Bitcoin has no intrinsic value — Top hedge fund manager

[w1z4rd]

Digital in its basic form, has already abstract elements, and crypto is far above that in abstractness, and I dont want to give any value whatsoever to the abstract of digital, especially a crypto is riding on the back of real money.
If Crypto want to take over real money function, why not do it by giving each of us cryptos, we throw away our darn money and live happily ever after plucking crypto from trees.

The digital technicrats honestly believe you can pull an income from Fresh Air, not realising whatever you do in this regard Nature in a closed system like Planet EArth WILL force you to take resources into account, theres a hard relationship that cannot be ingnored between the two, if you do your futures are going to starve of hunger at 7 Billion scale plus & growing.
-No resources left=Money has zero value.
-No resources left=Crypto has zero value.
-You can de hell mine all you want....Nothing but power consumption.

No you cannot grab money/income from Fresh Air on this planet, and we are too stupid to out perform Nature as well, so that rule stands.

Wait until you learn that we used to use shells and rocks as currency. Now you use tree bark. The evolution of money has come a long way, and still has a long way to go.

 

[saturnz]

Is this a joke?

you are wrong, bold added for emphasis

Money - Wikipedia

en.wikipedia.org

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment.[4][5] Any item or verifiable record that fulfils these functions can be considered as money.

there are four functions that a commodity or verifiable record must fulfil in order to be considered money, fiat currency doesn't store value by definition of the way it functions, and therefore it cannot be money

so no its not a joke, note how I provide a citation for my claim, because thats how these things work

 

[C4Cat]

Have you done any reading up on how currencies and blockchain work before coming to your conclusion?

Yes, quite a bit, I did my research before I bought my bitcoin about 5 years ago.

 

[The Voice]

Well, it's not backed by anything (gold, for example). But then again, neither is the US Dollar anymore, either

 

[C4Cat]

you are wrong, bold added for emphasis

Money - Wikipedia

en.wikipedia.org

there are four functions that a commodity or verifiable record must fulfil in order to be considered money, fiat currency doesn't store value by definition of the way it functions, and therefore it cannot be money

so no its not a joke, note how I provide a citation for my claim, because thats how these things work

Of course it stores value. Why would people bother saving money if it didn't?

 

[saturnz]

Of course it stores value. Why would people bother saving money if it didn't?

what does inflation do again? can R100 purchase the same stuff it could 10 years ago?

 

[Pegasus]

Yes, quite a bit, I did my research before I bought my bitcoin about 5 years ago.

What do you make of these?

Blockchain Explained

A blockchain is a digitally distributed, decentralized, public ledger that exists across a network. It is most noteworthy in its use with cryptocurrencies and NFTs.

www.investopedia.com

Why Do Bitcoins Have Value?

Bitcoin is touted as a private, decentralized digital currency. But what gives the leading cryptocurrency value?

www.investopedia.com

 

[harties]

Closed minded fund managers still coping that they saw BTC went up multiples over the 5+ years, and it was supposed to go to 0.

 

[C4Cat]

what does inflation do again? can R100 purchase the same stuff it could 10 years ago?

It's still a store of value, even if the value decreases over time. If it reaches a point where inflation overtakes it's function as a store of value (like what happened in Zimbabwe) then, yes, it would cease to be a viable currency, or money. As long as it can be saved and used to purchase things it is a store of value though.

 

[Pegasus]

Closed minded fund managers still coping that they saw BTC went up multiples over the 5+ years, and it was supposed to go to 0.

Indeed, it's like they don't do their reading.

https://www.pwc.com/gx/en/financial-services/pdf/3rd-annual-pwc-elwood-aima-crypto-hedge-fund-report-(may-2021).pdf

 

[eg2505]

It's still a store of value, even if the value decreases over time. If it reaches a point where inflation overtakes it's function as a store of value (like what happened in Zimbabwe) then, yes, it would cease to be a viable currency, or money. As long as it can be saved and used to purchase things it is a store of value though.

