Fundamental value of Bitcoin

johnarb said:
Simple supply and demand is the biggest reason, imo. There are 16M bitcoins in circulation. There's already 1M owned by Satoshi which many suspect that the private keys have been destroyed by Satoshi himself (true to his ideals) plus all the lost wallets, destroyed hard drives, Counterparty proof of burn (google it), etc. Let's say 20% of the bitcoins are lost forever so current circulation is less than 13M, that's the supply. The demand? Everyone wants 1 bitcoin, lol. Chinese, South Koreans, North Americans, Europeans, South Americans, criminals, wallstreet boys, bankers (oops, criminals represented thrice) and you got all the early adopters holding a lot of the supplies not selling them due to their ideals, they want to hold on to them....

It's a surprise price of bitcoin is not over $10,000, yet.
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At least quantify it based on something... you're just shouting a number.

Again... why do people want BTC? Where does the demand stem from? If it's purely from the fact the everyone talks about it and it's hyped beyond anything I've seen... then it's a bubble!

Ideals... GTFO! If you would have 100 mln USD worth of bitcoin... you're telling me that you wouldn't buy something with it? A house... cars... that's a use and makes sense to me. Then BTC has value.

Probably you've got enough to sit on it and ride it out... it's going up anyway... again, that's riding the bubble.
 
JackRab said:
Because no one would want to sell it anymore... Because everyone wants it... and it will go a lot higher... (sounds like that thing that goes 'plop' doesn't it).
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Nope, when bitcoin hits $5,000, there's no need to exchange for fiat as we can get anything we want with it. House? Yup. Luxury items? Yup. Food? Yup. Cars? Yup. Consumer goods? Yup. Plane tickets? Yup. Hotels? Yup.

You must not have any bitcoin coz you didn't know this...
 
JackRab said:
At least quantify it based on something... you're just shouting a number.

Again... why do people want BTC? Where does the demand stem from? If it's purely from the fact the everyone talks about it and it's hyped beyond anything I've seen... then it's a bubble!

Ideals... GTFO! If you would have 100 mln USD worth of bitcoin... you're telling me that you wouldn't buy something with it? A house... cars... that's a use and makes sense to me. Then BTC has value.

Probably you've got enough to sit on it and ride it out... it's going up anyway... again, that's riding the bubble.
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Calm down, my friend. Fomo is a bitch, but don't let it make you lose your cool. I don't need to explain anything as to why bitcoin is going up. I'm happy with it. You're not so all you need to do is go on TV or hire a marketing company to let everyone know bitcoin is worthless.
 
JackRab said:
Again... why do people want BTC? Where does the demand stem from? If it's purely from the fact the everyone talks about it and it's hyped beyond anything I've seen... then it's a bubble!
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IMO..
people are pissed off. they think the government is manipulating their money. Initially I think maybe demand started when miners could earn a little something. Meanwhile word kept getting out. Blockchain fit a demand in many sectors. Originally people thought they could buy things incognito. Then.. they found out that wasn't true. Then now they think that it will prevent inflation and that it's decentralized

it's all snowballed..

smells like a bubble in the making to me. but, there are way too many uninformed people to figure it out yet.. IMO
 
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johnarb said:
Nope, when bitcoin hits $5,000, there's no need to exchange for fiat as we can get anything we want with it. House? Yup. Luxury items? Yup. Food? Yup. Cars? Yup. Consumer goods? Yup. Plane tickets? Yup. Hotels? Yup.

You must not have any bitcoin coz you didn't know this...
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You can't buy my house with BTC... since when I would accept bitcoin in large amounts I would be swapping a safe steady item for an extremely volatile one. And I'm pretty sure that most people will say the same.

Stores that accept BTC, do they hold on to it... or sell it into USD as soon as possible? Again, same thing... if they hold BTC for longer.. they are starting to lean towards a different type of business, the one of trading and making money on holding BTC. So I doubt any sane company would hold BTC for long... especially if it's still not a widely accepted coin. Can they pay their suppliers? Manufacturers? Energy bills? Most companies want to limit fx-exposure... not increase it.
 
johnarb said:
Calm down, my friend. Fomo is a bitch, but don't let it make you lose your cool. I don't need to explain anything as to why bitcoin is going up. I'm happy with it. You're not so all you need to do is go on TV or hire a marketing company to let everyone know bitcoin is worthless.
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Again you're totally missing my point... but that's okay. I hope BTC will be at 100k next year...

I'm not saying BTC is worthless.. I'm trying to find out the value... but if you're incapable of quantifying it, then why does it have any value?
 
JackRab said:
You can't buy my house with BTC... since when I would accept bitcoin in large amounts I would be swapping a safe steady item for an extremely volatile one. And I'm pretty sure that most people will say the same.

Stores that accept BTC, do they hold on to it... or sell it into USD as soon as possible? Again, same thing... if they hold BTC for longer.. they are starting to lean towards a different type of business, the one of trading and making money on holding BTC. So I doubt any sane company would hold BTC for long... especially if it's still not a widely accepted coin. Can they pay their suppliers? Manufacturers? Energy bills? Most companies want to limit fx-exposure... not increase it.
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You will sell your house for fiat... You just didn't know the money came from bitcoin. Same as the dealer who sold the Lamborghini. The exchange gave them the fiat.

http://www.nasdaq.com/article/man-accidentally-makes-13-million-buying-a-house-with-bitcoin-cm738868
 
JackRab said:
You just said this: "Nope, when bitcoin hits $5,000, there's no need to exchange for fiat..."

And now you're saying you do need to exchange for fiat currency to buy my house... which is it John?
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Very simple. He wanted the house, he got the house using bitcoin. He didn't want the fiat. Clear? He got change out of the deal. Again, it's dirty fiat. He didn't want it. Used it to buy the car. Clearer?

I want to buy a laptop so I get a gift card with bitcoin, I get the laptop. What's hard to understand?
 
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