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Topic: Re-visit the question: What is bitcoin's value backed by? (Read 9149 times)

crumbs
full member
Activity: 210
Merit: 100
Re-visit the question: What is bitcoin's value backed by?
October 17, 2013, 09:44:29 AM
#150
Quote from: NewLiberty on October 16, 2013, 08:52:09 PM
Quote from: crumbs on October 16, 2013, 09:03:42 AM
Quote from: NewLiberty on October 16, 2013, 08:36:48 AM
Quote from: crumbs on October 15, 2013, 04:42:00 PM
Quote from: NewLiberty on October 15, 2013, 04:31:51 PM
Quote from: hulk on October 15, 2013, 08:45:32 AM
Trust, greed and also economic stability. If USD is stable and safe, the value of Bitcoin should drop...

I suspect the majority of people using Bitcoin never see a USD.

I suspect you're wrong Sad



Is your chart showing a measurement of something?
Amount of trades, or numbers of people, or something else?
Does it have something to do with Bitcoin?

Its pretty though.  I like the color gold.

"I suspect the majority of people using Bitcoin never see a USD."
(I suspect the number of humans using Bitcoin in the USA is << %50 of humans using Bitcoin.)

Yeah.  The chart has something to do with bitcoin.  It's from bitcoincharts.com, the go-to site for people who chose not to pull bitcoin-related statistics out of their ass.

I'm glad you liek colors, Tiger.  When you're all grown up & ready to shapes, we'll talk moar Smiley

*The Somalis & Mexicans & Russians & Portuguese that trade bitcoin <-> $?  Well, they see USD too.  Don't have to come from my Land of the Brave to know teh dollar.

Nice stretch.  You almost made your pacman chart relevant to numbers of people. Wink

I see.  You feel, deep down in your heart, that bitcoin is used by countless great unwashed of the world, the huddled masses who haven't even seen a computer, much less have access to one, amirite?

They know nothing about the dollar, dealing in bitcoin only, which keeps them in a state of constant bewilderment:  On Monday, I HEART BITCOIN bumper stickers cost .1 BTC, on Tuesday .15.  Explanations are wholly unhelpful, most involving a mysterious "$" symbol.

There are other annoyances revolving around availability of luxury items in the bitcoin marketplace:  No food for any amount of bitcoin (some manage to survive for months on salsa sauce & sweets purchased on the web), no gas for the "I HEART BITCOIN" car, or car, or even a bumper to stick said stickies on Sad  Other than those few trivial but pesky details, the poor are really digging bitcoin.

Of course, those are all just nice feels -- you really don't have any data, do you?
What in the world (other than that really dirty shit from SR that smelled like perfume & cooked up all funny) made you think that the poor are flocking to bitcoin? Cheesy
NewLiberty
legendary
Activity: 1204
Merit: 1002
Gresham's Lawyer
Re: Re-visit the question: What is bitcoin's value backed by?
October 16, 2013, 08:56:20 PM
#149
Quote from: Kluge on October 16, 2013, 08:53:58 PM
Quote from: NewLiberty on October 16, 2013, 08:52:09 PM
Nice stretch.  You almost made your pacman chart relevant to numbers of people. Wink
Sorry bro, but nobody cares about broke folk.

Consider me a part of that nobody.  I care.
Kluge
donator
Activity: 1218
Merit: 1015
Re: Re-visit the question: What is bitcoin's value backed by?
October 16, 2013, 08:53:58 PM
#148
Quote from: NewLiberty on October 16, 2013, 08:52:09 PM
Quote from: crumbs on October 16, 2013, 09:03:42 AM
Quote from: NewLiberty on October 16, 2013, 08:36:48 AM
Quote from: crumbs on October 15, 2013, 04:42:00 PM
Quote from: NewLiberty on October 15, 2013, 04:31:51 PM
Quote from: hulk on October 15, 2013, 08:45:32 AM
Trust, greed and also economic stability. If USD is stable and safe, the value of Bitcoin should drop...

I suspect the majority of people using Bitcoin never see a USD.

I suspect you're wrong Sad



Is your chart showing a measurement of something?
Amount of trades, or numbers of people, or something else?
Does it have something to do with Bitcoin?

Its pretty though.  I like the color gold.

