Exactly. Listen to what McAfee has to say about that concept: https://www.youtube.com/watch?v=WBgFGwJA1D0
He starts talking about BTC at 48:12. He talks specifically about how much he came up with prediction on BTC at 56:30. He basically claims that the last BTC to mine would cost $4-5 billion to mine at least. So, the coin would have to be worth more than that for it to be profitable.
What I don't get is, won't mining be more efficient by the time the last BTC is mined? Won't energy be incredibly cheaper?
Topic: What’s the value created by bitcoin? (Read 145 times)
Well why should anybody believe you? You haven't even presented an argument here as to why Bitcoin has value. I believe the value is created when the coins are mined, and it is that exact energy expenditure that gives each Bitcoin a baseline price. The market may be paying more than it is worth now but that doesn't mean it has zero intrinsic value like some like to claim.
your getting it.
bitcoins underlying value (the bottom/ all time low value) is based on cost of production.. much like gold mining. a gold miner would never sell their gold for less then it cost to extract the gold. and thus bcause it cost $1k+ to mine gold instead of $1 .. its why gold has a baseline support value of ~$1k+ not $1
lets thnik of it like a bathtub of water. where the waterline is the true value... then ontop the water line is the speculative area based on utility/function/desire. and how many thousands of coins(out of the millions) are on an exchange to satisfy a demand.
this speculative area above the waterline is the bubble area. that can rapidly inflate or pop. depending on how much the bath water is stirred up by many different reason. but stilll leaves the waterline(base value) intact
Well why should anybody believe you? You haven't even presented an argument here as to why Bitcoin has value. I believe the value is created when the coins are mined, and it is that exact energy expenditure that gives each Bitcoin a baseline price. The market may be paying more than it is worth now but that doesn't mean it has zero intrinsic value like some like to claim.
If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.
The first sentence is that Bitcoin is so hard to explain, and it is completely impossible to chat. The second sentence is that if you don’t believe it, I’m not free to explain it.
Indeed, it is too difficult to make it clear that the Bitcoin value . I have been in this industry for many years. When I first started this thing, many of my friends had opinions. I also tried to explain in the past, but basically the chicken talks with the duck.
Please let me know your thought...??
The first sentence is that Bitcoin is so hard to explain, and it is completely impossible to chat. The second sentence is that if you don’t believe it, I’m not free to explain it.
Indeed, it is too difficult to make it clear that the Bitcoin value . I have been in this industry for many years. When I first started this thing, many of my friends had opinions. I also tried to explain in the past, but basically the chicken talks with the duck.
Please let me know your thought...??
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