As opposed to the value of a US dollar, ROFLMAO.
Tulips
“the value of bitcoin is entirely based on wishful thinking.”
That’s true, but so is the value of a dollar, a Picasso, or a bar of gold. All anything is worth is what the next guy is willing to pay for it.
So Bitcoin is as valuable as any of the ‘fiat’ currencies that governments print. Good to know.
oh yeah - ill believe the banks are a source of good info on their greatest long-term competitive threat.
And why is an ounce of gold “worth” $1800?
Value is determined by what someone is willing to pay for it.
This “debate” by banks about determining value is an academic exercise by people who will loose a bunch of money if cryptos become a standard.
It is important to listen to these lame arguments. But is also important to ask who benefits or loses from the success or failure.
Bitcoin is roughly where it was in February, its highly volatile right now because its price shot up dramatically since the November elections.
Point out to me which of the currencies of the big 20 are not based on wishful thinking. It is hard to imagine that food is traded for numbers on a computer screen.
You know it’s bad when even the Chinese have abandoned Bitcoin.
The two biggest forms of theft are Taxes and Inflation. Hence, Bitcoin
Isn’t this guy from a country where a loaf of bread cost a wheelbarrow-full of government currency a while back?
So is the entire platform and practice of the current Democrat party “wishful thinking.”
Hi.
The value of Deutsche Bank stock is also based on wishful thinking.
5.56mm
The value of bitcoin is based on it having a permanent quantity limit, unlike the US dollar.
Um... does he understand the concept of “value” and that that the “value” of things that are not necessities are always wishful thinking?!
Does he think gold has value because it has some necessary purpose to life?!
This explains why so many banks are failing - their leaders don’t even understand basic economics.
Something has value if people agree that it does. That’s the only requirement.
Governments hate that they don’t have a nice slice of the pie.
What is the definition of money/currency?
What determines the value of it?
I would like to ask these geniuses that.
While it is true that fiat money like the US dollar is not backed by tangible assets like gold or silver, the dollar at least has the backing of a erstwhile stable government and economy. Bitcoin is pure vapor. However, the value of all fiat money is tied to the economic and monetary policies of the government issuing them. Printing money and inflating the money supply always devalues the currency. Zimbabwe and Venezuela are good examples. Sadly Biden is doing the same to the US dollar.
Who backs your currency kids ?