"I suspect the majority of people using Bitcoin never see a USD."
(I suspect the number of humans using Bitcoin in the USA is << %50 of humans using Bitcoin.)

Yeah.  The chart has something to do with bitcoin.  It's from bitcoincharts.com, the go-to site for people who chose not to pull bitcoin-related statistics out of their ass.

I'm glad you liek colors, Tiger.  When you're all grown up & ready to shapes, we'll talk moar Smiley

*The Somalis & Mexicans & Russians & Portuguese that trade bitcoin <-> $?  Well, they see USD too.  Don't have to come from my Land of the Brave to know teh dollar.

Nice stretch.  You almost made your pacman chart relevant to numbers of people. Wink
Sorry bro, but nobody cares about broke folk.
NewLiberty
legendary
Activity: 1204
Merit: 1002
Gresham's Lawyer
Re: Re-visit the question: What is bitcoin's value backed by?
October 16, 2013, 08:52:09 PM
#147
Quote from: crumbs on October 16, 2013, 09:03:42 AM
Quote from: NewLiberty on October 16, 2013, 08:36:48 AM
Quote from: crumbs on October 15, 2013, 04:42:00 PM
Quote from: NewLiberty on October 15, 2013, 04:31:51 PM
Quote from: hulk on October 15, 2013, 08:45:32 AM
Trust, greed and also economic stability. If USD is stable and safe, the value of Bitcoin should drop...

I suspect the majority of people using Bitcoin never see a USD.

I suspect you're wrong Sad



Is your chart showing a measurement of something?
Amount of trades, or numbers of people, or something else?
Does it have something to do with Bitcoin?

Its pretty though.  I like the color gold.

"I suspect the majority of people using Bitcoin never see a USD."
(I suspect the number of humans using Bitcoin in the USA is << %50 of humans using Bitcoin.)

Yeah.  The chart has something to do with bitcoin.  It's from bitcoincharts.com, the go-to site for people who chose not to pull bitcoin-related statistics out of their ass.

I'm glad you liek colors, Tiger.  When you're all grown up & ready to shapes, we'll talk moar Smiley

*The Somalis & Mexicans & Russians & Portuguese that trade bitcoin <-> $?  Well, they see USD too.  Don't have to come from my Land of the Brave to know teh dollar.

Nice stretch.  You almost made your pacman chart relevant to numbers of people. Wink


Valerian77
sr. member
Activity: 437
Merit: 255
Re: Re-visit the question: What is bitcoin's value backed by?
October 16, 2013, 04:53:54 PM
#146
A nice map of the world mining power. It shows clearly how much spread BTC is on the world already.

https://blockchain.info/de/nodes-globe
hulk
sr. member
Activity: 392
Merit: 250
Re: Re-visit the question: What is bitcoin's value backed by?
October 16, 2013, 09:36:43 AM
#145
Quote from: NewLiberty on October 15, 2013, 04:31:51 PM
Quote from: hulk on October 15, 2013, 08:45:32 AM
Trust, greed and also economic stability. If USD is stable and safe, the value of Bitcoin should drop...

I suspect the majority of people using Bitcoin never see a USD.

You still have to use USD right? There is no shop next to me that accept Bitcoin or even know what is Bitcoin..
crumbs
full member
Activity: 210
Merit: 100
Re: Re-visit the question: What is bitcoin's value backed by?
October 16, 2013, 09:03:42 AM
#144
Quote from: NewLiberty on October 16, 2013, 08:36:48 AM
Quote from: crumbs on October 15, 2013, 04:42:00 PM
Quote from: NewLiberty on October 15, 2013, 04:31:51 PM
Quote from: hulk on October 15, 2013, 08:45:32 AM
Trust, greed and also economic stability. If USD is stable and safe, the value of Bitcoin should drop...

I suspect the majority of people using Bitcoin never see a USD.

I suspect you're wrong Sad



Is your chart showing a measurement of something?
Amount of trades, or numbers of people, or something else?
Does it have something to do with Bitcoin?

Its pretty though.  I like the color gold.

"I suspect the majority of people using Bitcoin never see a USD."
(I suspect the number of humans using Bitcoin in the USA is << %50 of humans using Bitcoin.)

