But if you had $7k of risk capital on hand I wouldn't fault you for buying a Bitcoin.
Many people are fearful of bitcoin because you need an electronic wallet on your computer. But you can buy a specialized thumb drive (hardware wallet) that will store your bitcoin offline until you are ready to use them. This means that as long as they are not plugged into your computer they are safe from electronic attacks.
If the storeowner decides that, he advertises his wares for “only $X minus 1¢”—which is another way of saying that "$1 is worth 1/X of” whatever good or service the advertiser has on offer.So every advertisement of the dollar-denominated price of any good or service is also an advertisement of the value of the dollar.
Oh, and BTW the government does the same thing—it offers not to arrest you if you do pay it enough tax dollars . . .
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