"Hey user, would you mind telling me what the intrinsic value of bitcoin is again?"

Excatly! But until then, it can go either way.

I have bought family members giftcards using my BTC without spending a dime of my initial investment :)

The fundamental shift will occur when workplaces give employees the option to be payed in bitcoin - at that point they'll be holding or buying enough to make payroll. Think about it - no more raises necessary just to keep up with inflation...

BTC is in the discovery and adoption phase, which is why its so volatile. If everybody already has BTC and holds onto it, then it doesn't matter how deflationary it is, its not going to gain value.

> Peter Schiff

buy gold during the december-january season. it drops like a rock and you will make a shit ton selling it when the market crashes

No you are partly wrong. The fundamental shift will occur when your landlord, the IRS, your grocery store and all the other gov institutions accept BTC.

I will soon have $10 000 to play with. Is it smart to put 7% - 10% in Gold for the sake of hedging and divers? What I mean is, is it at a fair price right now or within a month or two?

value is created by labour

crypto value is created by the useless labour of guessing hashes

>he thinks the government will accept bitcoins or other currency not controlled by them

lmao, do you also believe the 1% will give people a basic income?

>you can use it to buy things

>"Mind telling me what the intrinsic value of a piece of paper is"

>"Mind telling me how people holding precious metals reacted to paper money when it was introduced"

>"Mind telling me why you are too lazy and/or stupid to understand the technology behind bitcoin"

>Catalog
Then you don't understand anything. Wtf are you supposed to do with your BTC when the IRS wants your dollars?! No gov will never accept BTC, but how is BTC gonna solve the IRS problem? As long as taxes exists the demand for dollar will be bing in America, and your boss will pay you in dollars and not in BTC. You maybe can ask him to pay you in BTC, but you will have to use some of it to convert to $

When everybody flees the national currency the govt will have to follow or risk their money being worth zero, at that point they will be accepting cryptocurrency

DERP

>not controlled by them

Controlled? user, we MADE the thing!

groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/nsamint.htm

You will never be able to "flee" the dollar because of the IRS. Anyone who tries to "flee" the dollar will be put in fail.

Paper money is bullshit though, if it's not backed by commodities. Or maybe paper money that's controlled by private banks is the problem.

>what the intrinsic value of a piece of paper is
You can write on it and make origami

>Wtf are you supposed to do with your BTC when the IRS wants your dollars?

you tell them to go fuck themselves, that you dont recognize their authority anymore
its called a revolution dude

you are wrong my friend. When the national currency begins becoming massively devalued the choice will be for the government to start buying cryptocurrency as well or risk losing everything, at that point why would they not accept cryptocurrency

How does the irs stop me from connecting to somebody outside of the country to buy or trade crypto

How does the irs prevent me from buying or selling crypto in person on the black market

When was the last time you bought a physical item with gold?

No shit dummy that was my point

1973

So it has no intrinsic value then? You can do the same thing with dirt dumbass

the owners of BTC already paid taxes on the money you gave them. Each folio and trade website takes fees from every transaction you make. When you convert back to fiat at an exchange, you pay taxes on the fiat. the IRS gets their money.

If (and when) crypto is in league with nationally accepted currency, the people that get paid by our taxes will probably have already invested in the crypto too. If you want to be esoteric about the whole thing, this is a way of re-ordering who's the jew and who's the gentile. We'll all be just about the same.

Except for nocoiners.

encyclopedia-of-money.blogspot.com/2011/10/rice-currency.html

>You can do the same thing with dirt dumbass

You literally cant. What are you on about?

>i can't create art in dirt
>i can't use it for other things

The point is a piece of paper has near zero intrinsic value, the same as dirt

Kill yourself

check mate no coiners

How dumb are you? A piece of paper does not have intrinsic value like rice does

Normies flooding the board REEEEEEEEEEEE

Pretty sure you could ask anyone and they'd rather have the paper more so than the dirt to make art

Ok neat so paper had .0000002 intrinsic value and dirt has .0000001 intrinsic value

KILL. YOUR. SELF.

I'm sorry I was really responding to the dirt post. We all know that you were initially supposed to be able to exchange each individual dollar for a gold piece. Now it's just as good as physical based coins. Wasn't there a russian crypto that you could have to put sand in some beach in order to confirm your wallet?

Your argument is actually retarded and baseless anyway, I shouldnt have entertained it

The point is a piece of paper with USA federal reserve on it has as much intrinsic value as a blank piece of printer paper, if you can't see that you are a mongrol

Not my fault you dont understand what intrinsic value is

You're mind mindbogglingly retarded. Are you 15 by any chance?

