So we all know about BTC but with what is his value backed up ?

HackS

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Quote from: Yakamoto on October 21, 2017, 04:22:41 PM

Quote from: HackS on October 18, 2017, 05:53:05 PM

Hi all , well late night thoughts we all know basic about economics and that money is backed by gold or platinum in some countries , and i wanna know youre opinion by what is BTC backed up ? Cheesy

It's backed by nothing tangible, really. Unless you count the blockchain and the hashing power which supports it as something that backs Bitcoin, you basically out of luck. The value mostly comes from the security and anonymity, both of which are relatively intangible and are beneficial on a completely case-to-case basis. If you wanted to go and exchange your Bitcoin for anything, well, there isn't anything you can directly exchange it to that doesn't depend on supply and demand. If there was something that Bitcoin was actually backed by, would it make it more valuable or less valuable?

Because of the system on which BTC works (which is pretty good if you ask me) his value would be same because it started on different system unlike money (or in worst case it would lower its value because gold and silver have less value then it much less ) .

HackS

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Quote from: Yakamoto on October 21, 2017, 04:22:41 PM

Quote from: HackS on October 18, 2017, 05:53:05 PM

Hi all , well late night thoughts we all know basic about economics and that money is backed by gold or platinum in some countries , and i wanna know youre opinion by what is BTC backed up ? Cheesy

It's backed by nothing tangible, really. Unless you count the blockchain and the hashing power which supports it as something that backs Bitcoin, you basically out of luck. The value mostly comes from the security and anonymity, both of which are relatively intangible and are beneficial on a completely case-to-case basis. If you wanted to go and exchange your Bitcoin for anything, well, there isn't anything you can directly exchange it to that doesn't depend on supply and demand. If there was something that Bitcoin was actually backed by, would it make it more valuable or less valuable?

Basicly what you want to say is , that BTC is backed up by how much people invest in it and their equipment for farm nowdays correct me if im wrong, and yea its circulation (buy sell rate)?

redhondaxrm125

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Quote from: HackS on October 18, 2017, 05:53:05 PM

Hi all , well late night thoughts we all know basic about economics and that money is backed by gold or platinum in some countries , and i wanna know youre opinion by what is BTC backed up ? Cheesy

Nothing. Yes, bitcoins are backed up by nothing but my trust and the trust of all the people in the crypto world that believe in its great potential. This is why a bunch of people calls bitcoin a pyramiding scam and uses that to bash on bitcoin. Sad thing is, they are intelligently too dumb to realize that bitcoins are much more valuable than what its price today is. And probably much more valuable than the highest peak it will reach someday. Why do I say this you may ask? I said what I've said because I see that the change that the bitcoin technology has to offer to this world is something that is priceless. It has gave us, the people, a chance to break loose from the outdated and obviously not working system that we have long been locked in since GOD knows when. And i think that alone was enough reason for that irrational guy to sell everything he and his family has just to invest into Bitcoins.

That is my opinion.

Yakamoto

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Quote from: HackS on October 18, 2017, 05:53:05 PM

Hi all , well late night thoughts we all know basic about economics and that money is backed by gold or platinum in some countries , and i wanna know youre opinion by what is BTC backed up ? Cheesy

It's backed by nothing tangible, really. Unless you count the blockchain and the hashing power which supports it as something that backs Bitcoin, you basically out of luck. The value mostly comes from the security and anonymity, both of which are relatively intangible and are beneficial on a completely case-to-case basis. If you wanted to go and exchange your Bitcoin for anything, well, there isn't anything you can directly exchange it to that doesn't depend on supply and demand. If there was something that Bitcoin was actually backed by, would it make it more valuable or less valuable?

erre

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Bitcoin is backed up by the lack of trust between senders and receiver and intermediaries.
If you don't trust others, you value the fact that you can always trust bitcoin.

HackS

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Quote from: Nameless27 on October 18, 2017, 08:02:38 PM

I know it sounds weird and has big difference to what economical standard is. When we talked about world order, we always touches the importance of gold reserves that the country must have to make fiat currency.

But in crypto world and bitcoin it was backed up by “us”, the bitcoin users/investors who trusted it for so long now. It started with only few believers and now in due time we will be touching billions in numbers as we increasing rapidly as the prices jump at 5800$. It change how we look about investments, demand and supply works perfectly,

Well i dont know that much to talk about it but its impressing if you ask me how it functions and how it started.

Nameless27

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I know it sounds weird and has big difference to what economical standard is. When we talked about world order, we always touches the importance of gold reserves that the country must have to make fiat currency.