Yeah.  The chart has something to do with bitcoin.  It's from bitcoincharts.com, the go-to site for people who chose not to pull bitcoin-related statistics out of their ass.

I'm glad you liek colors, Tiger.  When you're all grown up & ready to shapes, we'll talk moar Smiley

*The Somalis & Mexicans & Russians & Portuguese that trade bitcoin <-> $?  Well, they see USD too.  Don't have to come from my Land of the Brave to know teh dollar.
muyuu
donator
Activity: 980
Merit: 1000
Re: Re-visit the question: What is bitcoin's value backed by?
October 16, 2013, 08:39:31 AM
#143
- the P2P network
- the mining power
- the community/ecosystem already built
- comedy gold
NewLiberty
legendary
Activity: 1204
Merit: 1002
Gresham's Lawyer
Re: Re-visit the question: What is bitcoin's value backed by?
October 16, 2013, 08:36:48 AM
#142
Quote from: crumbs on October 15, 2013, 04:42:00 PM
Quote from: NewLiberty on October 15, 2013, 04:31:51 PM
Quote from: hulk on October 15, 2013, 08:45:32 AM
Trust, greed and also economic stability. If USD is stable and safe, the value of Bitcoin should drop...

I suspect the majority of people using Bitcoin never see a USD.

I suspect you're wrong Sad



Is your chart showing a measurement of something?
Amount of trades, or numbers of people, or something else?
Does it have something to do with Bitcoin?

Its pretty though.  I like the color gold.

"I suspect the majority of people using Bitcoin never see a USD."
(I suspect the number of humans using Bitcoin in the USA is << %50 of humans using Bitcoin.)
RodeoX
legendary
Activity: 3066
Merit: 1147
The revolution will be monetized!
Re: Re-visit the question: What is bitcoin's value backed by?
October 16, 2013, 08:34:10 AM
#141
Math
Valerian77
sr. member
Activity: 437
Merit: 255
Re: Re-visit the question: What is bitcoin's value backed by?
October 16, 2013, 08:33:42 AM
#140
@crumbs
what is the source for this diagram ?
Corelianer
full member
Activity: 309
Merit: 100
Re: Re-visit the question: What is bitcoin's value backed by?
October 16, 2013, 08:10:49 AM
#139
There are no swissfrancs CHF on the list. CHF is a stable currency too, but it's still fiat...
crumbs
full member
Activity: 210
Merit: 100
Re: Re-visit the question: What is bitcoin's value backed by?
October 15, 2013, 04:42:00 PM
#138
Quote from: NewLiberty on October 15, 2013, 04:31:51 PM
Quote from: hulk on October 15, 2013, 08:45:32 AM
Trust, greed and also economic stability. If USD is stable and safe, the value of Bitcoin should drop...

I suspect the majority of people using Bitcoin never see a USD.

I suspect you're wrong Sad

NewLiberty
legendary
Activity: 1204
Merit: 1002
Gresham's Lawyer
Re: Re-visit the question: What is bitcoin's value backed by?
October 15, 2013, 04:31:51 PM
#137
Quote from: hulk on October 15, 2013, 08:45:32 AM
Trust, greed and also economic stability. If USD is stable and safe, the value of Bitcoin should drop...

I suspect the majority of people using Bitcoin never see a USD.
hulk
sr. member
Activity: 392
Merit: 250
Re: Re-visit the question: What is bitcoin's value backed by?
October 15, 2013, 08:45:32 AM
#136
Trust, greed and also economic stability. If USD is stable and safe, the value of Bitcoin should drop...
NewLiberty
legendary
Activity: 1204
Merit: 1002
Gresham's Lawyer
Re: Re-visit the question: What is bitcoin's value backed by?
October 14, 2013, 09:30:23 PM
#135
Quote from: Carlton Banks on October 13, 2013, 11:08:17 AM
It has no backing, it has something better: inherent value. [/thread]

Hashing network, software design, immutable laws of cryptographic mathematics etc do NOT correspond to a currency backing. These properties in combination confer the value, being fairly superior examples of the traditional Aristotle list. Except the whole internet/electricity dependence issue.

It also has backing now (as of Oct 2013)
Thus the value of Bitcoin should not ever fall below 1BTC/4ozt. Ag
In a few months also: 10BTC / 1 ozt. Au
Redeemable in any quantity.

