Economy Bitcoin

[$uperman]

1: What is the intrinsic value of Bitcoin?
- I think the intrinsic value of Bitcoin is the blockchain technology.

2: Have Bitcoins a real value or is it only used for speculation?
- I don't know.

3: When will the Bitcoin price rise again and how high will it go?
- I think the Bitcoin price will rise again when the weak investors have sold their Bitcoins and then big investors will buy a lot of Bitcoins. The price will rise again other people will also buy Bitcoins and then it will reach a new peak above $20 000 and the big investors will sell it again make a huge profit.

 

[Hognoxious]

I would expect Bitcoin to possibly go even lower after the IRS starts taxing the gains and other government regulations come down on this crypto-currency.

 

[7437]

Bitcoin does have some inherent value as a blockchain cryptocurrency. It has NO real value, as evidenced by the fact that it stopped being used for anything when speculators got into the market. It is the exact same thing as Tulip mania in 1637.

 

[HockeyBjj]

There's plenty other threads that discuss those very issues. Use the search feature if you wanna hop into one

 

[tonni]

This guy makes threads just to talk to himself.

I like it.

 

[dontsnitch]

It could be argued that btc has no inherent value, it only uses blockchain technology like many other tokens, but nothing backs it.

 

[$uperman]

edit.

 

[$uperman]

It could be argued that btc has no inherent value, it only uses blockchain technology like many other tokens, but nothing backs it.

Maybe the intrinsic value of Bitcoins is being a good store of value.

 

[Quipling]

Maybe the intrinsic value of Bitcoins is being a good store of value.

Good stores of value don't have the kind of volatility that makes gasoline jealous.

Bitcoin lost more value over the past year than every Fiat currency except the Bolivar.

 

[Sketch]

At this point it's for suckers.

If you got in originally, it was great.

 

[MiniCraque]

Maybe the intrinsic value of Bitcoins is being a good store of value.

Given how incredibly volatile it is, that's a pretty shitty store of value.

 

[Patrick Carey]

Given how incredibly volatile it is, that's a pretty shitty store of value.

I dont think a year or even 2 years is a long enough time frame to criticize a store of value asset

Its appreciated in value over 10 years quite well

 

[VivaRevolution]

It is so wierd to me that no one talks about the real driver of bitcoins crash. Bitcoin was the primary currency of the dark web. When the US government went after the dark web, it essentially want after the black market that guaranteed a exchange of value for the currency.

Now bitcoins value in exchange is largely limited to legal avenues of exchange.

Bitcoin was backed by something. It was the E-black market. That is no longer true.

Bitcoin has value as a currency of goods exchange, just not the 15,000$ of value it had when you could buy a kilo of coke on the dark web with limited risk.

 

[brackis1]

It is so wierd to me that no one talks about the real driver of bitcoins crash. Bitcoin was the primary currency of the dark web. When the US government went after the dark web, it essentially want after the black market that guaranteed a exchange of value for the currency.

Now bitcoins value in exchange is largely limited to legal avenues of exchange.

Bitcoin was backed by something. It was the E-black market. That is no longer true.

Bitcoin has value as a currency of goods exchange, just not the 15,000$ of value it had when you could buy a kilo of coke on the dark web with limited risk.

This is fantasy conjecture. When people claimed to be on all those sketchy sites and the silk road shiot was popping off the bitcoin price was waaay lower than it is today.

 

[VivaRevolution]

This is fantasy conjecture. When people claimed to be on all those sketchy sites and the silk road shiot was popping off the bitcoin price was waaay lower than it is today.

That maybe true, but it was climbing steadily during that time. It's not like it went from 2k-20k overnight.

 

[JonesBones]

It's fuckin dead

 

[JonesBones]

It is so wierd to me that no one talks about the real driver of bitcoins crash. Bitcoin was the primary currency of the dark web. When the US government went after the dark web, it essentially want after the black market that guaranteed a exchange of value for the currency.

Now bitcoins value in exchange is largely limited to legal avenues of exchange.

Bitcoin was backed by something. It was the E-black market. That is no longer true.

Bitcoin has value as a currency of goods exchange, just not the 15,000$ of value it had when you could buy a kilo of coke on the dark web with limited risk.

One of the things that ruined it is all the forks and divisions. The community is at war. And all these scam ICOs that popped up. Ver is a scumbag. McCafee is scum. etc

I mean bitcoin.com is actually a bitcoin cash site that is against Bitcoin. lol You go there and it tells you not to buy bitcoin but the fork. And that fork was just forked again. And all these forks are pushed by the same crowd so it has become centralized. It wasn't a bad idea in theory but humans had to ruin it like they do everything.

 

[MadSquabbles500]

1: What is the intrinsic value of Bitcoin?
- I think the intrinsic value of Bitcoin is the blockchain technology.

2: Have Bitcoins a real value or is it only used for speculation?
- I don't know.

3: When will the Bitcoin price rise again and how high will it go?
- I think the Bitcoin price will rise again when the weak investors have sold their Bitcoins and then big investors will buy a lot of Bitcoins. The price will rise again other people will also buy Bitcoins and then it will reach a new peak above $20 000 and the big investors will sell it again make a huge profit.

If its just a blockchain over the internet, then is just a computer program. How much is computer program worth? Or are you talking about a specific blockchain? That is different.

If someone has something everyone wants, and for some reason he will only accept bitcoins for it, then bitcoins has some value. That is all a currency is.

 

[Quipling]

It is so wierd to me that no one talks about the real driver of bitcoins crash. Bitcoin was the primary currency of the dark web. When the US government went after the dark web, it essentially want after the black market that guaranteed a exchange of value for the currency.

Now bitcoins value in exchange is largely limited to legal avenues of exchange.

Bitcoin was backed by something. It was the E-black market. That is no longer true.

Bitcoin has value as a currency of goods exchange, just not the 15,000$ of value it had when you could buy a kilo of coke on the dark web with limited risk.

That maybe true, but it was climbing steadily during that time. It's not like it went from 2k-20k overnight.

Your timeline is off. Bitcoin's price spike from 2k-20k occurred in 2017. Most of it occurred in the last half of 2017. The 20k peak was not supported by any increase in black-market demand - in fact, black market usage of Bitcoin actually dropped due to increasingly high transaction costs.

The darkweb stuff you're talking about is mostly from earlier that decade. That's when silk road and similar markets boomed and were subsequently cracked down upon (resulting in a 1100 to 300 drop). But all of that predates the recent bubble and it's pop.

 

[machidafan99]

Answers:
1. It has no intrinsic value
2. It has uses. For ex If you are wealthy and travel/live internationally the tax man can't get to your bitcoin(yet)
3. 40% of all bitcoins are owned by whales. Thiel, Goldman Sachs, Mcafee. They alone control Bitcoin's fate.