Fundamental value of Bitcoin

[NeoTrader]

Your imagination is so lacking. If the 3-4 biggest governments outlaw cryptos (US, EU and China) and make it illegal to accept them as a legal tender, you can go and:

1. Buy alpaca socks from Peru.
2. Shine your precious little coins.

Sure you can send cryptos between your friends, but when no merchant will accept it due to government regulation, where is its UTILITY VALUE???

Imagination is not really my field. What I appreciate are pratical things... And nothing is more pratical than people's perceived immediate interests. That's why democracy is a failed system of government, it gives socialists idiots the opportunity to vote to rob other people, which may seem as an immediate interest, but ends up fucking everybody.
The thing with cryptocurrencies is that the voting will be made by each person's decision to pay or not for something, a little closer to an anarchist society. People will see in their immediate interest to use this kind of currency, because of the lack of enforcement, even if it is outlawed. Who gives a fuck if something is outlawed when the law cannot be enforced?

 

[Pekelo]

Who gives a fuck if something is outlawed when the law cannot be enforced?

Again, what will you do with your bitcoins beside shinning them when you can't buy anything useful for them? No online retailer in the USA,EU or coffeehouse will accept it. I guess it still can be good for kidnapping and you can cash out in Indonesia, but other than that...

If you can't imagine it, just think back to 2011. When nobody wanted it and merchants were reluctant to deal with it. That can happen again. Eventually, any currency's value comes from its utility value aka usability. When usability is seriously restricted, than only collector's value is attached to it.

But hey, you can print the numbers out and frame it I guess...

 

[NeoTrader]

Again, what will you do with your bitcoins beside shinning them when you can't buy anything useful for them? No online retailer in the USA,EU or coffeehouse will accept it. I guess it still can be good for kidnapping and you can cash out in Indonesia, but other than that...

If you can't imagine it, just think back to 2011. When nobody wanted it and merchants were reluctant to deal with it. That can happen again. Eventually, any currency's value comes from its utility value aka usability. When usability is seriously restricted, than only collector's value is attached to it.

But hey, you can print the numbers out and frame it I guess...

What you fail to understand is that it will be in the interest of everybody to use cryptocurrencies and that is not a complex idea. Consumers will have better prices and producers will be able to offer them, despite an "official" price quoted in the government issued currency. THIS FACT is the biggest usabilty factor of these currencies. It saves people money.
If you compare it with Uber, you have a perfect analogy. In democracy you have organized groups that manage to lobby and legislate in their favor. The public's interest is dispersed, so it is easier for these groups to approve measures with almost no resistance from the public in general. This situation holds itself almost always... ALMOST...
Enter the Uber app...
All of a sudden, people could "vote" just by using the app and they did, because of better rates and better service. And despite numerous attempts from lobbying groups to regulate it, the app just got bigger, even new ones were created. And this is also true for shitty socialist countries like Brazil. It simply got out of government's hands and they could do nothing about it.
The same ocurred in the television transmission from the west in the DDR, as I mentioned. And that was a place where could literaly die or go to jail because of this. Even so, it was not enough and government had to accept it.
Cryptocurrencies allow for the same thing to happen, only in a much bigger and much more important area: money.
The thing is that this kind of thing effectively curbs the biggest flaw in democracy: power concentration in the hands if politicians that are bribed by lobbying groups.

 

[O(1)]

What you fail to understand is that it will be in the interest of everybody to use cryptocurrencies and that is not a complex idea. Consumers will have better prices and producers will be able to offer them, despite an "official" price quoted in the government issued currency. THIS FACT is the biggest usabilty factor of these currencies. It saves people money.
If you compare it with Uber, you have a perfect analogy. In democracy you have organized groups that manage to lobby and legislate in their favor. The public's interest is dispersed, so it is easier for these groups to approve measures with almost no resistance from the public in general. This situation holds itself almost always... ALMOST...
Enter the Uber app...
All of a sudden, people could "vote" just by using the app and they did, because of better rates and better service. And despite numerous attempts from lobbying groups to regulate it, the app just got bigger, even new ones were created. And this is also true for shitty socialist countries like Brazil. It simply got out of government's hands and they could do nothing about it.
The same ocurred in the television transmission from the west in the DDR, as I mentioned. And that was a place where could literaly die or go to jail because of this. Even so, it was not enough and government had to accept it.
Cryptocurrencies allow for the same thing to happen, only in a much bigger and much more important area: money.
The thing is that this kind of thing effectively curbs the biggest flaw in democracy: power concentration in the hands if politicians that are bribed by lobbying groups.

I like how you mentioned the Uber vote. I don't know much about it. Sounds like it's giving the USER some power?

 

[O(1)]

this is "decentralized" into the hands of powerful MINERS.. not users

 

[NeoTrader]

I like how you mentioned the Uber vote. I don't know much about it. Sounds like it's giving the USER some power?

It is not an actual vote. But it functions just like it and has much more effect that the "political vote". Each time you call a car from Uber, you are effectively voting againt the regulation of Uber, which is something that the Taxi Drivers obviously want. The way the Uber Phenomen happened made it very politicaly unprofitable to effectively regulate Uber, because doing so would directly contradict the millions of people that use Uber everyday. If you want to dig a little further, I suggest a book called "The Machinery of Freedom", by David Friedman. The beauty of this is that things like Uber function like a huge and constant election and takes the power away from politicians, effectively showing how useless and counterproductive they are.

 

[peilthetraveler]

Like anything new, it takes time and as long as things continue to head in the right direction, the so-called bubble wont burst.

That's my final post in this thread, its been fun as always.

8 years though? If something is going to take off, it usually happens a little faster than 8 years.

 

[O(1)]

If you want to dig a little further, I suggest a book called "The Machinery of Freedom", by David Friedman.

thanks for the reco. sounds interesting. I'll have a look

 

[lovethetrade]

8 years though? If something is going to take off, it usually happens a little faster than 8 years.

Not when its a totally new concept and historical forms of currency are so entrenched within society.

I thought this thread would've ended after the Milton Friedman post but clearly the anti-bitcoin sentiment is being driven by an agenda and they will stop at nothing. All the best.

 

[Pekelo]

What you fail to understand is that it will be in the interest of everybody to use...

...single payer health care system, yet here we are in the USA. The government's interest can be very different than what the people want, pretty simple concept. But OK, do you want to use Uber as analogy? How about Lyft? Why and how Lyft is not as good as Uber (or couldn't be)? What if city governments outlaw Uber as they do in certain cities already? Not to mention driving for Uber sucks elephant dick...

But thanks, from now on I will use the Uber analogy, because it is perfect, and perfectly shows the problems of believing in just one crypto, like the others don't exist...

Here are the 6 top personal transportation companies:

https://www.zacks.com/stock/news/271886/who-are-ubers-biggest-competitors