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102 sats \ 3 replies \ @k00b 30 Sep \ parent \ on: What about Bitcoin are you too embarrassed to admit you still don't understand? bitcoin
I think my use of inherent is wrong - a noob's mistake.
How did bitcoin achieve moneyness while being worthless initially? Is it speculation all the way down?
well, but you are hitting on something that's different about Bitcoin.
I think it's connected to the chicken-egg problem of no people spending bitcoin because no merchants accepting bitcoin because no people are spending bitcoin...
This problem should have happened to Bitcoin's value in the beginning. Nobody sees it as valuable because the only possible value is if other people see it as valuable and nobody saw it as valuable yet...
I suspect the early blackmarket uses are what jump started it: satoshi dice, silk road, early markets where you could bet or buy "shares" in companies.
Now we've reached the bitcoin is widely seen to be valuable point, but we still haven't crossed over into people widely accepting it. I like to think SN plays a role in being one of the vanguard forces pushing for monetary use of Bitcoin. It's the second most exciting thing about SN.
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Bitcoin protocol includes the ability to make p2p payments without reliance upon a third party.
Unlike fiat money where you need a bank to facilitate payments...or in the case of cash a central bank to issue and back the coins/notes.
This, maybe, gives Bitcoin inherent value?
As per link from @DarthCoin -
https://fee.org/articles/what-gave-bitcoin-its-value/
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