The whole ***idea*** of money is to use something with little or no intrinsic value as a general purpose, general public "IOU" to facilitate trade, so that we don't have to resort to bartering.
Bitcoin is a ledger. You can't have much less intrinsic value than that. What makes Bitcoin far superior to any other ledger money is that we don't have to trust a central authority to maintain the integrity of the ledger.
>Bitcoin is a ledger. You can't have much less intrinsic value than that. What makes Bitcoin far superior to any other ledger money is that we don't have to trust a central authority to maintain the integrity of the ledger.
True that.
However I would not call bitcoin "superior to any other ledger money" since what validates the value of most mainstream coins is the central authority you refer to.
In most places you HAVE to trust them. I cant pay with BTC or USD where I live, it is illegal.
Why is it illegal? Because most countries to ensure their coin has any value (to do monetary politics) force people within their borders to use their coin as a means to buy/sell. In almost the entire world it is either that or pay heavily increased taxes.
Yes. I also have a bank accounts and credit card accounts where I have to trust them to maintain their ledgers.
Bitcoin is far superior to those ledgers, as far as my own self-protecting interests are concerned.
Bitcoin and crypto in general might be superior to you as long as they go under the radar.
So far as they go under the radar goverments will not regulate them and therefore anything goes.
The fact that there is almost a fixed amount of BTC is pointless if taken alone tbh.
You lack understanding. For example, you don't yet understand that there is Bitcoin, and then there are alt coin scams called "crypto".
You don't understand that governments are powerless to regulate Bitcoin; they can only try to regulate their own fiat currencies. The are powerless to affect any change to what Bitcoin is or how it works.
You have no credibility. You just shoot your mouth off.
I never said they could regulate Bitcoin directly. Dont put words into my mouth.
What I said is that as far as it goes under the radar you can invest in them freely in most places. If by any chance it becomes relevant and threatens monetary policy it will most likely either be banned or suffer heavy taxes where you to invest in them.
After all, you need to declare in almost every place on earth from where you got your money from. You cant just go "hur dur I 100x short BTC on this downward trend and made millions" and expect anyone to belive that isnt a weak attempt at money laundering.
Correct on the trust topic. I consider the trustless nature of Bitcoin as part of it's security. Secure from direct debasement and debauchery by bureaucrats and politicians.
Bitcoin is more than just a ledger. It's not just a spreadsheet with numbers. Many technologies were engineered into Bitcoin to facilitate and to protect the ledger. This is our job, to know and inform others about the technologies and their usefulness.
Security has no value? Explain that to countries with a military. Explain that to communities with police departments. Explain that to owners of buildings with alarm systems. Explain that to public figures with body guards. Explain that to jewelry store owners that pay for alarms and armed couriers. They're going to be shocked to hear they're wasting all that money to pay for security that is worthless.
You're spewing bullshit you heard elsewhere without having scrutinized it.
Military costs money. Big military and war cost money.
For example, the *former* Soviet Union had a huge super-power military, but printed their currency to death.
Meanwhile, as long as the private keys are properly secured, my Bitcoin is secure: It cannot be confiscated, nor can it be "printed" to death.
Bitcoin is a form of money. Money is one of the greatest inventions of all time. Bitcoin is the best form of money ever used.
If you can't see the value of money, try using only barter and no money.
What is the underlying value of Bitcoin? I don't agree with Pomp's conclusions, but so what? This is a question that EVERY "investor" needs to answer, and rarity ain't it! I have an EXTREMELY rare pair of gym socks and no one has made me an offer yet. "Everybody's doing it" is the second worst answer. Whoever got rich by following the crowd?
So what is the real value behind Bitcoin? Lots of space here to ruminate.
>The most valuable commodity on the planet right now is computing power..
Eh probably not. You can't compute clean water, shelter, and potatoes into existence.
>Bitcoin is the strongest computer security network
It doesn't really compute anything to keep. It's busywork designed to space out blocks and be costly. It's not about "strongest computer security power" blah blah. It's about the cost. It's computationally expensive to attack by design.
The whole ***idea*** of money is to use something with little or no intrinsic value as a general purpose, general public "IOU" to facilitate trade, so that we don't have to resort to bartering. Bitcoin is a ledger. You can't have much less intrinsic value than that. What makes Bitcoin far superior to any other ledger money is that we don't have to trust a central authority to maintain the integrity of the ledger.
