6 ms·

So what makes a bitcoin worth $100k if it’s such a shit currency?

dpark 10mo ago
Speculation. A good currency is stable. Bitcoin has gone up over 5x in the last 5 years. This is not a good currency, though it’s certainly been a good speculative bet.
queenkjuul 10mo ago
You think each unit being $100k and fluctuating wildly is the mark of a GOOD currency?
bediger4000 10mo ago
Drug cartels, sanctioned Russian oligarchs, international arms dealers.
esseph 10mo ago
Used by wealthy Chinese to get more than $50k into the country at a time, bypassing Chinese law.
kikimora 10mo ago
What is BTC inflation? How much BTC was printed by government in recent years? And of course - how much it grew in value? In other words: * deflationary nature * independence of any government * speculation Governments will keep printing money. Stock market is only good in US (check Japan and China). Bitcoin is good alternative investment in places where options primarily limited to property.
- idiotsecant 10mo ago
  I am really excited to hear you explain in what way BTC is deflationary. Go ahead, I'll wait.
  - kikimora 10mo ago
    BTC is deflationary by design.
    - idiotsecant 10mo ago
      Fascinating! What has the rate of inflation of Bitcoin been this month? This year? This decade? At what point has it been deflationary?
      - kikimora 10mo ago
        You can equally ask what was inflation of natural gold and diamonds. It was zero since there is fixed amount of gold and diamonds on the planet. Same with bitcoin.
        idiotsecant 10mo ago
        What?? There has been more Bitcoin today than there was yesterday since the first BTC was mined. It's the definition of inflationary. You have no idea what you are talking about.
        kikimora 10mo ago
        In the same way as there are more gold dug from the ground today than before. What is the difference?
throw0101a 10mo ago
> So what makes a bitcoin worth $100k if it’s such a shit currency? What makes mint condition Babe Ruth baseball cards worth what they're listed at? * https://www.sportscardspro.com/search-products?q=babe+ruth&type=prices https://www.sportscardspro.com/search-products?q=babe+ruth&t... Something is "worth" whatever someone is willing to pay for it.

dpark 10mo ago

Speculation. A good currency is stable. Bitcoin has gone up over 5x in the last 5 years. This is not a good currency, though it’s certainly been a good speculative bet.

queenkjuul 10mo ago

You think each unit being $100k and fluctuating wildly is the mark of a GOOD currency?

bediger4000 10mo ago

Drug cartels, sanctioned Russian oligarchs, international arms dealers.

esseph 10mo ago

Used by wealthy Chinese to get more than $50k into the country at a time, bypassing Chinese law.

kikimora 10mo ago

What is BTC inflation? How much BTC was printed by government in recent years? And of course - how much it grew in value? In other words: * deflationary nature * independence of any government * speculation Governments will keep printing money. Stock market is only good in US (check Japan and China). Bitcoin is good alternative investment in places where options primarily limited to property.

idiotsecant 10mo ago
I am really excited to hear you explain in what way BTC is deflationary. Go ahead, I'll wait.
- kikimora 10mo ago
  BTC is deflationary by design.
  - idiotsecant 10mo ago
    Fascinating! What has the rate of inflation of Bitcoin been this month? This year? This decade? At what point has it been deflationary?
    - kikimora 10mo ago
      You can equally ask what was inflation of natural gold and diamonds. It was zero since there is fixed amount of gold and diamonds on the planet. Same with bitcoin.
      - idiotsecant 10mo ago
        What?? There has been more Bitcoin today than there was yesterday since the first BTC was mined. It's the definition of inflationary. You have no idea what you are talking about.
        kikimora 10mo ago
        In the same way as there are more gold dug from the ground today than before. What is the difference?

throw0101a 10mo ago

> So what makes a bitcoin worth $100k if it’s such a shit currency? What makes mint condition Babe Ruth baseball cards worth what they're listed at? * https://www.sportscardspro.com/search-products?q=babe+ruth&type=prices https://www.sportscardspro.com/search-products?q=babe+ruth&t... Something is "worth" whatever someone is willing to pay for it.