A ‘crypto winter’ freezes hiring at Coinbase and Gemini

[johnarb]

They are worth trillions because???

Simply because people who buy pay higher than previous buyers

Just like Bitcoin, people who bought at 1 cent or $10 or $100 or $1,000 can sell to the market of new buyers for over $30,000

It's called a market, buyers and sellers

 

[johnarb]

Here is the difference.
If I owned any of those companies, 100% of the shares, and didn't want to sell any shares, I would still have a source of income. I could sell a car or a product or advertising or a service and people would pay me.
If I owned all the bitcoin ever mined, I have no income.
On he one hand I own part of a company that produces something and on the other I have a virtual digital token that produces nothing.

Why do you like to use hyperboles and impossible scenarios, deaddog?

You're not going to own 100% of the TSLA shares so you can earn income and you're not going to own 100% of the Bitcoins mined

Stop being disingenuous

 

[johnarb]

I just don't want to waste money to buy a book that tells me what I already know.
I've listened to a few interviews with the author and haven't learned anything new. Even he has his doubts about it's effectiveness as a currency.

Have you read "The Emperor's New Clothes"

I've read the story of Emperor's New Clothes as a child

Bitcoin is more than just a currency (medium of exchange) and you would understand this if you read the book The Bitcoin Standard

So now it's your turn to read the books, but I know you won't because you keep coming up with excuses. You're being dishonest when you say you want to learn the value of Bitcoin

 

[deaddog]

Simply because people who buy pay higher than previous buyers

Just like Bitcoin, people who bought at 1 cent or $10 or $100 or $1,000 can sell to the market of new buyers for over $30,000

Ya see i'd say they are worth trillions because they have a growing business.

And the fact that people who bought at 1 cent can sell to people who want to buy today for 30K makes it a ponzi becasue you have to pay out with new money. What about the people who bought at 60K.

 

[johnarb]

Ya see i'd say they are worth trillions because they have a growing business.

And the fact that people who bought at 1 cent can sell to people who want to buy today for 30K makes it a ponzi becasue you have to pay out with new money. What about the people who bought at 60K.

if you bought 1000 shares of FB at $380, what could you do with those 1000 shares other than trying to sell to the next buyer? Now those shares are worth half

If you bought 10 Bitcoins at $60K you could have bought a house using those Bitcoins

Now they have lost value but that's called a market, sometimes bear market but when bull market comes, they will be worth a lot more again

 

[deaddog]

Why do you like to use hyperboles and impossible scenarios, deaddog?

You're not going to own 100% of the TSLA shares so you can earn income and you're not going to own 100% of the Bitcoins mined

Stop being disingenuous

Oh I'm not going to that's for sure but every so often someone will take a company private. Like Elon and Twitter (Maybe). Why? because he can make money suppling a service.
You can't take bitcoin private because there is no reason to. It doesn't do anything.

 

[johnarb]

Oh I'm not going to that's for sure but every so often someone will take a company private. Like Elon and Twitter (Maybe). Why? because he can make money suppling a service.
You can't take bitcoin private because there is no reason to. It doesn't do anything.

Bitcoin does a lot more than you can imagine, but you need to read the book The Bitcoin Standard and/or Layered Money to understand it

PS: It has not escaped me that you have not answered the question what can you do with TSLA shares or FB shares, you keep running away and misdirect to earnings and taking the company private

what can you do as a buyer of TSLA or FB or AMZN shares?

 

[NoahA]

You want to learn the value of Bitcoin but why are you so afraid to read a book that will tell you?

He isn't afraid to read the book. He thinks he already knows the answer and isn't open to the possibility that he might be wrong. Its really a waste of time trying to convince him. He seems a nice enough guy, but at this point, I think he really is just wasting your time. I've learned in life that people are only open for learning something new when they are ready.

Its just like a battered wife. There is no point in rescuing her until she is ready to leave the guy. Any attempts to help her before she is ready to seek out help are useless.

@deaddog so far doesn't have a problem yet that needs solving, which I guess is true. He trades the financial markets already, and the currency is fairly stable, even if it is depreciating with inflation. It will only be when he sees that the monetary system is broken and the governments won't be able to fix it that he will he be open to learning.

 

[NoahA]

Here is the difference.
If I owned any of those companies, 100% of the shares, and didn't want to sell any shares, I would still have a source of income. I could sell a car or a product or advertising or a service and people would pay me.
If I owned all the bitcoin ever mined, I have no income.
On he one hand I own part of a company that produces something and on the other I have a virtual digital token that produces nothing.

One point I will reply to is this. Bitcoin was never meant to be a source of income, this is where you are having trouble. Its meant to simply be a ledger system of accounting. Money is just a way to store value. If I work for a wage, I'm converting that into something I can later use. If I sell a house, I'm receiving the value of that house in something that I can store or later use to purchase something else.

If I do one year's worth of work, and I receive 100k dollars, but all of a sudden, the government doubles the amount of dollars out there, they essentially devalue my work by 50%. And they do this arbitrarily. The guy selling the house can just raise the price of his house, but my stored work in dollars has been robbed from me.

When gold is mined, it takes lots of work, energy, materials, and resources to do. This is why we value gold because we know how difficult it is to produce. You can't just turn urine into gold, although many have tried. Likewise with bitcoin mining, you can't just make digits appear of a screen like the FED does. Real work goes into it, to solving the mathematical problems that the entire network agrees were solved by you.

Now you combine the idea of work going into mining coins, and you add to this a ledger system that absolutely nobody can control and hence rig, and you have a system that is much better than anything else in history. You can trust a bitcoin transaction more than you can any individual, corporation or government. The value of bitcoin is in the trust.

 

[deaddog]

Bitcoin does a lot more than you can imagine, but you need to read the book The Bitcoin Standard and/or Layered Money to understand it

OK OK I'll buy the book. Layered Money it's less expensive and from what I understand from the reviews covers the same ground.

PS: It has not escaped me that you have not answered the question what can you do with TSLA shares or FB shares, you keep running away and misdirect to earnings and taking the company private

what can you do as a buyer of TSLA or FB or AMZN shares?

What I can do is come up with a value for the shares based on fundamentals.
In theory I'm buying a small part of the company and will benifit from their future growth.
Yes I hope to sell them at a later date for a profit because I expect the value of the company to increase as it grows.
I can understand the price fluctuating as the fundamentals change. Growth is slowing, inflation will limit what the consumer will spend, future earnings will not grow as fast so the company isn't as attractive an investment as it was when it was growing faster.
The only ay I can value bitcoin is that it cycles and if history repeats itself it will increase in price because it did in the past. Are there any other reasons it will increase in value?[/quote][/QUOTE]