But in crypto world and bitcoin it was backed up by “us”, the bitcoin users/investors who trusted it for so long now. It started with only few believers and now in due time we will be touching billions in numbers as we increasing rapidly as the prices jump at 5800$. It change how we look about investments, demand and supply works perfectly,

dansmith_99

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Simple supply and demand. The market always decides what prices will be.

jseverson

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It is backed by nothing. That's where most of its criticisms come from. Critics often say Bitcoin's value is only what the other person wants to pay for it, and it's somewhat true. I don't think there's anything wrong with this though. Value is a man made concept, and for as long as Bitcoin is considered to be valuable by its user base, it will remain valuable. It's the closest thing we have to a currency revolution, and people will rally behind it for as long as it is.

HackS

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Quote from: odolvlobo on October 18, 2017, 07:12:45 PM

Quote from: HackS on October 18, 2017, 05:53:05 PM

Hi all , well late night thoughts we all know basic about economics and that money is backed by gold or platinum in some countries , and i wanna know youre opinion by what is BTC backed up ? Cheesy

Like all modern money, Bitcoin is not backed by any asset.

When people use the phrase "backed by", they can mean different things. For example, people might say that a currency is or is not "backed by":

gold
full faith and credit of the government
the military might of the country
the requirement to use it to pay taxes and its status as a legal tender

The meanings of these uses of "backed by" are all different.

Typically, when asking what a currency is backed by, a person is really asking what thing of value does a unit of the currency represent. The dollar used to be backed by ¹/₂₀th of an ounce of gold, and a person could go to the U.S. Treasury or a bank and convert their paper dollars into the equivalent amount of gold. That backing was removed completely by Nixon in 1971.

So, if money is backed by nothing, then what gives it its value? The answer is that its value ultimately comes from its utility.

Bitcoin has utility, therefore it has value. You can say that Bitcoin is backed by its utility.

I'll just say thats why you have 2k points

odolvlobo

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Quote from: HackS on October 18, 2017, 05:53:05 PM

Hi all , well late night thoughts we all know basic about economics and that money is backed by gold or platinum in some countries , and i wanna know youre opinion by what is BTC backed up ? Cheesy

Like all modern money, Bitcoin is not backed by any asset.

When people use the phrase "backed by", they can mean different things. For example, people might say that a currency is or is not "backed by":

gold
full faith and credit of the government
the military might of the country
the requirement to use it to pay taxes and its status as a legal tender

The meanings of these uses of "backed by" are all different.

Typically, when asking what a currency is backed by, a person is really asking what thing of value does a unit of the currency represent. The dollar used to be backed by ¹/₂₀th of an ounce of gold, and a person could go to the U.S. Treasury or a bank and convert their paper dollars into the equivalent amount of gold. That backing was removed completely by Nixon in 1971.

So, if money is backed by nothing, then what gives it its value? The answer is that its value ultimately comes from its utility.

Bitcoin has utility, therefore it has value. You can say that Bitcoin is backed by its utility.

muncuss

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Quote from: Qiuyue201 on October 18, 2017, 06:34:08 PM

Bitcoin is not backed up by anything. Bitcoin based on the demand and speculation. Because sometimes you are seeing some people are buying the bitcoin caused by they are interested about the future of the bitcoin and not about the tech behind the bitcoin itself as deserve a real fact. A lot of people said that about the crypto full with a lot of speculation.
This will be so hard to say about those are trusting the bitcoin. But crypto was running with its native value and not about the manipulation.

if we talk only about the price, that's true. But bitcoin itself backed by its tech, people trust and electricity consumed in mining process.
Now if i ask what is back the gold? Why ppl think it's precious?

Qiuyue201

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Quote from: HackS on October 18, 2017, 05:53:05 PM

Hi all , well late night thoughts we all know basic about economics and that money is backed by gold or platinum in some countries , and i wanna know youre opinion by what is BTC backed up ? Cheesy

Bitcoin is not backed up by anything. Bitcoin based on the demand and speculation. Because sometimes you are seeing some people are buying the bitcoin caused by they are interested about the future of the bitcoin and not about the tech behind the bitcoin itself as deserve a real fact. A lot of people said that about the crypto full with a lot of speculation.
This will be so hard to say about those are trusting the bitcoin. But crypto was running with its native value and not about the manipulation.

