And what earthly incentive do they have to distort the figures? What does it bring for them?
I'd also suggest that two separate publications are likely to be more accurate than a data sampling of asking your Indian work buddies.
I am not a bitcoin fanatic and I stand corrected, the first use of Gold as a currency was 700 BC so 2719 years ago.
For sure - you have to be suspicious of any info that's put into the public domain in the times we live in. However, to short circuit this - for the purposes of this discussion, it would appear that investment is a significant aspect of the interest in gold. That could be a majority or minority use case - we may not have gotten precise or unquestionable data - but it plays very much a significant role when we include the store of value use case that those that purchase gold jewelry oftentimes are motivated by.Hard to argue with you there.But neither party are quoting authoritative sources, so best be suspicious of both.
So to surmise, gold has a looong track record and a couple of other use cases (beyond investment/store of value). Bitcoin brings designed in scarcity to the table with an ability to transact it anywhere in the world whilst remaining unconfiscatable.I know very few people who use gold as a currency. I know a few who have invested in it.
I know lots of people who have bought it for its inherent value.
So, I suppose it is similar to Bitcoin in one way at least. I know very few people who use Bitcoin as currency. I know a few who have invested in it.
Bitcoin brings designed in scarcity
So your toe nail clippings (and his Dukenesses MarmaladeCoin) may be scarce but go out onto the market then and sell them.My toe nail clippings are scarce. That does not make them valuable. There are plenty of other better toenail clippings out there.
Hi Andrew
Gold has been valued long before it was used as a currency.
1000 toenail clippings to a gram of gold, apparentlyWhat was its value?
It's their money, might lose it, might not, no one can say.
You've been wrong for 10 years. I've been happy to accept that there is a potential for Bitcoin to fail. However, yours is a theory - it's not fact and there is no such guarantee that it will fail. Once again, I invite you to put a date on it. Will it take 5 months, 5 years or 50 years?Actually people can say.
Bitcoin is worth nothing. So if they keep it long enough their €5k will go to zero.
But no one can say what route it will take there.
It has ten years under its belt. Despite impatience expressed here by some (on the basis that if it can't function as a currency right now then it never will and notions along those lines), its progress has been outstanding. However, it is still nascent and the eco-system and regulation surrounding it are still formative. It could very well fail. But then the upside potential as a non correlated asset outside of the current system far outweighs any other asset class. Everyone does their own due diligence but it seems to me that to take a few percent of an otherwise balanced portfolio and allocate it to BTC is a no-brainer.regardless of what everyone might think. I certainly think it might be worth a punt
Once again, I invite you to put a date on it. Will it take 5 months, 5 years or 50 years?
For sure - you have to be suspicious of any info that's put into the public domain in the times we live in. However, to short circuit this - for the purposes of this discussion, it would appear that investment is a significant aspect of the interest in gold.
... but it plays very much a significant role when we include the store of value use case that those that purchase gold jewelry oftentimes are motivated by.
Bitcoin can play that same role - whilst bringing the ability to transact worldwide and remain an unconfiscatable asset.
Simple question if you were selling a car for €8k and I offered to buy it for 1 bitcoin which has a current value in euros of €9k (rounding down), would you accept? Given you could take the 1 bitcoin and convert it to Euros and make a profit.
If so then you accept that Bitcoin does have a value in todays market.
Simple question if you were selling a car for €8k and I offered to buy it for 1 bitcoin which has a current value in euros of €9k (rounding down), would you accept? Given you could take the 1 bitcoin and convert it to Euros and make a profit.
If so then you accept that Bitcoin does have a value in todays market.
For those claiming the technology is flawed, well your time is wasted posting on this forum as you must be one of the smartest people on the planet.
Hi Andrew365,
Let me think about this.....a car or a Bitcoin?
I think you are proving how absurd the current valuation is. QED as they say.
And for the record I don't think Bitcoin will reach zero.....as long as criminals use it, it will be worth something.
If I were to offer you €12k worth of potatoes, would you accept? If so you accept that potatoes have a value in today's market. But I bet you'd be looking to off load them as quickly as possible right? Not hold on to them as a store of value for a few years?
Bitcoin isn't that complex. Perhaps you could head over to the other thread and share your thoughts on how you think the scaling problem will be addressed? Can the protocol be adapted so that the current limit of ~7tps will ever come close to 100,000tps? Every layer 2 proposal I've looking into to date involves taking your money out of Bitcoin and into another platform. What are your thoughts on the power demands of proof of work? Is that viable in the long term assuming broad adoption in terms of cost versus reward, especially as we experience future halvings?
You forgot to answer the question
Well, I think we took that as far down that road as was possible. At the end of it, it's all in the eye of the beholder, right? I'd suggest that for the most part, store of value dictates/determines it's value and in that way they're very much comparable. We won't reach consensus and that's fine - we can park it up at that.Agreed, and I never had an argument that the investment influence is significant, just that the scale of that influence doesn't come close to meaning that industrial and non-investment jewelry demand should be discounted.
In volatility, there is also opportunity and it's just indicative of the stage it's at. There will be other crypto's for other use cases for sure. For decentralized crypto, it remains to be seen if it can be usurped (as a rival crypto has to tick all the boxes - not just ace one aspect and fail another). On mass adoption, that's a long road - it will necessitate the user experience becoming much easier. That said, if one is to accept that there will be CBDC's (central bank digital currencies) - people will need to find a way of becoming accustomed with using these and comfortable with using them. If they can achieve that, then their ability to use decentralized crypto becomes much easier.Bitcoin's volatility is a significant challenge to its being taken seriously as a store of value, I believe its technical limitations will prevent mass adoption. That's not to say no crypto will ever get there, I just don't think it'll be Bitcoin.
For sure. There has to be an inherent understanding that..."not your keys, not your crypto".Also, Bitcoin is only as unconfiscatable as any hidden physical asset, bury your gold and they'll only find it if you tell them where it is. Just like your private keys,
They may be - but if that's the case, you're not doing it right. If they can find them, then a thief can find them.if authorities seize all your computer equipment, they may fine your keys or the means of generating them
Sure, but that's by agreement. So the point stands - unconfiscatable.or you will be incentivised into handing them over. Crypto seizures where the owner hands over their keys is commonplace now that some authorities have the means of tracking users across the blockchain.
Well actually, I would sell some and plant some thus creating a store of value for years to come. I am sorry but I assume your comment regarding potatoes was basically saying that you would accept that trade.
I don't understand what the challenges have with it prevent it from being a store of value?
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