Topic: Why is bitcoin (crypto) worth anything at all?? - page 3. (Read 700 times)

I was so satisfied to read the print more money syndrome because when I was a kid, I used to think the governments don't have equipment enough to print enough money. But like you mentioned, I too realized with time that it only brings inflation and doesn't actually solve the problem.

I cannot answer all you have asked but I will answer a few questions that I am capable of answering.

Moving in the future everything will be digital and not everything you can touch has value. Your thoughts for example are not tangible but controls your entire life, so they have value.

Criminals also use money, drink water, breathe air and perform a lot of activities we do, we cannot forfeit everything because criminals have them in common.

all can not be separated from a background. when ellon bought bitcoin in bulk, he announced it, which means the tesla company legalized bitcoin, and at that time the effect was seen until bitcoin reached the peak, and finally he made a statement that was the opposite, so bitcoin reached an anti-climax the second time ellon's statement seemed to be followed by the trading community. but after this whether his words can still have a big influence.....

That's literally the only reason? I feel like he has a bit more influence over other billionaires. I mean sure if Jeff Bezos said something that would have an impact as well but it changes from person to person. Warren Buffet is one of the richest people alive and that dude has so much money yet when he said bitcoin is not something he would invest and it has no value, nobody cared at all? Which means just being rich doesn't mean anything, if being rich was the only thing that mattered Warren Buffet would have dropped the price of bitcoin by now when he said that.

It means there is more to it than just being rich, Elon is both rich, famous outside of business world, and also avid user of twitter, when you combine these things all together that makes a person very influential over other people, there are not that many people who are better than him in all those three things.

Yes indeed, without his background his tweets are nothing, Elon Musk is Elon Musk, a celebrity and a billionaire, every people whose life is lukely under him will believe anything he says and they'll ride on it. This is just a proof that Money=Power, it defines your capabilities, it severes the market IMO, it is deeply a shit.

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I remembered some tweets being sold, and I'm like " wtf?"
Good waste of money from degens

The wages in your country increases every year? That's actually pretty good because the minimum wage workers can keep up with the inflation. That's what people do with things that they see everyday, they take it for granted and that's normal because not everyone has a curious mind. The reason why bitcoin has a worth is the same as fiat money, we the people put value in it.

The weird thing is, we could say this for all currencies in it is reality. Sure we are not saying it because there are federal banks and governments provide some sort of "promise" that it worths something, but really do they? I mean think about it, at the end of the day dollar is something USA government tells us to use and that's it, that is the only thing that makes sense for people to use it, if everyone got together and said that "we no longer believe dollar has any value" we could do that, it would become zero over night, we are not doing that just because one government promises us, that's it.

This is why I believe bitcoin has a value and will always have a value because people say so, there is nobody that promises a value to it, we put that value in bitcoin and we promise each other and we see the value change every day constantly as well.

well "working hard" means doing something useful that pays otherwise you can dig a hole in the ground in the middle of the desert all day long and then complain about not making any money while "working hard".
thats the problem with your painting example, if there is no market for it or if the painter is not good at it then it is not "working hard" it is waste of time.

also "working hard" does guarantee money but what it doesn't guarantee is getting rich or living well. what you do with that money (waste it, spend it, invest it to grow) determines your future.

Government never let a common man to understand about how money system works, the people keep running behind the money everyday but they never stopped and realized how it was created and why we can't become rich even though our wages increased a lot every year.

Almost everyone has that kind of thought when they were growing, and I did have this same and always wondered why they never did this until I started growing up and understood how money (or economics in general) works. And as for bitcoin, sometimes you have to take the risk, because when you don’t, you might be missing an opportunity of a lifetime.

The value of bitcoin comes from its scarcity,divisibility, utility, and transferability. These are not what I am going to be explaining one by one, I think it’s up to you to do your serious research and get full understanding on this.

And moreover another thing is the belief that we have for Bitcoin, when people believes in something, that means it is going to stay literally forever.

well i think if we ask most people why they can't forget that name: " bitcoin " or if we ask people when someone talks about bitcoin what's on their minds, i think the answer to both questions is: " an investment of 10X or 1000X profit they can have in a few years". the name bitcoin became very popular because it managed to make many people have a lot of profit quickly, it managed to create many jobs and ways to earn money, see how many people will get rich with creating altcoins, with creating exchanges and creating many and many companies and all thanks to bitcoin.


no doubt this is a name that hundreds of people remember very easily 


True, the problem with most altcoins is centralization, creators stay on twitter giving news that make the price of altcoin increase in price and when there is no good news the price does not increase, and competition is very high for altcoins

That's precisely the point. 

