Something non-existant (and worth 0$) is priced at 7200$

This. Think of it like a ladder. One person is afraid to keep BTC at the new high price, while another is fearless and ready to buy it at the new high price. How high will the BTC ladder go before it slows down and reaches a peak?

>real money
If you knew what we know about fiat currencies and how federal banks create money you'd be 100% in btc.

An Ipühone X isnt worth 1150 but you see enough retards paying that prices.

Nobody is going to say something like:
>Hurr this item isnt worth 1150 bucks!!

When millions of people waited days in frot of stores to get it.

It's worth exactly 7380$ right now. If someone is giving you any amount for anything, that's its price, especially when there are millions of people that agree.
In the last 10 minutes there were around 20'000 bitcoins being bought and sold.

fitting

>federal banks

nigga, i think you mean the federal reserve. Think before you post

I can't believe that something worthless and non-existent ($) can be worth so much BTC.

I didn't get the worth of the Panini football/soccer sticker albums neither. In Burgerland you too have those stickers, right? But from "real" football stars?

Considering you can't just put a number to humans greediness then Infnite is the right answer

there are digital armor and weapons on steam that can be bought for hundreds of dollars

BTC costs energy to create, $1000's in computer hardware that are sacrifice to the cause. It's more real than "real money".

It's about buying low selling high. or
> buying high selling low - the Veeky Forums way

Kinda like the stock market, only way more retarded.

>real money
kek

iPhone has a utility. It might be overpriced, but it offers some kind of use, and the fact it is overpriced is just owing to the company inflating the public's idea of how great it is at what it does.

BTC's utility is that it goes up in value. People buy it because they think that at 7,300 or whatever, it's going to go up to 7,500, or 8k. Somebody else buys it there thinking it will go up. Even here almost nobody buys it because they think it's a currency, everyone is always measuring their dollar gains. That isn't to say that you can't buy it and sell it at 7,500 or whatever, but it's obviously a game of musical chairs and everybody is gambling.

how is paper currency any different, which by the way is mostly electronic now. Like a dollar, a bitcoin is a medium of exchange, so you can buy a dozen eggs for whatever fraction of a bitcoin as opposed to having to find someone with a pound of meat that is willing to trade it for your two gallons of milk so you can trade the meat for the eggs cous the guy that sells the eggs doesn't need meat right now. The value comes from how the market values it.

But there isn't infinite wealth in the world. It will slow down, and stop at some value.

That's ridiculous, there isn't infinite money, nor is there infinite aggregate demand for bitcoin. The higher it goes, the less any average person is going to get from buying in. Only people that can throw around thousands will be able to see any real gains. At the start, a kid in his basement could throw down $100 and would see it climb into tens of thousands.

Goddamn, it's this kind of smart-ass mentality that kept me from investing from the beginning of this year. Seriously, fuck you guys.

You need paper currency to pay taxes. That grounds it in the law. If you don't have fiat to pay taxes you are going to jail for running a business, being employed, or owning property. Even if businesses started taking bitcoin as payment en masse, it would always be for some sort of transactional utility it provides, because in the end it has to be liquid enough to return to dollars so they can pay the government and not get run out of business.

>there isn't infinite money
Actually there is. What isnt infinite are resources.

Early adopters didn't even have to spend any money or take any real risk.
They just cpu mined thousands of coins on their computers.
Why should they be rewarded with millions of dollars?
What effort did they put in exactly?
I know that's the way it is, but it seems at least a bit ponzi-like to me, although returns are not guaranteed by anyone.

What I meant was there isn't infinite money in people's hands to drive up bitcoin prices at the current rate. People's incomes are mostly stagnant. You'd need many more big players involved to keep it rising at a high rate, but that would be rich people looking to fleece other rich people in the bubble.

it is liquid. I haven't paid taxes in paper currency ever. I'll mail a check or do electronic funds withdraw. Cryptocurrencies might not become official currencies, but they will continue to be used as money.

As long as working and tax paying citizens are OBLIGATED to pay for health insurance there is.

But you are right, as long as as the not working and welfare taking invaders are making more babies than the tax and insurance payers it's - on the long term - really an impasse.

>expecting fairness in life

Dollars, not paper. Bank transfers are just digital dollars.

Cryptocurrencies in general are another thing, because there are others that have more functionality than bitcoin. BTC is a speculative bubble because it doesn't hold value as a token of exchange, it moves too much. Ethereum would be better since it just fluctuates around $300, even though it can fluctuate quite a bit. But who knows how that will play in the long run either. Either way, you can use them for all kinds of things, but it is obvious those 100,000 new accounts on coinbase were a result of BTC hitting 7,500 and not because everybody thought "wow, I can use these bitcoins for their utility in my daily transactions!"

>iPhone has a utility. It might be overpriced, but it offers some kind of use, and the fact it is overpriced is just owing to the company inflating the public's idea of how great it is at what it does.

So does bitcoin

I was in in early 2011, mining with 4 motherboards, 4 gpus each. made some 1000 bucks. sold everything as soon as the price of energy was higher than the return.

