Bitcoin has no intrinsic value — Top hedge fund manager

PAYBACK

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When was the last time you bought anything with bitcoin and how often do you spend bitcoin?
lol. Why would a person have to spend it to prove your point? You know there are plenty establishments in South Africa that use it as a medium of exchange. Fiat has been on 5000 year evolutionary journey and because BTC it hasn't taken over in the last 12 years somehow it's nothing burger? Guy.
 
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harties

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It does take less than 1 second to pay with Bitcoin from a Bitcoin lightning wallet, and it works 100% today.
People aren’t up to date with current developments and still spouting info from 5 years ago.

There are plenty of live demonstrations of how easy it is to setup a btc lightning wallet and pay with it. Also paid for mrD voucher with it on bitrefill. Took 1 second.
 

Sensorei

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Will it still work 100% wheYes n millions of people are spending bitcoin every second?
Yes Lightning can handle up to 25 million transactions in a second and settle it on the Bitcoin blockchain as one transaction.
 

garp

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LOL @ ppl who think this has ever had anything to do with "intrinsic value".
 

harties

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Will it still work 100% when millions of people are spending bitcoin every second?
It’s recently rolled out as a Twitter tipping feature. Also, being used by El Salvador citizens.
You can test it yourself by buying with on bitrefill.
 

C4Cat

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this is not an interrogation, if you have a point, you can make it without having to ask me questions

and a reference or two in support of the point would be appreciated
I made my point, you just refuse to acknowledge it. Fiat currency could not be used to purchase things, for foreign exchange, for generating interest or credit, for for saving or borrowing if if it was not a store of value. It would not be possible. You can read definitions all you want, these things are only possible because fiat currency is a store of value. You don't need references to understand this. Go do some forex trading and then tell me fiat currency is not a store of value.
 

Pegasus

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I made my point, you just refuse to acknowledge it. Fiat currency could not be used to purchase things, for foreign exchange, for generating interest or credit, for for saving or borrowing if if it was not a store of value. It would not be possible. You can read definitions all you want, these things are only possible because fiat currency is a store of value. You don't need references to understand this. Go do some forex trading and then tell me fiat currency is not a store of value.
Fiat money is backed by the government ie: the gun.
 

quovadis

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Yes Lightning can handle up to 25 million transactions in a second and settle it on the Bitcoin blockchain as one transaction.
And at what stage do the lightning confirmations become a bottleneck when being added to the blockchain? Are you happy with "trusted third parties" managing these lightning transactions?
 

Sensorei

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And at what stage does the lightning confirmations become a bottleneck when being added to the blockchain? Are you happy with "trusted third parties" managing these lightning transactions?
Lightning technology theoretically can support up to a billion transactions a second, but realistically now that is about 25 million tps.

There is no 3rd party controlling your money with a lightning transaction. Lightning wallets are non custodial. You hold your money. At no stage does lightning have access to your Bitcoin. If the transaction were to fail the Bitcoin is returned.
 

SoldierMan

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I made my point, you just refuse to acknowledge it. Fiat currency could not be used to purchase things, for foreign exchange, for generating interest or credit, for for saving or borrowing if if it was not a store of value. It would not be possible. You can read definitions all you want, these things are only possible because fiat currency is a store of value. You don't need references to understand this. Go do some forex trading and then tell me fiat currency is not a store of value.

So the Zim dollar was/is a store of value?
 

notayoba

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Feb 19, 2010
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For me, it more and more boils down to 1 thing. Why are you buying bitcoin?

1.) Because it's productively generating income.
2.) Because you need it to do something with it.
3.) To hopefully sell at a later date to someone else for more than you paid for it. (and then end up with the dreaded fiat in your pocket.....)

I would wager that that if people are honest 99% of all purchases are Nr 3. And that sort of tells you what's going on here. On day you'll run out of people that are willing to pay more.
 

C4Cat

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For me, it more and more boils down to 1 thing. Why are you buying bitcoin?

1.) Because it's productively generating income.
2.) Because you need it to do something with it.
3.) To hopefully sell at a later date to someone else for more than you paid for it. (and then end up with the dreaded fiat in your pocket.....)

I would wager that that if people are honest 99% of all purchases are Nr 3. And that sort of tells you what's going on here. On day you'll run out of people that are willing to pay more.
This...

As Warren Buffett points out: “All you’re counting on is whether the next person is going to pay you more because they’re even more excited about another next person coming along”
 

Sensorei

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For me, it more and more boils down to 1 thing. Why are you buying bitcoin?

1.) Because it's productively generating income.
2.) Because you need it to do something with it.
3.) To hopefully sell at a later date to someone else for more than you paid for it. (and then end up with the dreaded fiat in your pocket.....)

I would wager that that if people are honest 99% of all purchases are Nr 3. And that sort of tells you what's going on here. On day you'll run out of people that are willing to pay more.
None of the above. I will keep it until I won't need to sell it because crypto will become an accepted form of payment. But by then I'll have so much value in $ from holding and trading my crypto the details don't really matter what I do with it.

Right now I could fly around the world, pay for 5 star hotels, purchase all the gadgets I want all with crypto already. If I want to safeguard some of my crypto from volatility I can store it in stable coin cryptos and earn 11% interest APY thanks to the amazing advancements in blockchain decentralised finance.
 

MaisonP

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Nov 9, 2020
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288
Yes, it is one of the lowest valued currency units in the world.
I dont think you have ever been outside of the south african borders.

I transact more with crypto than my card in asia.
 
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