What is the value of cryptocurrencies based on?
Bitcoin about to Pop
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Hermit
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Re: Bitcoin about to Pop
I am, somehow, less interested in the weight and convolutions of Einstein’s brain than in the near certainty that people of equal talent have lived and died in cotton fields and sweatshops. - Stephen J. Gould
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pErvinalia
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Re: Bitcoin about to Pop
What's the value of any commodity based on? Demand.
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JimC
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Re: Bitcoin about to Pop
Is there perhaps a historical resonance with the famous South Seas Bubble?
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Hermit
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Re: Bitcoin about to Pop
It's worse than that, Jim. Cryptocurrencies are commodities? I can think of cattle, homes, cars etc as such. The tokens we agree to use as a means to buy and sell them - be they dollars, liras, drachmas, or whatever - not so much. Their rise and fall is just a form of gambling. In the case of bitcoins that have dropped in value by well over half in a matter of just a few months, the absurdity of of regarding cryptocurrencies as commodities is even more palpable, considering that cryptocurrencies don't even represent a notional valuation of any particular nation's or trading block's economy.
I am, somehow, less interested in the weight and convolutions of Einstein’s brain than in the near certainty that people of equal talent have lived and died in cotton fields and sweatshops. - Stephen J. Gould
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pErvinalia
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Re: Bitcoin about to Pop
None of that makes it a scam.
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"The Western world is fucking awesome because of mostly white men" - DaveDodo007.
"Socialized medicine is just exactly as morally defensible as gassing and cooking Jews" - Seth. Yes, he really did say that..
"Seth you are a boon to this community" - Cunt.
"I am seriously thinking of going on a spree killing" - Svartalf.
"The Western world is fucking awesome because of mostly white men" - DaveDodo007.
"Socialized medicine is just exactly as morally defensible as gassing and cooking Jews" - Seth. Yes, he really did say that..
"Seth you are a boon to this community" - Cunt.
"I am seriously thinking of going on a spree killing" - Svartalf.
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pErvinalia
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Re: Bitcoin about to Pop
It's no different to fiat currency. If people didn't trust in it there would be no demand for it.
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"The Western world is fucking awesome because of mostly white men" - DaveDodo007.
"Socialized medicine is just exactly as morally defensible as gassing and cooking Jews" - Seth. Yes, he really did say that..
"Seth you are a boon to this community" - Cunt.
"I am seriously thinking of going on a spree killing" - Svartalf.
"The Western world is fucking awesome because of mostly white men" - DaveDodo007.
"Socialized medicine is just exactly as morally defensible as gassing and cooking Jews" - Seth. Yes, he really did say that..
"Seth you are a boon to this community" - Cunt.
"I am seriously thinking of going on a spree killing" - Svartalf.
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Strontium Dog
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Re: Bitcoin about to Pop
It's very different to fiat currency. Fiat currencies are backed by billion dollar economies.
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Scot Dutchy
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Re: Bitcoin about to Pop
The biggest scam ever. It is like buying bottles of fresh air. As long as some idiot will buy it it remains a commodity.
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rainbow
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Re: Bitcoin about to Pop
I call bullshit - Alfred E Einstein
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rainbow
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Re: Bitcoin about to Pop
...or tulip bulbs.Scot Dutchy wrote: ↑Tue Nov 20, 2018 12:43 pmThe biggest scam ever. It is like buying bottles of fresh air. As long as some idiot will buy it it remains a commodity.
I call bullshit - Alfred E Einstein
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Scot Dutchy
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Re: Bitcoin about to Pop
A very good example. 
The first massive scam. Mind you it has worked out alright as we make millions from bulbs.
The first massive scam. Mind you it has worked out alright as we make millions from bulbs.
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PsychoSerenity
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Re: Bitcoin about to Pop
There can always be demand for fiat currencies because the governments that issue the currencies can demand that taxes be paid in them.pErvinalia wrote: ↑Tue Nov 20, 2018 10:07 amIt's no different to fiat currency. If people didn't trust in it there would be no demand for it.
[Disclaimer - if this is comes across like I think I know what I'm talking about, I want to make it clear that I don't. I'm just trying to get my thoughts down]
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pErvinalia
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Re: Bitcoin about to Pop
Where's your evidence that it's pump and dump?
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"The Western world is fucking awesome because of mostly white men" - DaveDodo007.
"Socialized medicine is just exactly as morally defensible as gassing and cooking Jews" - Seth. Yes, he really did say that..
"Seth you are a boon to this community" - Cunt.
"I am seriously thinking of going on a spree killing" - Svartalf.
"The Western world is fucking awesome because of mostly white men" - DaveDodo007.
"Socialized medicine is just exactly as morally defensible as gassing and cooking Jews" - Seth. Yes, he really did say that..
"Seth you are a boon to this community" - Cunt.
"I am seriously thinking of going on a spree killing" - Svartalf.
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pErvinalia
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Re: Bitcoin about to Pop
Sure, but it's the same principle. Any currency is based on trust and the resultant demand. No different with bitcoin.Strontium Dog wrote: ↑Tue Nov 20, 2018 12:31 pmIt's very different to fiat currency. Fiat currencies are backed by billion dollar economies.
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"The Western world is fucking awesome because of mostly white men" - DaveDodo007.
"Socialized medicine is just exactly as morally defensible as gassing and cooking Jews" - Seth. Yes, he really did say that..
"Seth you are a boon to this community" - Cunt.
"I am seriously thinking of going on a spree killing" - Svartalf.
"The Western world is fucking awesome because of mostly white men" - DaveDodo007.
"Socialized medicine is just exactly as morally defensible as gassing and cooking Jews" - Seth. Yes, he really did say that..
"Seth you are a boon to this community" - Cunt.
"I am seriously thinking of going on a spree killing" - Svartalf.
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pErvinalia
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Re: Bitcoin about to Pop
Bitcoin is designed to be a digital gold. So it has utility. It's nothing like buying bottles of fresh air.Scot Dutchy wrote: ↑Tue Nov 20, 2018 12:43 pmThe biggest scam ever. It is like buying bottles of fresh air. As long as some idiot will buy it it remains a commodity.
Sent from my penis using wankertalk.
"The Western world is fucking awesome because of mostly white men" - DaveDodo007.
"Socialized medicine is just exactly as morally defensible as gassing and cooking Jews" - Seth. Yes, he really did say that..
"Seth you are a boon to this community" - Cunt.
"I am seriously thinking of going on a spree killing" - Svartalf.
"The Western world is fucking awesome because of mostly white men" - DaveDodo007.
"Socialized medicine is just exactly as morally defensible as gassing and cooking Jews" - Seth. Yes, he really did say that..
"Seth you are a boon to this community" - Cunt.
"I am seriously thinking of going on a spree killing" - Svartalf.
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