Free Republic
Browse · Search
General/Chat
Topics · Post Article

To: cba123
Bitbots are very condescending, when you ask them questions about what makes crypto currencies valuable they reply with " you don't understand " Why not just answer the simple questions?

Why not define bitcoin's intrinsic value? Why not explain how the economy is now pricing everything in bitcoin? Why not show us the historical record of bitcoin's use as a currency? Why not show us where a majority of the population is willing to accept it as pay for goods/services?

Meh! I'll stick with investing in tangible assets. Gold and Silver have a real history of all those things and then some, going for them.

6 posted on 12/22/2017 6:34:00 AM PST by WhatNot (The Gospel doesn't promise the American dream, it promises Eternal life in the Kingdom of God.)
[ Post Reply | Private Reply | To 1 | View Replies ]


To: WhatNot
what makes crypto currencies valuable

At a very high level, a crypto currency is just a digital asset that I can prove I own and cannot be taken away from me (without force, deception, fraud, etc...) It's value is derived by other people wanting ownership over the digital asset. The more they want it, the more Federal Reserve notes they are willing to trade for it.

Why not define bitcoin's intrinsic value?

Along with what I just said, part of it's intrinsic value is it's scarcity. It is guaranteed to be limited to 21 Million. Unlike Federal Reserve notes and even unlike gold. If a meteor crashed tomorrow that contained 100 tons of gold, the value of gold would immediately tank. (not that that is very likely)

Why not explain how the economy is now pricing everything in bitcoin?

Not sure what you mean here.

Why not show us the historical record of bitcoin's use as a currency? Why not show us where a majority of the population is willing to accept it as pay for goods/services?

I don't think Bitcoin will ever be able to be used as currency. Maybe an alt-coin will but I'm not too sure about that. I think Bitcoin's true calling will be as a store of value.

9 posted on 12/22/2017 7:47:29 AM PST by nitzy
[ Post Reply | Private Reply | To 6 | View Replies ]

Free Republic
Browse · Search
General/Chat
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson