Why Bitcoin will collapse in price. - page 9.

toknormal

legendary

Activity: 3066

Merit: 1188

Quote

Golds inherent value: its great to look at and we like to touch it. humans loved the look of this metal since dawn of man.

So you're saying that money derives its value from "aesthetics". I don't think thats what they teach in business school.

Quote

What can I do with Bitcoin except dumping it on the next guy?

Well that is kinda what people generally do with money. It's not any use for anything except....exchange ! (Or, as you put it "dumping it on the next guy").

http://www.valuewalk.com/2013/12/bitcoin-compared-to-3d-printing-by-hendry/

Quote

LET THAT SINK IN!

Are you my old teacher by any chance ? You sound familiar.

flynn

hero member

Activity: 728

Merit: 540

Cassandra ! Cassandra !

porc

member

Activity: 98

Merit: 10

Quote from: toknormal on December 10, 2013, 05:32:30 AM

Quote

I have addressed this already. Bitcoin cant be a store of value as it has not value. Bitcoin cant be a media of exchange, as it has no value.

I think you mean it doesn't have value "for you".

That's not the same thing as it having not value "for markets"

You appear to have started this thread from a sense of frustrated cognitive dissonance - i.e. you can't understand why something that you personally can't see any value in can be traded for so much money. Although your sense of confusion has been amply induldged on here, it isn't really our problem.

I suggest you buy at least 1 bitcoin right now as insurance. That way you won't have to be standing with your pants around your ankles in 12 months time when the price is at $10,000 ranting about why it has "no value"

Money needs to have certain properties and one of them is that it needs to have value in and of itself.

Golds inherent value: its great to look at and we like to touch it. humans loved the look of this metal since dawn of man.

What can I do with Bitcoin except dumping it on the next guy?

ABSOLUTELY NOTHING!

LET THAT SINK IN! I can do ABSOLUTELY NOTHING with a Bitcoin except dumping it on the next guy.

Thus it cant be money.

Now what is frustrating to me, is the delusion/ crowd think fellow libertarians are falling in to. This is a pyramid and lots of people will get hurt.

toknormal

legendary

Activity: 3066

Merit: 1188

Quote

I have addressed this already. Bitcoin cant be a store of value as it has not value. Bitcoin cant be a media of exchange, as it has no value.

I think you mean it doesn't have value "for you".

That's not the same thing as it having not value "for markets"

You appear to have started this thread from a sense of frustrated cognitive dissonance - i.e. you can't understand why something that you personally can't see any value in can be traded for so much money. Although your sense of confusion has been amply induldged on here, it isn't really our problem.

I suggest you buy at least 1 bitcoin right now as insurance. That way you won't have to be standing with your pants around your ankles in 12 months time when the price is at $10,000 ranting about why it has "no value"

Zarathustra

legendary

Activity: 1162

Merit: 1004

Quote from: porc on December 10, 2013, 04:29:25 AM

Quote from: toknormal on December 10, 2013, 04:19:25 AM

Quote

1) I think it is central. Without value, the medium of exchange will not be accepted

You're talking about "currency" here, which can be a very distinct definition from "money". Bitcoin is money - unlevered "base" money in the sense that it isn't backed by anything (which is what gives it it's value, same as gold). Currency is something which proxies for money and is traded on a day to day basis for goods and services.

That fact tends to put some people in a state of cognitive dissonance which is why they start threads like this on discussion forums. (The words "horse" and "stable door" spring to mind).

Bitcoin's future does not revolve around being accepted at retail outlets any more than Gold's does.

Maybe you should go and trade some Bitcoin on the open exchange markets for a while - you'll soon find out it has value !

Lol.

Read the damn thread.

I have addressed this already. Bitcoin cant be a store of value as it has not value. Bitcoin cant be a media of exchange, as it has no value.

Again read the thread. Your arguments have been refuted already.

"Maybe you should go and trade some Bitcoin on the open exchange markets for a while - you'll soon find out it has value !

"

So the value of bitcoin is that I can dump it on the next guy?

Again reread the last few pages.

You are a troll. Everybody knows that Bitcoin is already stored; it is already used as a media of exchange, because it has value.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: traderCJ on December 10, 2013, 04:47:47 AM

Quote from: porc on December 10, 2013, 04:29:25 AM

So the value of bitcoin is that I can dump it on the next guy?

What good is a commodity you cannot convert into another form? You could argue that anything which cannot be used to directly purchase something will get "dumped on the next guy" when it is converted into an alternate form to make a purchase.

Don't waste your time. Some people learn only the hard way, and some are not capable of learning at all until you literally beat the crap out of them. You could just as well talk to a bot with the same level of success and intelligence...

traderCJ

sr. member

Activity: 280

Merit: 250

Quote from: porc on December 10, 2013, 04:29:25 AM

So the value of bitcoin is that I can dump it on the next guy?

