Why Is Bitcoin Worth Anything?

That explains why the value of gold went to shit after the government stopped backing their currency with it.

bitcoin is literally printing your own fucking money. if you cannot see what is wrong with that then youre fucking retarded. yes i would have LOVED to have bought into it and annoyed that i havent....that doesnt fucking change the fact that its PRINTING YOURE OWN MONEY!

i dont care about changing your opinion lol

How is it printing your own money? You need to mine and provide infrastructure for the network if you want to "print" anything. It's more honest than cash.

Dollar is backed by oil noob

Not the same thing as gold is a commodity

the dollar is backed by the strongest military in the world, you're dumb if you think otherwise
what makes sure that oil backs the dollar?
false equivalence

In game currency is literally printing your own fucking money. if you cannot see what is wrong with that then youre fucking retarded. yes i would have LOVED to have bought into it and annoyed that i havent....that doesnt fucking change the fact that its PRINTING YOURE OWN MONEY!

ok go mine one bitcoin please and tell me how much money you made, also look up what seigniorage is

fycking KEK
*breathes in*
BOIIII

Miner's cost is 1000 USD. They sold their Bitcoins with 80 % margins when Bitcoin was at all time high. It's hardly "honest money".

cause retards are willing to buy pixels

>try to rent a vpn
>it uses bitpay as payment method with btc
>bitpay expect 6 confirmations within 15 minutes

are they retarded? i won't spend 10% on a high fee that probably won't work. besides, using btc as currency is fucking pointless

>using a deflationary 'currency' that functions more like an asset or a commodity to pay for something you should be buying with fiat

It's a huge pyramid scheme. You know it has no real value when it has to be shilled constantly by bagholders to keep its price up.

pastebin.com/ZUxTmR99

Lol, such a blue pill answer

name 1 currency that isn't backed by a government that has ever been successful
>inb4 gold/btc
they aren't currencies.

>the dollar is backed by the strongest military in the world, you're dumb if you think otherwise

a system that works by willful participation is more efficient than one that imposed by force

USA economy and military will come tumbling down in tandem, meanwhile crypto will flourish because everyone actually wants to participate

you mean bits?

>if the us collapses nothing will take its place
delusional

im not talking about your second point, crypto will flourish whether the USD exists or not.
but it is delusional to think that if the US collapses there will be a perfect world when in reality you will have russia, china or some unknown country run the world.

what

So what? You're saying crypto can't exist along-side Chinese/Russian hegemony? They're probably more friendly to it than american regulators

>scarce
>decentralized
>transaction speed
>transaction cost
>transaction permanency

Other coins sacrifice decentralization or permanency in order to achieve what matters most in a currency: speed & cost.

If nothing changed, today, as it is, bitcoin can not compete with the banks. It's driven up by speculation on what it could achieve with time.

Seeing as TODAY, the only way to get BTC is by paying a 1% broker fee, its only value comes from speculation of future value.

It takes a certain amount of electricity to produce a bitcoin. Miner sells for profit to a speculator, trader, or someone who's willing to accept it for a good or service because why not. This cycle repeats, there's a limited supply of bitcoin and the amount of resources (electricity, equipment) needed create it increases so by extension the price the miners dump at increases as well. The number of traders, speculators, and merchants accepting it increase as well due to a network effect and viola you have a thriving economy centered around bitcoin.

>So what? You're saying crypto can't exist along-side Chinese/Russian hegemony?
No, I specifically said crypto will exist no matter what
>They're probably more friendly to it than american regulators
are you baiting me? china just shut down all exchanges
you're an idiot if you think the USA collapsing fixes anything.

Governments don't last forever user. Do you have any denarius by any chance?

Thought not.

So we can assume that all currencies have a fixed life time.

Now, what is the thing that these governments give us that makes a currency have value?

Let me tell you what that is - we TRUST them, we trust the banks and the governments to pay us our money that we leave with them.

However, our trust is horrifically abused - extortionate taxes, usuary and inflation. Remember the big bailouts in 2008 - over 1 trillion of usd was pumped into the system. Guess what - your dollars are worth a lot less now and assets soared. And the too big to fail banks got off the hook.

Bitcoin is designed to overcome these shortcomings - it's cryptographically secure and decentralised. We can use it and hence avoid the pitfalls from banking - inflation doesn't happen, trust us inherrant in the algorithm, and the blockchain can do even more than it currently does as it adds features and capacity.

We don't need to trust them anymore.

But and hold user, look at what you have in a year.

>china just shut down all exchanges

Oh you still haven't caught on?
China intentionally FUDs so they can buy the dip , thats how much they love crypto

ramen

>Governments don't last forever user.
if you only talk about names, sure. but government as an idea has and will always exist whether we want it or not, which is my point.
>Do you have any denarius by any chance?
no, but i have the exact same system except today it's with paper. the only difference is the name and the format.
>So we can assume that all currencies have a fixed life time.
like with governments, in name only. what is the difference between a yuan, ruble and dollar?
>We don't need to trust them anymore.
in a perfect world
so china banning all exchanges makes them more friendly to crypto than the US or russia?
kek

they "banned" them, bought the dip, then doubled back and said they'll allow them with licenses

China won't actually be able to ban cryptocurrency though.

Wait and see user, even if it shits down all the miners overnight, and even if there is a global crackdown.

>solid dev team

Interestingly the exact opposite happened. Nice try satan.

Because i want it. That's why.