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re: If you are confused about the utility of Bitcoin, I want to share this with you.
Posted on 3/9/22 at 2:50 pm to SquatchDawg
Posted on 3/9/22 at 2:50 pm to SquatchDawg
quote:Sounds like the value of literally anything? The value of a stock, homes, gold, anything can only increase in value if more people are purchasing that asset.
However, it seems that the one thing that he didn't address is that BTC's value and more importantly INCREASE in value is based solely on more and more people adopting and purchasing BTC.
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Posted on 3/9/22 at 2:55 pm to SquatchDawg
quote:no way
However, it seems that the one thing that he didn't address is that BTC's value and more importantly INCREASE in value is based solely on more and more people adopting and purchasing BTC.
Posted on 3/9/22 at 2:57 pm to JayDeerTay84
quote:
Name something that goes up in value with absolutely no one buying or owning it?
I said “solely”. Everything else I can think of has some intrinsic utility or tangible value in addition to pure supply and demand.
You could argue the utility to BTC is as a medium of exchange, but when the value fluctuates wildly that makes it difficult to do this in a meaningful fashion.
Posted on 3/9/22 at 3:43 pm to SquatchDawg
quote:
I said “solely”. Everything else I can think of has some intrinsic utility or tangible value in addition to pure supply and demand.
Respectfully, then you dont really understand what BTC is and only see it as a digital token.
Bitcoin is the foundation of Web3.0, the blockchain. Of course it has intrinsic value and most importantly, utility.
This post was edited on 3/9/22 at 3:44 pm
Posted on 3/9/22 at 3:43 pm to SquatchDawg
most crypto people are into other scarce physical assets and collectibles.
many didn't just ride the recent 3 month chart either. It was a very predictable liquidity drawdown.
Blockchain tech will de-materialize traditional assets much like smartphones and wifi tech did.
many didn't just ride the recent 3 month chart either. It was a very predictable liquidity drawdown.
Blockchain tech will de-materialize traditional assets much like smartphones and wifi tech did.
This post was edited on 3/9/22 at 3:55 pm
Posted on 3/9/22 at 5:17 pm to SquatchDawg
quote:
Everything else I can think of has some intrinsic utility or tangible value
you dont see the value in holding digital money that is not controlled by oligarchs? sure thing jeff
enjoy your cpi fiat print tomorrow.
Posted on 3/9/22 at 10:27 pm to JayDeerTay84
quote:
Respectfully, then you dont really understand what BTC is and only see it as a digital token. Bitcoin is the foundation of Web3.0, the blockchain. Of course it has intrinsic value and most importantly, utility.
Fair enough, but are talking about BTC specifically or blockchain technology? Blockchain has enormous utility but that’s a separate conversation from the use of BTC as a store of value.
Posted on 3/9/22 at 10:40 pm to SquatchDawg
How do you think you get a BTC guy?
Also, BTC is not one thing. It’s multilayered. Multiple uses at once.
Also, BTC is not one thing. It’s multilayered. Multiple uses at once.
Posted on 3/9/22 at 10:45 pm to rocket31
quote:
you dont see the value in holding digital money that is not controlled by oligarchs? sure thing jeff
I absolutely see it. Same can be said for any investment in tangible property that is valuable to buyers and isn’t fixed or immovable….coins, art, old cars, etc….although BTC is definitely attractive due to its portability and accessibility.
The volatility is what’s an issue if you truly consider BTC an alternative to fiat money. It’s gone from worthless to $100 to $70,000 to $40,000 in a matter of a few years. That’s great if you got in at $100….not so much if you got in at $70k.
Posted on 3/9/22 at 10:59 pm to JayDeerTay84
BTC is bulit on blockchain technology but that doesn’t mean that as blockchain is used for more applications that’s going to automatically include or benefit BTC.
If I own a company and come up with a way to use blockchain for secure transfers or electronic contracts why wouldn’t I develop my own blockchain tech internally to do this rather than piggybacking on an existing tech sold at wildly fluctuating market rates? If I do this how does it benefit BTC, ETH or any other token?
At least that’s how I understand it. Tell me what I’m missing…I’m genuinely curious.
If I own a company and come up with a way to use blockchain for secure transfers or electronic contracts why wouldn’t I develop my own blockchain tech internally to do this rather than piggybacking on an existing tech sold at wildly fluctuating market rates? If I do this how does it benefit BTC, ETH or any other token?
At least that’s how I understand it. Tell me what I’m missing…I’m genuinely curious.
Posted on 3/10/22 at 8:02 am to SquatchDawg
quote:Which do you think would be more secure?
why wouldn’t I develop my own blockchain tech internally to do this rather than piggybacking on an existing tech sold at wildly fluctuating market rates?
Posted on 3/10/22 at 8:05 am to SquatchDawg
What you are likely missing is that the Bitcoin network is orders and orders of magnitude more secure and robust against DDoS type attacks than any newly created chain, due to how many mining rigs are online and what it would take to defraud a network of that size.
As evidence of this, you can look at the BTC network and see it has withstood the test of time at this point with a market cap high enough to attract many that would wish to defraud it. Other chains like BSV that have much less mining power protecting the network from fraud have fallen victim to a 51% attack in the past, which cripples trust in that network.
As evidence of this, you can look at the BTC network and see it has withstood the test of time at this point with a market cap high enough to attract many that would wish to defraud it. Other chains like BSV that have much less mining power protecting the network from fraud have fallen victim to a 51% attack in the past, which cripples trust in that network.
This post was edited on 3/10/22 at 8:19 am
Posted on 3/10/22 at 9:50 am to SquatchDawg
quote:
If I own a company and come up with a way to use blockchain for secure transfers or electronic contracts why wouldn’t I develop my own blockchain tech internally to do this rather than piggybacking on an existing tech sold at wildly fluctuating market rates? If I do this how does it benefit BTC, ETH or any other token?
Some do, some don't. Depends on the nature of the company & the projects they're working on, what they're using a blockchain for, and how committed they are to decentralization and security of their chain.
That said, if they are creating blockchain tech internally, but they want any public assets (or smart contract functionality) to be transported into or out of their internal blockchain, then they need to connect to public chain(s). That can increase transaction volume on the given public chain, increasing value of the block space of the given chain, which increases token value for the native asset of the chain. Do this for hundreds of large institutions and thousands of smaller businesses and.. It's a numbers game.
It's also wildly more difficult to create your own blockchain than it is to just use the existing chains. You need highly specialized cryptographic programmers that cost a lot of money.... or you can pay Solidity or Rust developers to make your contracts on an existing public chain that has proven to be secure.
This post was edited on 3/10/22 at 9:53 am
Posted on 3/10/22 at 11:05 am to SquatchDawg
quote:
why wouldn’t I develop my own blockchain tech internally
In a nutshell, that's very difficult to do. The Ethereum, Solana, and Bitcoin codebases are massive.
No need to reinvent the wheel. Just use the proven tech.
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