HackS

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Quote from: Sadlife on October 18, 2017, 06:12:59 PM

Bitcoin price is backed up by it's users that continues to hold it or use it and due to its high demand and its popularity the price has gotten higher and even reach another all time high this is because countries started adopting it and many institutional investors has decided to hold bitcoin for a long term investment its just simple economics the more people uses a currency the higher its price this is a sign that more people is starting to notice bitcoin.

Well in long terms thinking it could replace real life money if technology advances that much.

HackS

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Quote from: HackS on October 18, 2017, 06:07:59 PM

Quote from: avikz on October 18, 2017, 06:05:45 PM

Quote from: HackS on October 18, 2017, 05:53:05 PM

Hi all , well late night thoughts we all know basic about economics and that money is backed by gold or platinum in some countries , and i wanna know youre opinion by what is BTC backed up ? Cheesy

Bitcoin is not backed up by any physical asset like any fiat currency. Most of the fiat currencies are backed up by Gold and Silver. But we can say that bitcoin's value is backed up by public trust worldwide. The more people trust and invests in bitcoin, the more the value will go up. If the investors start feeling negative about bitcoin, they will start selling and the value of bitcoin will come down. Recently when China announces ban on ICO, a lot of Chinese investors started selling their bitcoin holdings which increased the bitcoin inflow in the market tahn the demand, resulting in price dip. So we can say that bitcoin is backed up by public trust in a way.

Didnt see you replay ive posted he lends money from world to update technology to improve life but that went wrong way if you ask me.

That first guy or girl who invested had guts look what he built its an empire.

Sadlife

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Bitcoin price is backed up by it's users that continues to hold it or use it and due to its high demand and its popularity the price has gotten higher and even reach another all time high this is because countries started adopting it and many institutional investors has decided to hold bitcoin for a long term investment its just simple economics the more people uses a currency the higher its price this is a sign that more people is starting to notice bitcoin.

HackS

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Quote from: avikz on October 18, 2017, 06:05:45 PM

Quote from: HackS on October 18, 2017, 05:53:05 PM

Hi all , well late night thoughts we all know basic about economics and that money is backed by gold or platinum in some countries , and i wanna know youre opinion by what is BTC backed up ? Cheesy

Bitcoin is not backed up by any physical asset like any fiat currency. Most of the fiat currencies are backed up by Gold and Silver. But we can say that bitcoin's value is backed up by public trust worldwide. The more people trust and invests in bitcoin, the more the value will go up. If the investors start feeling negative about bitcoin, they will start selling and the value of bitcoin will come down. Recently when China announces ban on ICO, a lot of Chinese investors started selling their bitcoin holdings which increased the bitcoin inflow in the market tahn the demand, resulting in price dip. So we can say that bitcoin is backed up by public trust in a way.

Didnt see you replay ive posted he lends money from world to update technology to improve life but that went wrong way if you ask me.

HackS

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Quote from: HackS on October 18, 2017, 06:02:08 PM

Quote from: hahahafr on October 18, 2017, 05:57:40 PM

It is backed up by nothing, the value only depends on people's money, and that is all, if you buy bitcoin, your money will be added to the market capitalization of it, and the price will go up, and this is what makes bitcoin so high at the moment, because people are investing every time more, and a lot of people is being introduced in.
So if all people decide to sell, then the price will drop to $0, and this is how it works.

You just destroyed thread (why) and as far as i know it is not linked to real money (and we really need to find its maker ) ,basicly what BTC does that borrows money from all internet for what? Because it is made out of nothing if you know what i meant here (and plus you farm nothing then basicly thin air) when i think about it his maker is genius when you think deeper he made 0 to 4000 out of nothing.

So basicly he lends money from whole world to upgrade technology and gives people who know about it money Cheesy

avikz

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Quote from: HackS on October 18, 2017, 05:53:05 PM

Hi all , well late night thoughts we all know basic about economics and that money is backed by gold or platinum in some countries , and i wanna know youre opinion by what is BTC backed up ? Cheesy

Bitcoin is not backed up by any physical asset like any fiat currency. Most of the fiat currencies are backed up by Gold and Silver. But we can say that bitcoin's value is backed up by public trust worldwide. The more people trust and invests in bitcoin, the more the value will go up. If the investors start feeling negative about bitcoin, they will start selling and the value of bitcoin will come down. Recently when China announces ban on ICO, a lot of Chinese investors started selling their bitcoin holdings which increased the bitcoin inflow in the market tahn the demand, resulting in price dip. So we can say that bitcoin is backed up by public trust in a way.

Sylanda

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I am Sylanda

Bitcoin is decentralized

Topic: So we all know about BTC but with what is his value backed up ? (Read 391 times)