Topic: Why would one pay $7K for Bitcoin if he/she can get the same thing for $0.001? - page 3. (Read 828 times)

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So trust in technology or network has nothing to do with the value of money itself and my question still stands: why would one pay $7,000 to have functions and features that he/she can have for $0.001?

Imagine an investor that pays $1,000 for a stock with a book value of $1 and earnings of $0.01, while in the same time he can buy a stock with a book value of $2,000 and earnings of $500 for the same amount of money.

Imagine a guy that pays $1,000 for the Cheeseburger while in the same time he can get the Big Mac for only $1.

why would one pay $7,000 to have functions and features that he/she can have for $0.001?

The Zimbabwean dollar has the same function and probably the same texture and efficiency when it comes to ass swiping as the usd.
Yet one ZWD is not worth one USD.

Why?
Because people are trusting one currency more and they are sure with one dollar you will buy the same loaf of bread tomorrow, with the zwd you will need to switch from a wheelbarrow to a truck full of bills.

So, can you finally understand the difference or we should switch to yellow and red cubes and triangles?

Trust?
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So trust in technology or network has nothing to do with the value of money and my question still stands: why would one pay $7,000 to have functions and features that he/she can have for $0.001?

All responses to the OP are essentially the same

and all are beside the point.

Cryptos that are priced below $0.001 have all these functions and features.

So why would one pay $7,000 to have features that he/she can have for $0.001?

Imagine an electronic producer that pays $10,000 for 1 gram of gold, while in the same time a metal with better electrical properties costs less then a cent.

Imagine a trader who gives his 10,000 units of fiat currency X for the same amount of fiat currency Y, although the bank created X with his 5,000 square foot luxury mansion as a collateral, while the collateral for X was only Kia Pride vehicle.

Imagine an investor that pays $1,000 for a stock with a book value of $1 and earnings of $0.01, while in the same time he can buy a stock with a book value of $2,000 and earnings of $500 for the same amount of money.

Imagine a guy that pays $1,000 for the Cheeseburger while in the same time he can get the Big Mac for only $1.

The above scenarios would be crazy because no one would trade his thing for something that has thousands or millions time less utility. Nor would someone pay a thousand or a million times more money for the same or even worse thing. That is why the above scenarios are not possible in reality.

But... in the crypto world, they are possible. People are paying thousands or even million times more for bitcoin than for some altcoins, even though these coins have the same features as bitcoin. Functions and features of cryptos are pretty straightforward. Elimination of expensive brokers, lawyers, and other typical “middlemen”. Low transaction costs. Transactions are transparent, quick, permanent, and hard to fake. Cryptos that are priced below $0.001 have all these functions and features. But, people in the crypto world buy bitcoin that is priced above $7,000. They are paying pay millions time more for the same thing. Why they behave so irrationally?

And what altcoin would that be?

Yeah let us do some comparison here but let us not go with full "imagination".
Too much "imagine" word in your world.  

Let us say I bought an Iphone and then you bought some cheap China phone.
Both are created in the same country but the price are way far from each other.
An Iphone at $1000 while your cheap unknown China phone is at $100.

What will you buy?
Ain't that just the same as your comparison?
Trust, reliability, name, and a lot more. It gets more value because of that.

All responses to the OP are essentially the same, and all are beside the point.

Of course that people will pay more for branded or initial products. But not thousands or millions times more. No one would pay $10,000,000 for Gucci's sunglasses if he/she can buy absolutely same quality/design glasses for $10.

No one would pay $100,000,000 for some Motorola phone just because Motorola was the first in the mobile phone industry, if he/she can buy a mobile phone with the same features for $100.

Try buying something at Overstock.com and paying with PringlesCoin. =-

I don't think that altcoin and Bitcoin are the same.  They may be both cryptocurrencies but they have different blockchains.  Bitcoin has more use cases than any other cryptocurrency thus, for its current valuation or price.  Bitcoin is more secure than any other else that you wanted to point out.  And it is far recognized by the government and the same thing why people pay for the brand of an item, the trust, and proven durability. And I do not think that it is irrational because of the stated reason above.

But... in the crypto world, they are possible. People are paying thousands or even million times more for bitcoin than for some altcoins, even though these coins have the same features as bitcoin. Functions and features of cryptos are pretty straightforward. Elimination of expensive brokers, lawyers, and other typical “middlemen”. Low transaction costs. Transactions are transparent, quick, permanent, and hard to fake. Cryptos that are priced below $0.001 have all these functions and features. Why people in the crypto world pay millions time more for the same thing? Why they behave so irrationally?

Functions and features of cryptos are pretty straightforward. Elimination of expensive brokers, lawyers, and other typical “middlemen”.  Low transaction costs. Transactions are transparent, quick, permanent, and hard to fake. Cryptos that are priced below $0.001 have all these functions and features. So why would one pay $7,000 to have features that he/she can have them for $0.001?

All responses to the OP are essentially the same, and all are beside the point.

Of course that people will pay more for branded or initial products. But not thousands or millions times more. No one would pay $10,000,000 for Gucci's sunglasses if he/she can buy absolutely same quality/design glasses for $10. No one would pay $100,000,000 for some Motorola phone just because Motorola was the first in the mobile phone industry, if he/she can buy a mobile phone with the same features for $100.

Functions and features of cryptos are pretty straightforward. Elimination of expensive brokers, lawyers, and other typical “middlemen”.  Low transaction costs. Transactions are transparent, quick, permanent, and hard to fake. Cryptos that are priced below $0.001 have all these functions and features. So why would one pay $7,000 to have features that he/she can have them for $0.001?