Two years later it turned out that the BTC price rised exactly the same way as the mining difficulty in 2011. Unfortunately I went out by selling my BTC for $4 because this was the stop loss to cover the hardware and energy costs.

Do you even understand FIAT in the first place?

They can print their way to owning Bitcoin and the thousands of shitcoins to follow, unless people 100% disassociate from cash.

That means buying and selling everything in the real world in crypto. Thats the meaning of true ADOPTION

Your bank balance is also non-existent and is intrinsically worth nothing, but unlike your bank balance, bitcoin is non-inflationary, decentralized and most exchanges don't use fractional reserve.

Bitcoins utility is that it is overpriced and continuing upwards. People buy into it because of the hype that it increased a bajillion times over. They expect it to either continue to do that, or plummet to a low that lets it rise up again so they can take part in the wave. Nobody cares that they can buy a taxi ride somewhere with a bitcoin when they can just as easily do it with a dollar, it's a novelty next to the bubble that lets them have the purchasing power of 20 taxi rides because they took money from some anonymous jackass that bought their bitcoin for more than they payed. If that system of exchange occurred over a long enough period of time, there'd just be a handful of winners with a shit ton of everybody else's money, maybe still trying to gamble for the money of the other cryptocurrency millionaires.

>Why should they be rewarded with millions of dollars?
>What effort did they put in exactly?
They were smarter than you and me

You are projecting your opinion onto everyone else. Stop it.

>overpriced
Spotted the marxist

Us dollar bill is piece if paper with print on it and you can give that piece of paper for it.
Everything is worth what people are willing to pay for it

Again, you think 100,000 people joined coinbase recently because they think this new fangled bitcoin is going to make their lives easier? You think people show off their dollar value on blockfolio and the gains they've made on this board because they want to use bitcoin to buy things? As it is, as best, bitcoin has been useful for the black market and markets where traditional banking isn't as widely available as internet connected devices. Other than that, it has been treated as a way to get easy state issued fiat from volatility.

When are you going kys?

The problem you're having is you're trying to apply Marxist ideology to a cryptocurrency. That's why you're so confused. Value is subjective. I don't understand why people pay $300 for a pair of shoes, but that doesn't mean those shoes are objectively worth less than $300.

Again, stop projecting. You don't know people's reasoning for purchase. At best bitcoin is useful to merchants as an alternative to banking and credit card fees. It is a viable and only alternative to offer merchants and consumers a way to transact without credit and interchange fees. All assets whether it be stocks, commodities, bonds or futures are speculative by nature. Bitcoin is no different. the value is whatever the market dictates.

Yeh I'm sure people invest in the stock market because they think X company is going to make their life better, and not just purely for profits

I gave evidence, even though I'm not going to do a long analysis in a random Veeky Forums thread. It isn't baseless projecting, I've read several threads today from different websites with different posters talking about when to cash out, when to buy back in, how high can it possibly go, wish I had bought in in 2013 because I could be rich etc.

Nothing about "I'm staying in because this is going to be a currency". Anybody who is really trying to analyze the possible market value of these things is usually questioning the utility and scalability of certain block chain based products. But even then there is that other side that always says "nah, these are all Ponzi schemes and you should just ride the wave". I don't doubt some people buy it on faith, but I'm suggesting the vast majority of anecdotal evidence has been that people want to get lambos, in state issued fiat, using cryptocurrency to get it.

But I do think block chain tech has serious applications. I also notice big financial institutions and other companies already forming around making proprietary boutique or industry applications, so I'm not so sure how this will all play out in the more accessible sphere where a lot of people just seem to be recreating securities with less oversight.

Your evidence suffers from observer bias. At best your evidence is anecdotal. Ask yourself do you seriously think Veeky Forums is a good place to draw a sample from? 90% of the threads are wojacks and pump and dump schemes. It's no way indicative of anything but Veeky Forums's autism.

>But I do think block chain tech has serious applications

It has zero practical applications. The only scenario where blockchain tech make sense is if we live in an ancap society.

If you don't understand cryptocurrencies, then you also don't understand fiat currencies.

hrm that's an interesting point of view, please elaborate.

>how is paper currency any different, which by the way is mostly electronic now
it doesn't matter

fiat currency is still backed by the government and entire country's economy and it won't change

I am into tangible assets like housing, jewelry, stocks etc.

cryptos are literally nothing - not even backed by the government

that's true although more people use banks than BTC

it's backed by the US government, US economy and US army

BTC isn't

fiats aren't really an investment - they just lose purchasing power over time

i just don't understand why people buy overpriced cryptos like BTC or even alts and won't even consider other investment options

what happens now is plain stupidity - everyone buys BTC because everyone buys BTC

it won't end well

not to mention that entire blockchain technology is pretty much outdated and obsolete now

bitcoin is over 8 years in development and still no one is using it

I fear you guys got memed

>bitcoin is over 8 years in development and still no one is using it
>no one is using it
You don't know shit confirmed. Blockchain networking is just starting to take off now that it's stable and easy to work with. Currencies are just the beginning.