Topic: gold vs bitcoin and intrinsic value (Read 2419 times)

Quote from: Zarathustra on December 10, 2013, 06:03:57 AM

Quote from: Zarathustra on December 10, 2013, 05:55:05 AM

Quote from: porc on December 10, 2013, 06:27:00 AM

An object/ thing MUST! have intrinsic value in order to be MONEY! It also needs to be all the other things: divisible, scarce etc.

You can not SEPERATE golds pretty value and the fact that we like to touch it, FROM its money value. Without the its intrinsic value it would have NO money value.

The sooner you appreciate this fact the better, as the current PRICE of bitcoin will not last.

The story of the intrinsic value is the greatest BS ever. Repeating spreading BS doesn' make it better.

Stop diverting. If you agree with the term intrinsic doesnt matter.

Water has value, as it quenches my thirst.

Again I am talking about value in and of itself. Water has value in and of itself. I dont need to trade it. It HAS! value.

You are spreading BS again and again. Water has no value in itself. The external usage makes it valuable. Are you blind?

Extenal use=? Huh

?

Fact is: Water is valuable to humans because we need to drink it to survive. Thus waters value is that we can drink it. If I have water I dont need to trade it for it to become valuable. It already has value! Get it in your head.

Bitcoin: What can I do with a bitcoin except dump it on the next guy? ABSOLUTELY NOTHING.

LET THAT SINK IN: You can do ABSOLUTELY NOTHING! with a bitcoin except dumping it on the next guy.

1) You are not inside of the water. Therefore, there is no intrinsic value. It is used externally, and therefore, it does'nt have intrinsic value.
There is no such thing. Not for Gold, not for Gold 2.0, not for water.

2) I can store Gold and Gold 2.0, I can sell it, I can transfer it, I can donate it, I can lose it etc. etc.

You are being extremely Pedantic. That wont hide THIS fact:

I can DRINK water.

I can decorate my HOUSE with gold and I LOVE to look at it and TOUCH it.

What can I do with bitcoin?

ABSOLUTELY NOTHING.

You don't need intrinsic value for bitcoin to succed. In fact it is better with no intrinsic value. Why do you want to drink money?

Zarathustra

legendary

Activity: 1162

Merit: 1004

Quote from: Zarathustra on December 10, 2013, 06:15:34 AM

Quote from: Zarathustra on December 10, 2013, 06:03:57 AM

Quote from: Zarathustra on December 10, 2013, 05:55:05 AM

Quote from: Zarathustra on December 10, 2013, 06:15:34 AM

An object/ thing MUST! have intrinsic value in order to be MONEY! It also needs to be all the other things: divisible, scarce etc.

You can not SEPERATE golds pretty value and the fact that we like to touch it, FROM its money value. Without the its intrinsic value it would have NO money value.

The sooner you appreciate this fact the better, as the current PRICE of bitcoin will not last.

The story of the intrinsic value is the greatest BS ever. Repeating spreading BS doesn' make it better.

Stop diverting. If you agree with the term intrinsic doesnt matter.

Water has value, as it quenches my thirst.

Again I am talking about value in and of itself. Water has value in and of itself. I dont need to trade it. It HAS! value.

You are spreading BS again and again. Water has no value in itself. The external usage makes it valuable. Are you blind?

Extenal use=? Huh

?

Fact is: Water is valuable to humans because we need to drink it to survive. Thus waters value is that we can drink it. If I have water I dont need to trade it for it to become valuable. It already has value! Get it in your head.

Bitcoin: What can I do with a bitcoin except dump it on the next guy? ABSOLUTELY NOTHING.

LET THAT SINK IN: You can do ABSOLUTELY NOTHING! with a bitcoin except dumping it on the next guy.

1) You are not inside of the water. Therefore, there is no intrinsic value. It is used externally, and therefore, it does'nt have intrinsic value.
There is no such thing. Not for Gold, not for Gold 2.0, not for water.

2) I can store Gold and Gold 2.0, I can sell it, I can transfer it, I can donate it, I can lose it etc. etc.

You are being extremely Pedantic. That wont hide THIS fact:

I can DRINK water.

I can decorate my HOUSE with gold and I LOVE to look at it and TOUCH it.

What can I do with bitcoin?

ABSOLUTELY NOTHING.

1) You are not inside of the water. Therefore, there is no intrinsic value. It is used externally, and therefore, it does'nt have intrinsic value.
There is no such thing. Not for Gold, not for Gold 2.0, not for water.

2) store , barter, transfer, donate, lose it etc. etc.

porc

member

Activity: 98

Merit: 10

Quote from: Zarathustra on December 10, 2013, 06:03:57 AM

Quote from: Zarathustra on December 10, 2013, 05:55:05 AM

An object/ thing MUST! have intrinsic value in order to be MONEY! It also needs to be all the other things: divisible, scarce etc.