And, this will likely improve in the favor of Bitcoin for 2014.
johnyj
legendary
Activity: 1988
Merit: 1012
Beyond Imagination
Re: Re-visit the question: What is bitcoin's value backed by?
October 14, 2013, 11:45:38 AM
#134
Quote from: Valerian77 on October 14, 2013, 03:44:21 AM
In reference to what I wrote before:
Quote from: Valerian77 on October 10, 2013, 09:34:35 AM
The value of Bitcoin (and anything else) is simply what people are willed to pay for it ...

the Bitcoin value is just the believe of the people. Since more and more people are believing in it this is the savest harbour any asset can have. Even one goverment tries to destroy and put little damage on it all people from other place of the word continue in their believe - this is more save than gold because goverments can forbid gold trafficking but not Bitcoin trafficking over borders.

Good point

Eventually everything's value is backed by trust and desire. The desire for money always exists, but it takes time to build up the trust of one type of money
Valerian77
sr. member
Activity: 437
Merit: 255
Re: Re-visit the question: What is bitcoin's value backed by?
October 14, 2013, 03:44:21 AM
#133
In reference to what I wrote before:
Quote from: Valerian77 on October 10, 2013, 09:34:35 AM
The value of Bitcoin (and anything else) is simply what people are willed to pay for it ...

the Bitcoin value is just the believe of the people. Since more and more people are believing in it this is the savest harbour any asset can have. Even one goverment tries to destroy and put little damage on it all people from other place of the word continue in their believe - this is more save than gold because goverments can forbid gold trafficking but not Bitcoin trafficking over borders.
polarhei
sr. member
Activity: 462
Merit: 250
Firing it up
Re: Re-visit the question: What is bitcoin's value backed by?
October 14, 2013, 03:33:12 AM
#132
Quote from: superresistant on October 10, 2013, 09:20:03 AM
Quote from: Corelianer on October 10, 2013, 08:43:09 AM
Quote from: manfred on October 09, 2013, 04:11:41 AM
Quote from: polarhei on October 09, 2013, 02:46:58 AM
Trust.

Trusting only 21M available
Trusting never double spent
Trusting the monitoring network, To build this, need different nodes to check out.
Trusting the being not to be used in bad ways (The blockchain implies you cannot do bad with it)
Very true, only problem is if I take the code, not change a thing and start another Blockchain every single one of your points is still valid. The value of the identical other run would not be the same, so no it is't it.

Good idea, never thought of that.

It all come back to drugs : if FBI could shutdown now and forever all bitcoin-drug-related-shops, bitcoin would be pointless & worthless.

No. Narcotics can be traced with the blockchain if someone has provide some information such as address, location, person to let the law enforcement to follow. Even the criminal tries to change the address to increase the difficulty of being caught, still can be found by few mistakes made by the criminal as there may be pattern found.

Before further, it is better to state one thing, The Do not to conflict with the ethical issues. Which is the design of the blockchain with obscured information stored in.
polarhei
sr. member
Activity: 462
Merit: 250
Firing it up
Re: Re-visit the question: What is bitcoin's value backed by?
October 14, 2013, 03:28:19 AM
#131
Quote from: Corelianer on October 10, 2013, 08:43:09 AM
Quote from: manfred on October 09, 2013, 04:11:41 AM
Quote from: polarhei on October 09, 2013, 02:46:58 AM
Trust.

Trusting only 21M available
Trusting never double spent
Trusting the monitoring network, To build this, need different nodes to check out.
Trusting the being not to be used in bad ways (The blockchain implies you cannot do bad with it)
Very true, only problem is if I take the code, not change a thing and start another Blockchain every single one of your points is still valid. The value of the identical other run would not be the same, so no it is't it.

Good idea, never thought of that.

This is based with law enforcement operations done in the last two months such as silk road crushed, LR crushed and etc. . Blockchain is never be anonymous, also the source code is even using alias to package. Since it is in open nature. If you cannot adapt it. Then you will be automatically knocked out regardless you are. We just have built a model accidentally which ensure illegal operations can be spotted. Currently Fiat used can be hidden much information but it cannot be hidden in the blockchain even you try to change wallet address to hide such of these operations.
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