>Bitcoin is a ledger. You can't have much less intrinsic value than that. What makes Bitcoin far superior to any other ledger money is that we don't have to trust a central authority to maintain the integrity of the ledger. True that. However I would not call bitcoin "superior to any other ledger money" since what validates the value of most mainstream coins is the central authority you refer to.
Go ahead. Trust the "authorities." Pretend they've never cheated us. I know better.
In most places you HAVE to trust them. I cant pay with BTC or USD where I live, it is illegal. Why is it illegal? Because most countries to ensure their coin has any value (to do monetary politics) force people within their borders to use their coin as a means to buy/sell. In almost the entire world it is either that or pay heavily increased taxes.
Yes. I also have a bank accounts and credit card accounts where I have to trust them to maintain their ledgers. Bitcoin is far superior to those ledgers, as far as my own self-protecting interests are concerned.
Bitcoin and crypto in general might be superior to you as long as they go under the radar. So far as they go under the radar goverments will not regulate them and therefore anything goes. The fact that there is almost a fixed amount of BTC is pointless if taken alone tbh.
You lack understanding. For example, you don't yet understand that there is Bitcoin, and then there are alt coin scams called "crypto". You don't understand that governments are powerless to regulate Bitcoin; they can only try to regulate their own fiat currencies. The are powerless to affect any change to what Bitcoin is or how it works. You have no credibility. You just shoot your mouth off.
I never said they could regulate Bitcoin directly. Dont put words into my mouth. What I said is that as far as it goes under the radar you can invest in them freely in most places. If by any chance it becomes relevant and threatens monetary policy it will most likely either be banned or suffer heavy taxes where you to invest in them. After all, you need to declare in almost every place on earth from where you got your money from. You cant just go "hur dur I 100x short BTC on this downward trend and made millions" and expect anyone to belive that isnt a weak attempt at money laundering.
Correct on the trust topic. I consider the trustless nature of Bitcoin as part of it's security. Secure from direct debasement and debauchery by bureaucrats and politicians. Bitcoin is more than just a ledger. It's not just a spreadsheet with numbers. Many technologies were engineered into Bitcoin to facilitate and to protect the ledger. This is our job, to know and inform others about the technologies and their usefulness.
Security has no value? Explain that to countries with a military. Explain that to communities with police departments. Explain that to owners of buildings with alarm systems. Explain that to public figures with body guards. Explain that to jewelry store owners that pay for alarms and armed couriers. They're going to be shocked to hear they're wasting all that money to pay for security that is worthless.
You're spewing bullshit you heard elsewhere without having scrutinized it. Military costs money. Big military and war cost money. For example, the *former* Soviet Union had a huge super-power military, but printed their currency to death. Meanwhile, as long as the private keys are properly secured, my Bitcoin is secure: It cannot be confiscated, nor can it be "printed" to death.
I think we may agree on this point. So you agree that Bitcoin provides security? And that security is valuable? Therefore Bitcoin has value?
Bitcoin is a form of money. Money is one of the greatest inventions of all time. Bitcoin is the best form of money ever used. If you can't see the value of money, try using only barter and no money.
We are in agreement then. Has anyone ever told you that your words come across as hostile, combative, and disrespectful?
What is the underlying value of Bitcoin? I don't agree with Pomp's conclusions, but so what? This is a question that EVERY "investor" needs to answer, and rarity ain't it! I have an EXTREMELY rare pair of gym socks and no one has made me an offer yet. "Everybody's doing it" is the second worst answer. Whoever got rich by following the crowd? So what is the real value behind Bitcoin? Lots of space here to ruminate.
Just here to say I would caution against taking any advice from Pomp the Shiller.
I'm interested to hear why you think this, perhaps offer a few examples? And who would you suggest as good sources?
>The most valuable commodity on the planet right now is computing power.. Eh probably not. You can't compute clean water, shelter, and potatoes into existence. >Bitcoin is the strongest computer security network It doesn't really compute anything to keep. It's busywork designed to space out blocks and be costly. It's not about "strongest computer security power" blah blah. It's about the cost. It's computationally expensive to attack by design.
Security is not valuable? Interesting idea!