You can not SEPERATE golds pretty value and the fact that we like to touch it, FROM its money value. Without the its intrinsic value it would have NO money value.

The sooner you appreciate this fact the better, as the current PRICE of bitcoin will not last.

The story of the intrinsic value is the greatest BS ever. Repeating spreading BS doesn' make it better.

Stop diverting. If you agree with the term intrinsic doesnt matter.

Water has value, as it quenches my thirst.

Again I am talking about value in and of itself. Water has value in and of itself. I dont need to trade it. It HAS! value.

You are spreading BS again and again. Water has no value in itself. The external usage makes it valuable. Are you blind?

Extenal use=? Huh

?

Fact is: Water is valuable to humans because we need to drink it to survive. Thus waters value is that we can drink it. If I have water I dont need to trade it for it to become valuable. It already has value! Get it in your head.

Bitcoin: What can I do with a bitcoin except dump it on the next guy? ABSOLUTELY NOTHING.

LET THAT SINK IN: You can do ABSOLUTELY NOTHING! with a bitcoin except dumping it on the next guy.

1) You are not inside of the water. Therefore, there is no intrinsic value. It is used externally, and therefore, it does'nt have intrinsic value.
There is no such thing. Not for Gold, not for Gold 2.0, not for water.

2) I can store Gold and Gold 2.0, I can sell it, I can transfer it, I can donate it, I can lose it etc. etc.

You are being extremely Pedantic. That wont hide THIS fact:

I can DRINK water.

I can decorate my HOUSE with gold and I LOVE to look at it and TOUCH it.

What can I do with bitcoin?

ABSOLUTELY NOTHING.

Erdogan

legendary

Activity: 1512

Merit: 1005

Quote from: Erdogan on December 10, 2013, 05:23:23 AM

Quote from: TeeBone on December 10, 2013, 04:56:46 AM

Quote from: traderCJ on December 10, 2013, 03:40:26 AM

Gold is a very special element. It is a solid. It is unreactive, making debasement due to environmental factors improbable. Its rarity is appropriate for use as a store of a value for a lifetime's work. Not nearly as plentiful as iron and much more plentiful than, say, palladium. It also has a very low melting point, making smelting an easy process. The only other metal that comes close to these unique characteristics is silver, but even that is reactive. This choice of gold certainly wasn't arbitrary or limited to aesthetics.

Some people think a currency backed by an asset makes the most sense. I used to be one of these people. I have come to believe that this simply makes the currency a slave to whatever affects the price of the underlying asset. A currency backed by megawatt-hours will crash if there is a leap in energy-generation technology. A currency backed by a metal will be subject to mine output fluctuations. I believe it makes more sense to just adopt a currency which resembles bitcoin in its inflation/stagnation characteristics, divisibility, transferability, etc. It is backed by .. nothing .. and in this I actually see strength.

Im amazed at the amount of Bitcoiners i see online, similar to you, who once believed in sound (austrian) economics, sound money, how money/currency comes about, etc but now say WELL NOT ANYMORE NOW THAT I OWN BITCOIN !!... lol deluding yourself because you want your 'thing' to succeed, and flushing everything you've learned over the years down to toilet. Not smart (in the long run), imo

So you did not get the part of Austrian economy about money value, the exchange value component of the money's value.

Gold has some intrinsic value, nobody knows how large that component is, all we know is that gold is useful directly for some purposes. For its money function, that means that it's value can not fall to zero, therefore gold will always exist in society, and be ready for use as money again should the need arise. Bitcoin does not have that, should it go to zero for some reason, it might disappear forever.

The fact that gold has intrinsic value, means that as long as it is used as money, the other uses will have to suffer. Should gold not have any exchange value, it would be less costly and we might have used it in many more applications, where its use now not can be defended. Therefore it is best that money does not have intrinsic value. Bitcoin as money is more pure, only exchange value, and its hoarding harms no one.

You are missing the point.

An object/ thing MUST! have intrinsic value in order to be MONEY! It also needs to be all the other things: divisible, scarce etc.

You can not SEPERATE golds pretty value and the fact that we like to touch it, FROM its money value. Without the its intrinsic value it would have NO money value.

The sooner you appreciate this fact the better, as the current PRICE of bitcoin will not last.

Are you going around the porridge here, hinting at the regression theorem?

Zarathustra

legendary

Activity: 1162

Merit: 1004

Quote from: Zarathustra on December 10, 2013, 06:03:57 AM

Quote from: Zarathustra on December 10, 2013, 05:55:05 AM

Quote from: Zarathustra on December 10, 2013, 06:03:57 AM

An object/ thing MUST! have intrinsic value in order to be MONEY! It also needs to be all the other things: divisible, scarce etc.

