Topic: Bitcoin's real value (Read 2961 times)

what you said is correct but till what time we will be waiting for the shop or traders to accept bitcoin as payment instead of that we can  go and encorage the trader about bitcoin payment and tell them the potential about bitcoin , which will help more for their business. and you wanted to buy through bitcoin and like you their are more users who are ready to buy things through bitcoins. then only they will seek and get details about bitcoin. gold and silver also got their value after the user started asking for gold and silver to the traders. like this when we initiate then they will also initiate and go for bitcoin.

same for gold and silver and other things. they too has no value. it is because of supply and demand that makes them valueable. so right now, bitcoin is limited but becuz of no much demand for it, it is still largely unknown to the world. so if btc can be made as another mode of payment commonly throughout, there will be huge demand for it.

BTC is basically a virtual currency. It has no definate value, but can be exchanged for online payments and paypal.

Definitely, there is some social engineering at work: FUD, coordinated hackings, sabotage, opinion manipulation, etc...

Bitcoin is under siege, but not the network itself, but the user's minds that use it. The network security doesnt matter if the user's can be manipulated.

Most bitcoin users are hardcore sheeple too!

price is equal proportion of trade and loss,one cannot get profit if there is no loss. go keep rolling btc

Real value is utility.

Scarcity only matters if there is demand.

More utility leads to more demand, by more users. This idea that just tucking away some private keys, using Bitcoin once a year... and thinking noobs will just continue to pay more for your bags is delusional.

The people that really cared about digital, uncensorable wealth storage are already "in". Those who aren't "in" see a distinct road block to further adoption and use in the 3 TPS artificial limit.

Censorship resistance and decentralization are very important, but it doesn't mean we should just become complacent about the competition. Open source software does not hold an esteemed position on the periodic table. Here's to hoping we buy some time for layer 2 scaling solutions with some modest scaling of the max tx capacity of the network.

There is little value in bitcoin, as there is similar and (even better, as in confirmation times, etc) in other altcoins.  BUT, there is value in a brand, and bitcoin is a brand.  so it score points there.  Also a lot of btc people are really greedy and ambitious human beings, so theres that too.

So value = demand and offer, as everything.  buy low sell high.  what is low ?  a period of calm, low prices relative to previous highs...and then wait for the next pump

The smart things for Governments to do would be to buy large numbers of them, so they have "control."  If the US Government bought 20 million of them, then they would be able to dictate the value of the other 1million.  Wouldn't that essentially turn it into fiat?

And this has been discussed hundreds of times, even bitcoin can process millions of transactions per second, people would still spend inflative fiat money and save deflative bitcoin, this is a no-brainer: you always first spend something that drops in value long term wise.

There might be a day that fiat money totally disappeared and only bitcoin is used for transaction, but that is highly unlikely because majority of human are getting used to trusting authorities, the existence of authorities makes them feel safe

OP is right, many people buying bitcoin because they are investing in a promise: A promise of never increased money supply and decentralized censorship resistance

Most of the people are used to listen to authorities and do not realize that in bitcoin there is no authorities, you are the authority to decide what you use regardless what anyone else think

For example, imagine that Chinese government took over most of the mining farms in china and controlled 70% of network hash power, made their fork and created client bitcoin BJ (BJ stands for BeiJing), with their party leader deciding the future coin generation scheme. What will happen?

No one will use their fork, no merchant will accpet that client, coins on that chain would worth nothing, those hash power working on that chain would just be wasted electricity. This is simply because it broke those 2 most important promise of bitcoin: limited money supply and decentralized censorship resistance. I believe, without these 2 promise, 99% of the user will leave bitcoin

So, this censorship resistance is not achieved through physical hashpower(In this case you can't fight against BJ coin since it has majority of hash power), but through a consensus. Anything that brake this consensus is automatically excluded out of the current bitcoin ecosystem. Of course those hash power could harm the network if they attack, but the damage is limited: Anyone who hold his coin will not be affected by attack

hum, you cant seriously compare bitcoin with beanie babies.

as i said:  the one and only incentive for serious investors to buy bitcoin, and hence 'speculating' in a healthy manner is because of considering it as a decentralized-anthropo-resilient-cryptographically-secured-safe-haven.. not because it allows coffee tipping et al. (which it will never on a global scale anyway).


but for the more common use, i am confident new layers, new on-top innovations, new companies etc, or even altcoins will emerge to catch up with the new needs as they come, and allow solutions that are more practical for the average user.

and they surely will benefit from bitcoin as well, as it wont be that same debased over printed paper that the FED is feeding the rest of the world.
bitcoin's mass and core capacity has to be rock solid and not subject to any human consideration to prevent all the abuses we are currently witnessing in the financial world.

of course there would always be scams, etc.. but this you just cant fight it.
just look at all the passed drama in bitcoin's relatively young history.

Let's try to stay pragmatic here. Two simple questions:

1- How would that be different than beanie babies or investing in shares of dormant company? You basically invest in hope that some other 'investor' will be happy to pay more for your 'investment' and nothing more. What would you need blockchain for then at all? If there's no practical use, why not replacing it with limited edition, hologram protected paper 'certificates of nothing'. Seems much better, as there will be no mining costs etc.

2- If you take away everything and are left with 'investment' use only, that means BTC practically don't exist outside BTC/fiat exchanges (regulated, with KYC/AML). So where's that protection from banks/governments you're talking about? If you kill all the other infrastructure (or give it away to altcoins), what will you do with your bitcoins if exchanges start/are forced to restrict your funds?