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Opinion on crypto currencies: Bitcoin: The biggest bubble of all timewww.fuw.ch/opinion-on-crypto-currencies-bitcoin-the-biggest-bubble-of-all-time-632836798020
339 sats \ 10 comments \ @south_korea_ln 22 May bitcoin
In a few years, Bitcoin is supposed to reach the million mark. If the community continues to succeed in recruiting believers in droves, and the number of crypto atheists continues to dwindle, achieving this goal is realistic, meaning the biggest bubble in financial history is far from bursting. However, this does not change the fact that the intrinsic value of all Bitcoins in the world is zero.
(emphasis mine)
When even a random Bitcoin hit piece ends up giving a compelling argument to join the cult~~
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10 sats \ 0 replies \ @CruncherDefi 22 May
However, this does not change the fact that the intrinsic value of all Bitcoins in the world is zero.
And it's a good thing. It makes bitcoin purest money there is. Its value is 100% monetary premium without any value stemming from utilitarian properties. Less noise, more signal.
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21 sats \ 3 replies \ @stack_harder 22 May
fiat's intrinsic value is zero, its printed paper, but people accepting it for hard goods gives it value
gold is a shiny rock, people will accept it as payment or trade, which gives it value
With BTC you can buy goods and services, and also trade it for fiat, this is what gives it value (among other traits)
pokemon cards have no intrinsic value, and yet people can sell them.
Honestly, this whole idea of intrinsic value needs to be put to bed forever , it's just lazy at this point
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32 sats \ 0 replies \ @kepford 22 May
No need to strawman gold here. It's scarce (relatively) and cannot be created or destroyed. It's functioned as money for thousands of years. It's shininess and use as jewelry is actually a negative for being used as money. Bitcoin was modeled after these properties and improves upon it.
I agree with you about intrinsic value though. It's really a myth.
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0 sats \ 1 reply \ @south_korea_ln OP 22 May
Some people have a hard time adjusting to new realities... It just challenges too many of their hardwired core beliefs.
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0 sats \ 0 replies \ @stack_harder 22 May
sure, most do, but you'd think after 15 years and countless cycles we'd be past it
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0 sats \ 0 replies \ @wolfsbane 22 May
They say it’s worth zero, then list all the reasons it’s heading to a million sounds less like a bubble and more like a blind spot.
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0 sats \ 0 replies \ @028559d218 18h
for something worth zero... one can sure buy a lot of fries
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0 sats \ 0 replies \ @gandules 22 May
Just one intrinsic value PoW, stay humble, stack bits/sats, focus on these virtues Courage, Justice, Temperance, Wisdom, and think for yourself.
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0 sats \ 0 replies \ @Satosora 22 May
People have to get with the program.
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0 sats \ 0 replies \ @jakoyoh629 22 May
lol
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