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No, I mean has anyone on this thread actually paid for something with bitcoin?Originally posted by Nysoz View Post
Has anyone used it to transfer funds across borders?
There are many potential uses.
"yet also the most portable currency the planet has ever known"
As far as I can tell the only ones that have actually used it to move funds or pay for anything have been "shady" or "publicity minded" for the lack of a better word.Comment
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Nah, you gotta have 💎💎💎 🙌Originally posted by Tim View Post
Nevermind that the transaction cost is $30/ transaction (currently) and increasing with every Bitcoin mined.
Who needs to transact when BTC has gone up so much 😻
💨and no 🐂Comment
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Originally posted by Dont_know_mind View Post
Starbucks would be even more very expensive for that caffine fix.Comment
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have you ever paid for anything with gold? Or a treasury bond? Or VTI?Originally posted by Tim View Post
you seem stuck on this word “currency”.
I encourage you to expand your field of view
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Utility of the asset. I don't buy the gold or commodities either. Nor would I ship them as a portable currency either which is one of the attributes of this asset. I don't pay for coffee with real estate. Scarcity does not equate to value. My hypothesis is the only ones using the portability feature now are "shady characters".Originally posted by jacoavlu View PostComment
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Scarcity pretty often equates to value. Why do diamonds cost what they cost, there is quite a significant supply and now we can also make them in labs. Artificial scarcity. Would bitcoin price the same if it could be infinitely inflated? Definitely not. Would gold price the same if we could mine it from the asteroids?
Idk why people assume the crime stuff about bitcoin. The thing about bitcoin is that you can look up all the transactions and see what happened, forever.. Ie if your goal was to conceal a financial transaction it would be a pretty terrible means of doing so, as literally every person in the world has access to the records of it. Versus if you want to wire someone money, I can't just google Chase's records. You would need to get court access to their records and obviously look at it that way, comply with foreign banks that aren't under any incentive to comply with you, etc.
If I was the government and I truly thought the crime stuff was a problem
a) why wouldn't you oppose cash which is truly anonymous
b) I think bitcoin and blockchain in general opens up the ability to trace financial transactions much easier than the current banking system does.Comment
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well, I don't hold bitcoin to pay for stuff, nor to move money across borders.Originally posted by Tim View Post
re portability go see what jack mallers / strike is doing, and if you can't appreciate that near instant exchange and portability of value across the world is a giant leap forward versus current options for similar use cases, well then you're just being denseComment
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Quit ruining my dreams, ************************ it. I want it to (briefly) go back to sub $10k.Originally posted by jacoavlu View PostComment
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It ultimately comes down to what someone will pay for something. because they think it’s worth that much now or they think that in the future they can sell it for more Or because someone told them it’s worth that much.Originally posted by Panscan View Post
scarcity is one thing, but where do you draw the line?
What if elon made 10 unique digital paintings/memes. Will there be a market for that?
What about my nysoz coin I decide to create. I’ll only make 10 of them. Since those are rare should they be worth something?Comment
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"Instant" is over valued and delusional. That is not dense. A global cash sweep system follows the rotation of the earth. The time value of money is actually measured in days.Originally posted by jacoavlu View Post
An overnight deposit cash sweep system earns by day. Loans are charged by the day. Tokyo sends yen to BOA London for a yen denominated account and a hedge for the exact amount locks in the translation rate. The funds are available immediately. Same for any other currency and the concentration account is transferred to the US dollar account. Bingo the total closing balance is zero and the funds "lent" for an overnight rate.
Now tell me why "instant" means anything from cash management system.
Instant is limited by the speed of the communications. BTC is no different.
Now US to Japan or Europe is different. They are already past midnight. But that is because of the rotation of the earth, not the "instant" that adds any value.
My point is currently the utility of BTC is limited, not global and actually has a negative aspect across the globe. It's utility is as a speculative investment. That is about it.
Good luck with the scarcity edge for appreciation.Comment
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A dollar is only worth what someone will exchange you for it. I think that is a lazy nonsensical argumentOriginally posted by Nysoz View Post
It ultimately comes down to what someone will pay for something. because they think it’s worth that much now or they think that in the future they can sell it for more Or because someone told them it’s worth that much.
scarcity is one thing, but where do you draw the line?
What if elon made 10 unique digital paintings/memes. Will there be a market for that?
What about my nysoz coin I decide to create. I’ll only make 10 of them. Since those are rare should they be worth something?Comment
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