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21 sats \ 3 replies \ @stack_harder 22 May \ on: Opinion on crypto currencies: Bitcoin: The biggest bubble of all time bitcoin
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
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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Some people have a hard time adjusting to new realities... It just challenges too many of their hardwired core beliefs.
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sure, most do, but you'd think after 15 years and countless cycles we'd be past it
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