I think its more that Bitcoin is a existential threat to the established order going back centuries,
it takes time for old boys clubs like Financial houses to catch up to the latest and greatest ideas.

 

[C4Cat]

What do you make of these?

Blockchain Explained

A blockchain is a digitally distributed, decentralized, public ledger that exists across a network. It is most noteworthy in its use with cryptocurrencies and NFTs.

www.investopedia.com

Why Do Bitcoins Have Value?

Bitcoin is touted as a private, decentralized digital currency. But what gives the leading cryptocurrency value?

www.investopedia.com

Blockchain is an amazing technology and has many valid uses but as a form of money it still has a long way to go and many of the advantages or problems it solves are being eroded. For example, one of the biggest advantages crypto has is that it allows for a decentralized system - no banks required, no central exchanges, distributed mining operations. I reality though, most people buy and sell bitcoin through exchanges and these are becoming fewer and more centralised and the mining operations are becoming more and more centralised too - with china operating the largest in the world. As a medium of exchange it's very slow and expensive, due to the large amount of processing power required. Most people today trade in bitcoin, not with bitcoin. It's value is only what the traders dictate, it has no value outside of that.

 

[C4Cat]

I think its more that Bitcoin is a existential threat to the established order going back centuries,
it takes time for old boys clubs like Financial houses to catch up to the latest and greatest ideas.

When was the last time you bought anything with bitcoin and how often do you spend bitcoin?

 

[saturnz]

It's still a store of value, even if the value decreases over time. If it reaches a point where inflation overtakes it's function as a store of value (like what happened in Zimbabwe) then, yes, it would cease to be a viable currency, or money. As long as it can be saved and used to purchase things it is a store of value though.

if a bucket of water leaks water, is the bucket storing the water?

LOL, from the same reference I posted earlier

Fiat money or fiat currency is money whose value is not derived from any intrinsic value...

meaning it has no intrinsic value, and thus cannot store value, and is not money

 

[w1z4rd]

When was the last time you bought anything with bitcoin and how often do you spend bitcoin?

I bought a graphics card with eth this last week. Last year I bought 5 Dell computers with eth as well. This was to local east london dealers. Its not hard to find people who will exchange crypto for goods.

 

[eg2505]

When was the last time you bought anything with bitcoin and how often do you spend bitcoin?

I brought seedr account, and find it easier to spend that then something Fiat, as its instant and irreversible.
so there's a lot to like, just the rest of the world hasn't caught on yet, but it will eventually.

 

[C4Cat]

if a bucket of water leaks water, is the bucket storing the water?

LOL, from the same reference I posted earlier



meaning it has no intrinsic value, and thus cannot store value, and is not money

Fiat currency has no intrinsic value, I don't disagree with that, but it is a store of value due to the laws of the issuing government and it's use as a medium of exchange. What you say makes no sense, if it was not a store of value there would be no purchasing power, no foreign exchange, no interest or credit, no opportunity for saving or borrowing. The fact that all these things exist is proof that fiat currency is a store of value.

 

[w1z4rd]

I brought seedr account, and find it easier to spend that then something Fiat, as its instant and irreversible.
so there's a lot to like, just the rest of the world hasn't caught on yet, but it will eventually.

It took them a long time to change from shells to gold. Then a long time to change from gold to tree bark, expect humanity to move over to this new format in time as well.

 

[saturnz]

What you say makes no sense,

I proved to you in very clear terms that your understanding of money was at best 25% complete, you have not considered this matter, so I will just leave you to ramble...

 

[C4Cat]

I bought a graphics card with eth this last week. Last year I bought 5 Dell computers with eth as well. This was to local east london dealers. Its not hard to find people who will exchange crypto for goods.

How long did the transactions take to be processed? Can you imagine standing in queue waiting to pay for groceries when everyone is using bitcoin?