What good is a commodity you cannot convert into another form? You could argue that anything which cannot be used to directly purchase something will get "dumped on the next guy" when it is converted into an alternate form to make a purchase.

porc

member

Activity: 98

Merit: 10

Quote from: toknormal on December 10, 2013, 04:19:25 AM

Quote

1) I think it is central. Without value, the medium of exchange will not be accepted

You're talking about "currency" here, which can be a very distinct definition from "money". Bitcoin is money - unlevered "base" money in the sense that it isn't backed by anything (which is what gives it it's value, same as gold). Currency is something which proxies for money and is traded on a day to day basis for goods and services.

That fact tends to put some people in a state of cognitive dissonance which is why they start threads like this on discussion forums. (The words "horse" and "stable door" spring to mind).

Bitcoin's future does not revolve around being accepted at retail outlets any more than Gold's does.

Maybe you should go and trade some Bitcoin on the open exchange markets for a while - you'll soon find out it has value !

Lol.

Read the damn thread.

I have addressed this already. Bitcoin cant be a store of value as it has not value. Bitcoin cant be a media of exchange, as it has no value.

Again read the thread. Your arguments have been refuted already.

"Maybe you should go and trade some Bitcoin on the open exchange markets for a while - you'll soon find out it has value !

"

So the value of bitcoin is that I can dump it on the next guy?

Again reread the last few pages.

toknormal

legendary

Activity: 3066

Merit: 1188

Quote

1) I think it is central. Without value, the medium of exchange will not be accepted

You're talking about "currency" here, which can be a very distinct definition from "money". Bitcoin is money - unlevered "base" money in the sense that it isn't backed by anything (which is what gives it it's value, same as gold). Currency is something which proxies for money and is traded on a day to day basis for goods and services.

That fact tends to put some people in a state of cognitive dissonance which is why they start threads like this on discussion forums. (The words "horse" and "stable door" spring to mind).

Bitcoin's future does not revolve around being accepted at retail outlets any more than Gold's does.

Maybe you should go and trade some Bitcoin on the open exchange markets for a while - you'll soon find out it has value !

traderCJ

sr. member

Activity: 280

Merit: 250

Quote from: TeeBone on December 09, 2013, 09:37:40 PM

Fact is, the scarcity argument that BTC is limited to 21 million is a complete and utter myth. It can be replicated a gazillion times over with the exact same properties, just called by a different name.

Incorrect. For one, it will not have the same raw hashing power, which is the backbone of bitcoin.

traderCJ

sr. member

Activity: 280

Merit: 250

When you understand that the future value of everything you don't personally consume is dependent upon mass psychology, you understand that all investments are pyramid schemes. It's just a matter of getting on board with the best of the schemes.

flynn

hero member

Activity: 728

Merit: 540

Quote from: TeeBone on December 09, 2013, 09:37:40 PM

Fact is, the scarcity argument that BTC is limited to 21 million is a complete and utter myth. It can be replicated a gazillion times over with the exact same properties, just called by a different name.

I don't think so : if I make paintings and sell them, it's NOT going to make Picasso's paintings value decrease.

Zarathustra

legendary

Activity: 1162

Merit: 1004

Quote from: porc on December 10, 2013, 03:40:34 AM

Quote from: traderCJ on December 10, 2013, 03:30:15 AM

porc do you have anything positive to say about bitcoin?

Yes. It is one of the most successful pyramids that ever existed.

No, the Gold Pyramid existed a bit longer. Of everything that you are talking about in this thread, the opposite is true.

traderCJ

sr. member

Activity: 280

Merit: 250

Quote from: porc on December 10, 2013, 03:40:34 AM

Quote from: traderCJ on December 10, 2013, 03:30:15 AM

porc do you have anything positive to say about bitcoin?

Yes. It is one of the most successful pyramids that ever existed.

So, no, you don't have anything positive to say about it. Thanks, that's what I thought.

porc

member

Activity: 98

Merit: 10

Quote from: traderCJ on December 10, 2013, 03:30:15 AM

porc do you have anything positive to say about bitcoin?

Yes. It is one of the most successful pyramids that ever existed.

traderCJ

sr. member

Activity: 280

Merit: 250

porc do you have anything positive to say about bitcoin?

samurai1200

sr. member

Activity: 303

Merit: 250

Quote

People always wanted it and always will.

I'd like to point out that this is not true. Otherwise I have no stake in this argument. /leave

Zarathustra

legendary

Activity: 1162

Merit: 1004

porc

member

Activity: 98

Merit: 10

Zarathustra

legendary

Activity: 1162

Merit: 1004

Quote from: porc on December 09, 2013, 04:00:36 PM

1) Any widespread media of exchange that ever existed, always had inherent value (something). The reason for this is that people will only exchange something for something. NOBDODY! wants to exchange something for nothing. Bitcoin has no inherent value (examples of inherent value: water thirst, food hunger, house shelter, gold, art decoration/pretty/ industry). Thus bitcoin has already failed in this aspect.

Stop this 'inherent value' BS! There is no such thing. There is no value before these things (Water, Gold, Gold 2.0) are used by somebody/something external .

Peter Schiff is spreading the same BS, and most Bitcoiners have heard this BS for years.
http://www.youtube.com/watch?v=mFcTJAQ7zc4

Topic: Why Bitcoin will collapse in price. - page 9. (Read 24617 times)