Your first reference is literally a central bank, isn't that kind of the colloquial drinking of the cool aid :-)

Your second reference is fascinating! -  I had no idea so many countries had so many different definitions of what 'money is'...that's more crazy then this entire thread :-)

Nope. Contrary to popular belief, it is the other way around; cash (banknotes and coins) is a physical representation of modern monetary units (currencies) and money can (and does) exist independently of physical representations.

references:
What is money? (European Central Bank)
Money supply (Wikipedia)


Tell that to the people of Venezuela.

Yes very strange, but at least the person with Britney's napkin can display it, show it off to others, and bask in the glory of touching something that Britney herself also touched  .  I do not know how to bask in the glory of my coin, or show it off to anyone, because ..it is just "data"


Yes, I think I'm beginning to get this now it seem the characteristics of the coin, the security, the immutability of the blockchain, this is something crypto has that no other digital media has, the fact that it can be copied millions of times, and still increase in value.

Isn't it the other way around? As supply decreases, prices rise.
At least that's what my teachers taught me.

Nope the bits and bytes n your bank account has no value at all. It is a virtual representation of the cash (liquid assets) you hold. In fact if those bits and bytes (or in the old days ledgers on books) were the ACTUAL value, then there would never be a "RUN ON THE BANK", the bank would simply update the bits and bytes to show whatever value they wanted...of course if your bank account today was $100,000 and tomorrow become $10, it is unlikely you would just 'accept' this and say 'well i guess the value just changed, oh well' 

I think it important to be careful of the word "value" in this context as well. I still keep photos of my loved ones in my wallet, and they have value to me, but it is not  really a "tradable value". It sentimental value.

And perhaps a patent does have the potential for value, but it also has the potential to be worthless, until someone actually makes it, or tries it, or sells it, there is no established monetary value (though again I assume it holds a lot of value to the person who created it, just as the software i create holds a lot of value to me, even if no one else buys it)

It feels like though that Crypto actually has worth on it's own. It is not simply a representation  of money it is something you OWN like a house - special - , it's not like 'currency', or 'bits /bytes'.

It is something people want to have, and more interestingly, as I learn about it, those bits and bytes cannot simply be 'changed' they become immutable. A person can hack a bank account and modify those bits to whatever they want, but a person cannot hack everyone's copy of the blockchain and reverse out the transactions signed with thousands (millions) of public keys..maybe that is what gives crypto it's 'worth'

As simple as that, I remember that back then when Britney Spears was incredibly popular there were people paying thousands of dollars for a used napkin or a partial burger she did not finish, even if this seems ridiculous to us as long as people are willing to pay for it then it has value.

Bitcoin is a currency that no one can print at will, which can move freely and that you truly own, characteristics that fiat does not have so people find value in it and are willing to pay good money to have some bitcoin and get access to the network.

There are numerous intangible assets that have value. As an example, money in a bank account doesn't exist in a tangible form, but only as data within some database (bits and bytes arranged in a specific manner). Similarly, consider brand recognition or intellectual property, such as patents, trademarks, and copyrights. None of these have tangible value, but have potential to be used for something of tangible value.

Bitcoin word on it's own is a very catchy and easy to remember word and people who don't even know anything about crypto are aware of this word like me in 2014.

Take Ethereum for example, it's a lil bit hard to remember for the first timers. 

Lastly, we can't forget, it's the first ever cryptocurrency so it deserves the attention imo.

People are comparing new coins to a coin which was released in 2009, that's pretty obvious the newer ones would be better than Bitcoin, so you can ask why only bitcoin still, but again it was the first ever cryptocurrency and every new comer buys It atleast for once, which is not same case for other coins. It will take a long time for any coin to beat it.

Try reading about supply and demand OP, that's like the basic of Economics, when people are advertised with things, they will buy hence they are the demand and when they buy, the supply goes down and as long as the supply isn't replenished and it gets lower, the prices go down. Another reason why bitcoin has a value is because it has a utility.