Post your blockfolio and we'll find out who is 15 LOLOLOLOLOL

First you have to answer the question in the OP

I already did if you read the thread

The intrinsic value of bitcoin is the same as the intrinsic value of a blank piece of paper which has the same intrinsic value of the us dollar

Inb4 you cry that a blank piece of paper has more intrinsic value than lines of computer code. I FUCKING AGREE but the intrinsic value is so close to nothing that we can all say it has intrinsic value zero.

Class dismissed

And if you want to split hairs like you insist on doing, i could argue the computer code has more intrinsic value than paper because it can be used as a tool to create other types of computer code.

Get fukd

instrinsic value is essentially labour that has been put in
currencies exchange value dont reflect their in labour input thats the whole point though
in any case in an advanced economy labour input is literally the least valuable commodity

>agrees that it has no value
That wasnt so hard. At the end of the day you're going to cash out to fiat, because there is value in the stability of it. BTC is worth even less than money because of its unending volatility. You can argue semantics on what is "intrinsic" or not but you dont see people holding bitcoins in their retirement funds

Dumbass it's a new technology of course we all have to cash out into fiat in the year 2017

In the year 2030 we wont need to cash out to fiat and fiat will have unending volatility. You wont see people holding it in their retirement funds.

See what i just did. Open ur fucking eyes

>About $3900 USD.

Its weight in Dutch tulips.

>Ad hominem every post
I see fiat isn't the only thing you've invested with, you used some emotions too

>randomly picks 2030 is the tipping point
Lol, fiat won't replaced until I die and then some, probably not for you because you're underaged.

Please dont cry when your dads money pops

Btw "value in the stability of it" is not the same as intrinsic value

GO AWAY

The value of a token that allows you to transact through the biggest trustless, decentralised and censorship-resistant network in human history.

I was using random time frames as an example so your small brain can understand these simple concepts

Hahahahahahaahaha some of us make over 6 figures a year with real jobs and have an education and know what simple concepts like "intrinsic value" mean

Not an argument I made

I think it's time I go see my cute gf, try not to panic sell while im gone

>Implying I'm cashing out ever
I'm a simple man.
I hoard my crypto. Someday it may be very valuable, moreso than today. If it isn't, I've lost nothing. If it is, I've gained everything.
Upside > downside.

I spend bitcoin on all sorts of stuff from Amazon and get 15% off with purse.io. I also eat breakfast every day paid for with bitcoin. This has worked out really well over time. I end up getting all of the things cheaper than other suckers who are still using fiat currency for everything. I've stacked some gold too just in case.

Hahahaha it's easy to not panic when you have a lot of money and if you were to lose everything tomorrow in crypto you are still richer than 99% of this board

Can i come? Real men share their cute gf's teehee

Let's see how that pans out, shall we? So far, this is how BTC has performed:
Average Daily increase since 2009 = $1.23
Average Daily increase since 2010 = $1.39
Average Daily increase since 2011 = $1.6
Average Daily increase since 2012 = $1.89
Average Daily increase since 2013 = $2.29
Average Daily increase since 2014 = $2.35
Average Daily increase since 2015 = $3.73
Average Daily increase since 2016 = $5.84
Average Daily increase since 2017 = $12.87

wew lad, nice point you made there

>implying fiat money has no value

About $3800 dollars

Expensive hardware and gigawatts of staked electricity.
What's the dollar's?

A dollar is a quantity of silver.

You realize you didn't buy the cat brush with bitcoin right? The merchant received fiat money that the bitcoin exchange company converted for Overstock.

Unless merchants start believing in the value of bitcoin and start accepting bitcoin/any other crypto directly, crypto can't be considered trusted.

where's my silver?

Overstock will be hodling 50% of the BTC they receive

coindesk.com/ostk-hodl-overstock-keep-50-bitcoin-payments-investments/

Lel, how much silver is it?

You want silver for hodling privately printed, irredeemable, promisory notes?

would you mind telling me the intrinsic value of USD?

It's literally the same fucking thing as gold except you can't make fancy jewellery out of it and transporting it is relatively quick and cheap.

>mfw this guy tries to sell you credit card sized pieces of gold that can be broken up into sim card sized pieces
>look you can spend it like money!!

1/50th bbl crude, and the navy to make sure it gets there (and not settled in gold).