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Why are so many ppl still hung up on the “non-physicality” or “non-productivity” of BTC?
Posted on 3/4/24 at 2:18 pm
Posted on 3/4/24 at 2:18 pm
There are many accepted assets that are non-physical or non-productive.
Seems like an extremely deep rooted double-think.
Seems like an extremely deep rooted double-think.
12
Posted on 3/4/24 at 2:26 pm to The Baker
What is another non-physical non-productive asset to compare it to?
How do you value such an asset?
How do you value such an asset?
Posted on 3/4/24 at 2:30 pm to LSUTOM07
quote:
How do you value such an asset?
In the case of a wealth storage asset like BTC, the price can only be determined by supply and demand.
It is in demand bc it persists through time without tarnish or degradation.
This is acceptable to me, but others can’t get past it. Despite other similar examples through history.
This post was edited on 3/4/24 at 2:33 pm
Posted on 3/4/24 at 2:33 pm to The Baker
BTC's true value to the global marketplace has always and will always be for its utility value for black market money transfer and money laundering. That's the foundation holding up all other usage - speculators, store of value, legitimate currency usage, etc. Everything else is roughly stabilized by the utility value of black market currency and money laundering.
Not that there's anything wrong with that. But IMO that's the primary reason other coins are nearly 100% speculative and ultimately worthless while BTC isn't. The market doesn't need multiple currencies to fulfill the needs of black market currency and anonymous digital money laundering.
Not that there's anything wrong with that. But IMO that's the primary reason other coins are nearly 100% speculative and ultimately worthless while BTC isn't. The market doesn't need multiple currencies to fulfill the needs of black market currency and anonymous digital money laundering.
Posted on 3/4/24 at 2:34 pm to Huey Lewis
quote:
BTC's true value to the global marketplace has always and will always be for its utility value for black market money transfer and money laundering.
Pure fiction.
Posted on 3/4/24 at 2:46 pm to The Baker
quote:
There are many accepted assets that are non-physical or non-productive.
Seems like an extremely deep rooted double-think.
The only truly accepted assets that are non-physical and non-productive are fiat currencies backed by nation-states. BTC is, at least in theory, productive due to the blockchain. If you divorce BTC from the utility of the blockchain, owning it is nothing more than gambling in vapor.
For the record, I'm not saying that the blockchain is without value, but that's an entirely separate discussion.
Posted on 3/4/24 at 2:56 pm to Joshjrn
quote:
BTC is, at least in theory, productive due to the blockchain.
The blockchain isn’t productive but it is where BTC’s value is derived. BTC is immutable on the blockchain, therefore it persists through time…. Wealth storage.
This post was edited on 3/4/24 at 2:57 pm
Posted on 3/4/24 at 2:59 pm to LSUTOM07
quote:
What is another non-physical non-productive asset to compare it to?
Missed the answer to this question...
quote:
In the case of a wealth storage asset like BTC
What other wealth storage assets regularly drop 50%+?
Posted on 3/4/24 at 3:06 pm to UpstairsComputer
quote:
What other wealth storage assets regularly drop 50%+?
BTC is up 13,000% over the last 10 years.
Price decrease is not degradation. 1btc is 1btc is 1btc
Productive assets generate income. Gold is not productive.
Many assets are non-physical. I.e anywhere from the futures contracts for commodities to underwriting for artistic IP.
quote:bc there are many examples you are being lazy to prove a point.
Missed the answer to this question...
This post was edited on 3/4/24 at 3:16 pm
Posted on 3/4/24 at 3:21 pm to Huey Lewis
quote:
BTC's true value to the global marketplace has always and will always be for its utility value for black market money transfer and money laundering.
Notice the only people who say this are the likes of the Biden admin, central bankers, and global bank CEOs. Not the group of people I'd want to side with
Posted on 3/4/24 at 3:24 pm to TigerTatorTots
The amount of gaslighting Munger and Buffet imparted on boomers is nothing short of impressive. It’ll never be undone.
Posted on 3/4/24 at 3:35 pm to The Baker
quote:
The blockchain isn’t productive but it is where BTC’s value is derived. BTC is immutable on the blockchain, therefore it persists through time…. Wealth storage.
We may be defining “productive” differently. How are you defining it?
Posted on 3/4/24 at 3:38 pm to The Baker
quote:
Why are so many ppl still hung up on the “non-physicality” or “non-productivity” of BTC?
Because I can't go to Skip's 90 One-Stop and buy a 12 pack of Miller Lite with it..
Posted on 3/4/24 at 3:55 pm to The Baker
Bitcoin mining consumes many terawatt-hours (TWh) of energy per year solving a problem that doesn't actually exist. There is already currency for transactions and things that you can purchase that hold their value. Both of which bitcoin is supposed to do per arguments for it.
Posted on 3/4/24 at 4:02 pm to JDPndahizzy
quote:
Because I can't go to Skip's 90 One-Stop and buy a 12 pack of Miller Lite with it..
Thats strange. Last time the cashier accepted some of my old WorkHorse stock from a few years back. It was only worth a 6pack though.
Posted on 3/4/24 at 4:03 pm to Joshjrn
quote:
We may be defining “productive” differently. How are you defining it?
Inferring from Buffet’s main argument, he meant income production. Like dividend yields or rental income from real estate.
Posted on 3/4/24 at 4:06 pm to DVinBR
quote:
Bitcoin mining consumes many terawatt-hours (TWh) of energy per year solving a problem that doesn't actually exist. There is already currency for transactions and things that you can purchase that hold their value. Both of which bitcoin is supposed to do per arguments for it.
BTC is not a good currency from a liquidity or inflationary standpoint.
That isnt its purpose anyway. No one wants to take out a loan in a deflationary asset.
This post was edited on 3/4/24 at 4:07 pm
Posted on 3/4/24 at 4:10 pm to The Baker
If bitcoin ever gets traction as a useable currency, look for governments to squash it
Posted on 3/4/24 at 4:12 pm to SlidellCajun
quote:
If bitcoin ever gets traction as a useable currency, look for governments to squash it
This argument is from 2017, they had their chance.
Posted on 3/4/24 at 4:18 pm to The Baker
quote:
Inferring from Buffet’s main argument, he meant income production. Like dividend yields or rental income from real estate.
I guess I would be on the same path, but would define it far more broadly. I would call something productive if it can leverage something of value. The blockchain has value, an option contract has value, hell a work indenture contract has value. They may not inherently produce wealth in the way a dividend does, but it certainly can if used correctly.
In that way, I would argue that the blockchain, and therefore BTC, is at least theoretically productive in a way that Patriot Points printed by some sovereign citizen simply isn’t. Now, people can certainly disagree regarding the value BTC provides by access to that productivity, but again, that’s a separate issue.
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