You can not SEPERATE golds pretty value and the fact that we like to touch it, FROM its money value. Without the its intrinsic value it would have NO money value.

The sooner you appreciate this fact the better, as the current PRICE of bitcoin will not last.

The story of the intrinsic value is the greatest BS ever. Repeating spreading BS doesn' make it better.

Stop diverting. If you agree with the term intrinsic doesnt matter.

Water has value, as it quenches my thirst.

Again I am talking about value in and of itself. Water has value in and of itself. I dont need to trade it. It HAS! value.

You are spreading BS again and again. Water has no value in itself. The external usage makes it valuable. Are you blind?

Extenal use=? Huh

?

Fact is: Water is valuable to humans because we need to drink it to survive. Thus waters value is that we can drink it. If I have water I dont need to trade it for it to become valuable. It already has value! Get it in your head.

Bitcoin: What can I do with a bitcoin except dump it on the next guy? ABSOLUTELY NOTHING.

LET THAT SINK IN: You can do ABSOLUTELY NOTHING! with a bitcoin except dumping it on the next guy.

1) You are not inside of the water. Therefore, there is no intrinsic value. It is used externally, and therefore, it does'nt have intrinsic value.
There is no such thing. Not for Gold, not for Gold 2.0, not for water.

2) I can store Gold and Gold 2.0, I can sell it, I can transfer it, I can donate it, I can lose it etc. etc.

porc

member

Activity: 98

Merit: 10

Quote from: Zarathustra on December 10, 2013, 05:55:05 AM

An object/ thing MUST! have intrinsic value in order to be MONEY! It also needs to be all the other things: divisible, scarce etc.

You can not SEPERATE golds pretty value and the fact that we like to touch it, FROM its money value. Without the its intrinsic value it would have NO money value.

The sooner you appreciate this fact the better, as the current PRICE of bitcoin will not last.

The story of the intrinsic value is the greatest BS ever. Repeating spreading BS doesn' make it better.

Stop diverting. If you agree with the term intrinsic doesnt matter.

Water has value, as it quenches my thirst.

Again I am talking about value in and of itself. Water has value in and of itself. I dont need to trade it. It HAS! value.

You are spreading BS again and again. Water has no value in itself. The external usage makes it valuable. Are you blind?

Extenal use=? Huh

?

Fact is: Water is valuable to humans because we need to drink it to survive. Thus waters value is that we can drink it. If I have water I dont need to trade it for it to become valuable. It already has value! Get that in your head.

Bitcoin: What can I do with a bitcoin except dump it on the next guy? ABSOLUTELY NOTHING.

LET THAT SINK IN: You can do ABSOLUTELY NOTHING! with a bitcoin except dumping it on the next guy.

Zarathustra

legendary

Activity: 1162

Merit: 1004

Quote from: Zarathustra on December 10, 2013, 05:55:05 AM

Quote from: Zarathustra on December 10, 2013, 05:55:05 AM

An object/ thing MUST! have intrinsic value in order to be MONEY! It also needs to be all the other things: divisible, scarce etc.

You can not SEPERATE golds pretty value and the fact that we like to touch it, FROM its money value. Without the its intrinsic value it would have NO money value.

The sooner you appreciate this fact the better, as the current PRICE of bitcoin will not last.

The story of the intrinsic value is the greatest BS ever. Repeating spreading BS doesn' make it better.

Stop diverting. If you agree with the term intrinsic doesnt matter.

Water has value, as it quenches my thirst.

Again I am talking about value in and of itself. Water has value in and of itself. I dont need to trade it. It HAS! value.

You are spreading BS again and again. Water has no value in itself. The external usage makes it valuable. Are you blind?

porc

member

Activity: 98

Merit: 10

An object/ thing MUST! have intrinsic value in order to be MONEY! It also needs to be all the other things: divisible, scarce etc.

You can not SEPERATE golds pretty value and the fact that we like to touch it, FROM its money value. Without the its intrinsic value it would have NO money value.

The sooner you appreciate this fact the better, as the current PRICE of bitcoin will not last.

The story of the intrinsic value is the greatest BS ever. Repeating spreading BS doesn' make it better.

Stop diverting. If you agree with the term intrinsic doesnt matter.

Water has value, as it quenches my thirst.

Again I am talking about value in and of itself. Water has value in and of itself. I dont need to trade it. It HAS! value.

Bitcoin has no value.

Money has value for ITSELF. Thus Bitcoin is not MONEY!

Get it in your head.

Zarathustra

legendary

Activity: 1162

Merit: 1004