Fundamental value of Bitcoin

Can we skip with the Ube-shit... you can create your own thread for that...

You're pretty stubborn in still not understanding what I'm trying to get to @NeoTrader... but I get why you chose your profile pic. But you should've chosen this one

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JackRab said:
I wouldn't say miners are bureaucrats... but the way I understand it, is that miners are necessary to keep it going... otherwise the blockchain and transactions will stop being checked/confirmed. And if it's too expensive to mine, they are forced economically to stop mining. Then transactions are cluttered and not cleared... grinding it all to a halt. Everyone will panic and try to sell holdings... which will be difficult since the network is basically running at 10%.

So their incentive is to keep the price of a coin up... and going up... otherwise at one point in time they will stop mining since the costs will outweigh the proceeds. Didn't that happen in Bitcoin Cash a few days ago? Mining got difficult due to some setting in the program, and it wasn't worth mining it and a bunch of miners stopped.

So in effect, since miners are making the biggest financial investment in hardware and running costs... they are all in it together. They are competing, but also they rely on each other to keep it going.

That's another way for governments to disrupt, stop the mining.. or tax them or whatever. But that will be a bit difficult since most are in the Far East. Mongolia etc?
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Fear not JR! I've been working with my bud Elon out in the garage.... we're just finishing up our little project. The Zandt Constellation. Solar powered, self-contained, blockchain cube-sats. A whole sh*t-load of em in low geosynchronous orbit.
Of course you bein' the cool Aussie that you are... we're gonna cut you in.
Keep it on the down-low for now though. :sneaky:
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I stopped reading Neo's post, one lengthy, not edited paragraph of repeating rumble. But Uber is still a perfect example and last year when I was in Barcelona I tried to use it and guess what, they are banned in the city.

And yes, we can look at miners as bureaucrats, their work and administration keeps the network alive.

Then again, as an old Greek philosopher was already quoted, what is the true value of anything? So there will be no definite answer, and anyone can post some stupid math based on market cap and gold or whatever comparison, that doesn't mean anything.

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Everything you wanted to know about Uber in Spain:

"Spain has one of the most restrictive transport laws in Europe, limiting choice for anyone who wants to get around safely and affordably. At a time when Spain’s unemployment rate is above 20% (and 50% among young people), these regulations also restrict the number of economic opportunities for people wanting to drive for a living. Elsewhere in Europe thousands of people use Uber to earn an income, including as many as 25,000 professional drivers in London and 12,000 in Paris. Spain is the only large country in Europe where there is no option to earn money with Uber."
 
NeoTrader said:
As I said, you believe whatever you people want to believe. That is the reason you people are fucking up your own country, ignoring reality and not seeing precisely that this mentality is fucking yourselves. That is the reason I made it clear up there that the dollar's value was the US, DESPITE, NOT BECAUSE of the government. That is the fundamental issue and why commies don't get the idea. The belief in government power and its competence, just keeps people blind and going further down the hole. Governments have no place in issuing currency anymore and the rise of cryptocurrencies are a proof of that. And in the end, if it's going to happen, like uber, no matter how many commies and "nay-sayers" step in the way, it is going to happen. Time will tell.;):D
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@NeoTrader Do you think these anti-bitcoiners know each other and have an agenda or have just found some common ground all of sudden? If they do know each other and have an agenda, do you think they're being rational and honest or are being irrational and dishonest to meet their objective? If they are being irrational and dishonest, do you think it's worth wasting your energy debating this subject? Be a smart man and know when to walk away from an argument you cant win.
 
lovethetrade said:
@NeoTrader Do you think these anti-bitcoiners know each other and have an agenda or have just found some common ground all of sudden? If they do know each other and have an agenda, do you think they're being rational and honest or are being irrational and dishonest to meet their objective? If they are being irrational and dishonest, do you think it's worth wasting your energy debating this subject? Be a smart man and know when to walk away from an argument you cant win.
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try not to be such a cry-baby.. :)

I truly don't think anyone here hates you. Some have challenged some of the thinking that you've brought to the table. But, as I've said.. I bought Bitcoin some years ago. And.. for the record, I think it will go up more! But, that doesn't mean I agree with everything about it..

I also appreciate you mentioning Monero. I've been looking into it's ring signature and claimed anonymity.. Looks interesting!

I was happy to see when @JackRab started this thread. It's something that needs to be discussed deeper (economically) than what's out there. It's not enough when people simply say that Bitcoin isn't understood because we've never had an asset class like it! If you think this is all about bashing Bitcoin, then you missed the whole point my friend..
 
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NeoTrader said:
As I said, you believe whatever you people want to believe. That is the reason you people are fucking up your own country, ignoring reality and not seeing precisely that this mentality is fucking yourselves. That is the reason I made it clear up there that the dollar's value was the US, DESPITE, NOT BECAUSE of the government. That is the fundamental issue and why commies don't get the idea. The belief in government power and its competence, just keeps people blind and going further down the hole. Governments have no place in issuing currency anymore and the rise of cryptocurrencies are a proof of that. And in the end, if it's going to happen, like uber, no matter how many commies and "nay-sayers" step in the way, it is going to happen. Time will tell.;):D
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Do you truely believe that BC is at 4k because people are buying it because " gee, I really need a different currency other than the USD, EUR, YEN, etc. to transact/buy my daily neccesities ? " yes, time will tell if BC has a place as a sustainable CURRENCY, but for now it is just a speculative vehicle.
 
sss12 said:
Just like selling a penny stock that you made a killing on then buying the house or car. A speculative vehicle yes, currency no.
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We spent over $300 in WholeFoods groceries (US Labor day weekend) and I bought $981 worth of tech stuff this week. I used bitcoin and I don't have a single penny from the transaction.

Can we call it alternative currency? :D
 
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