Merged Bitcoin - Part 3
- Thread starter Dr.Sid
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- bitcoin cryptocurrency
lomiller
Penultimate Amazing
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Nothing is denominated in bitcoin, so it's not being used as a currency. The reason nothing is denominated in bitcoin is because no one knows what it will be worth next week so you don't know how much to charge for anything.
I don't consider speculation to be utility. These people don't want bitcoin they want the real currency they think they can exchange it for later on. The problem is that until they exchange it for real currency they have earned nothing and if everyone wants to exchange it for real currency it's worth nothing.
psionl0
Skeptical about skeptics
This is SO 2011!
Bitcoin haters constantly try to ignore the fact that you can transfer bitcoins in any amount around the world within minutes, at low cost (in bitcoins) and without needing anybody's approval.
You might not have a personal use for this facility but that doesn't mean that you get to say that bitcoin has no utility.
lomiller
Penultimate Amazing
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True then true now.
There many other better ways to move funds around than bitcoin.
When you use a less effective tool to do a job you lose utility. Technically anything that makes you happy produces utility, but if what makes you happy is delivering refrigerators by bicycle the opportunity cost is going to outweigh any personal satisfaction generated. Just because bitcoin gives you happy feelings doesn't mean it provides any net benefits to anyone, in fact the opportunity costs harm everyone.
Roger Ramjets
Philosopher
You say that like it's a good thing.
For the vast majority its utility is so low it might as well be zero.
psionl0
Skeptical about skeptics
As bitcoin and the cryptosphere generally inexorably lurch towards the maker, it is sad to see how lives have been obliterated by the evil crypto embodies.
https://www.nzherald.co.nz/business...res-what-happened/JKNJ2ULVXZAQ5K2EWUATCE4Z2E/
"During the pandemic, we bought a plot of land for US$5,000 not far from here," she said, looking up towards the verdant hillside.
"We had US$7,000 in savings to build a house, but my husband became obsessed with Bitcoin. He put US$1,000 in the account but it went down to US$400. I told him to withdraw, but he put more in because the president kept saying it would go up. It never did.
"We lost thousands and now can't afford a roof. We have a plot of land with just walls."
Molina, who has a 6-year-old daughter, earns just US$10 a day. Inflation in El Salvador was 7.5 per cent in May, but food prices are up by 13.5 per cent.
"We can't get a loan from the bank now. We've had to put our dream on pause. We're worried about what to eat each day, not about Bitcoin going up and down."
https://www.nzherald.co.nz/business...res-what-happened/JKNJ2ULVXZAQ5K2EWUATCE4Z2E/
"During the pandemic, we bought a plot of land for US$5,000 not far from here," she said, looking up towards the verdant hillside.
"We had US$7,000 in savings to build a house, but my husband became obsessed with Bitcoin. He put US$1,000 in the account but it went down to US$400. I told him to withdraw, but he put more in because the president kept saying it would go up. It never did.
"We lost thousands and now can't afford a roof. We have a plot of land with just walls."
Molina, who has a 6-year-old daughter, earns just US$10 a day. Inflation in El Salvador was 7.5 per cent in May, but food prices are up by 13.5 per cent.
"We can't get a loan from the bank now. We've had to put our dream on pause. We're worried about what to eat each day, not about Bitcoin going up and down."
Suddenly
No Punting
I went into a gas station this morning and to my chagrin forgot to take a picture of the window where there was a "bitcoin ATM buy bitcoin here" sign directly above the "live bait" sign. Which I found funny for some reason. If they were selling tulip bulbs it would have been too on the nose.
This has meaning. I have no idea what, but at this point there being a bitcoin ATM in the second biggest (of two) gas stations in an off the beaten trail West Virginia town of 2500 people where the average age is probably north of 50 and the median household income about 50K, well...
This has meaning. I have no idea what, but at this point there being a bitcoin ATM in the second biggest (of two) gas stations in an off the beaten trail West Virginia town of 2500 people where the average age is probably north of 50 and the median household income about 50K, well...
Is it an inexorable lurch, or just a readjustment before settling into a more stable trading pattern or even soaring upwards in price ?
I've always been sceptical of crypto-currencies because I don't understand what underpins their value, but if I'd listened to people in this thread a few years ago and bought bitcoin when they advocated doing so (and when they reportedly did it themselves) then I wouldn't have to work any more.
Yes, that is something to consider. Don't invest what you cannot afford to lose and/or make sure to diversify.
If the man in the news story had just invested $1k of his $7k then for sure he'd be rueing his decision but he wouldn't have been ruined.
Roger Ramjets
Philosopher
He did invest it - in Bitcoin.
But Bitcoin is a very risky investment. Why? We all know the reason. Its value represents only sentiment. Most of the people who buy and hold it only do so because they are
Roger Ramjets
Philosopher
Your opinion only. For many of us it has not been a good thing at all.
Nearly 8 billion people in the world and I am the only one that Bitcoin doesn't have enough utility for? I don't think so...
psionl0
Skeptical about skeptics
How has it been a bad thing for you?I think the billions Michael Saylor invested for people matter little, but here we had the widow's mite gone by virtue of an irresponsible head of state.Is it an inexorable lurch, or just a readjustment before settling into a more stable trading pattern or even soaring upwards in price ?
I've always been sceptical of crypto-currencies because I don't understand what underpins their value, but if I'd listened to people in this thread a few years ago and bought bitcoin when they advocated doing so (and when they reportedly did it themselves) then I wouldn't have to work any more.
Yes, that is something to consider. Don't invest what you cannot afford to lose and/or make sure to diversify.
If the man in the news story had just invested $1k of his $7k then for sure he'd be rueing his decision but he wouldn't have been ruined.
psionl0
Skeptical about skeptics
ftfy.
Never blame the broker?
There we have a population scarcely with the gods eye view we all modestly claim in these parts.
The_Animus
Illuminator
- Joined
- Nov 24, 2006
- Messages
- 3,582
You're a bit late to the party. Bitcoin ATMs have been at gas stations for years. They started in more densely populated areas but kept expanding. My town has one as well and has a similar population.
jeremyp
Philosopher
You haven't made any counter arguments. I asked what cryptocurrency is useful for that is both legal and not better served by fiat currency.
No answer. Zip. Nothing. Nada.
All I've had so far from any of you crypto cultists is that "it's not regulated". That's not a use and it's a major disadvantage compared to fiat currency.
jeremyp
Philosopher
The two main reasons I can think of off the top of my head for regulating the movement of money around the world are to make it harder to launder the proceeds of crimes and to prevent the evasion of taxes.
Neither money laundering nor tax evasion are good for me as a potential crime victim and a user of government services like education, healthcare, roads, law enforcement etc.
