Bitcoin $1K 7

[Pseudo Enigma]

Originally Posted by PaperclipGames

A $100 bill is really just a little piece of paper in reality that probably cost less than five cents to make.

pretty sure that's not true but I'm just going to keep quiet.

[choof]

Originally Posted by popsicle_3000

what does bitcoin reflect?

the ability to exchange monetary value for services completely anonymously

is there not an inherent value in security and anonymity?

[Charlo]

Originally Posted by popsicle_3000

ok, government currency is an area that I don't fully understand, but I know that it reflects to an extent the economic power/health of that country: something tangible. Even tho the piece of money in and of itself is worthless, it represents an actual 'thing' at the end. great wording is great

what does bitcoin reflect?

This is true. The US dollar is backed by the US government. Bitcoin is not backed by anything and only has the value that people give it. One could also say Bitcoin is not a currency since the vast majority of buying/selling it is for speculative reasons. Is anybody out there buying their Bitcoins with the intent of spending them on real-life goods?

[Litodude]

Originally Posted by PaperclipGames

Pop, you do realize that literally every currency has no intrinsic value on its own, right?

A $100 bill is really just a little piece of paper in reality that probably cost less than five cents to make.

this is the wrong way to use the term intrinsic value to defend your position. money has no intrinsic value, but as a "piece of paper" that is the national medium devoted to trading/buying/selling goods, services, assets, commodities (something that also doesn't have intrinsic value), bonds, and other forms of "pieces of paper", it has fundamental value. bitcoins have a "fundamental value" for buying and selling goods and services. the magnetically coded information in your debit card representing your bank information has no "intrinsic value." an apple does, a banana does, a bed does.

you (nor I) can adequately determine the fundamental value of BTC, because it's a brand new currency that works ONLY in a decentralized/unregulated-by-means-of-government-intervention type of system. what's been happening is china WANTS to put 'restrictions' on BTC and in someway "control" the currency and be able to manipulate the rates as their own ForEx. they certainly could try; i'm sure they have adequate manpower and processing power to create enough BTC for themselves, but if it comes to that, then we CAN speculate that BTC will not last for long after that. either more govt's will try to regulate BTC the same way, or abandon it all together.

[Litodude]

jesus do u guys even read the wiki http://bitcoin.org/en/faq#what-is-bitcoin

[L.B.D.D]

people have been using BTC as a medium for trading for ages, even back in like 2009 2008 i saw a couple of local shops taking BTC/paying BTC for hardware

the thing is nowadays the value is fluctuating real hard because well... most people at the moment are in it for speculative value

(same w/ me)

[Litodude]

it's ok i like people who think they know something lose their shit in a blink of an eye because it just get me richer hehehehehe

for every winner there are 50 losers

[Zapmeister]

guys it's doing that thing again



bumping this thread mainly for nostalgia's sake from the first time it hit $1k and everybody was freaking out

happy new year everyone

[Arch0wl]

I've been meaning to transfer a fuckload of money into this recently, but not as an investment, just because in some ways it's actually more secure than a bank

welp there's like $1,500 I could have had if my financial aid cooperated faster

[Spenner]

Cool I made money

[L.B.D.D]

my wallet hasn't been touched for a solid year now
good news though, looks like i still have ~14

[Mahou]

Hunids

[Zapmeister]

wake up

check bitcoin price on phone

$1102

go downstairs

eat breakfast

go upstairs

check bitcoin price on phone

$890

FUCK

LKDFJ;ADKFJLASDKJGL;KDJF;AKDLJFKLJADDLASDFJK;ASDKLFJ

feel free to laugh at me i deserve it