How does BitCoin have any value?

[Huggles]

I still don't get BitCoin or crypto, the whole thing seems like one giant scam. I know there are lots of people who got rich from it, and other memecoins, but what value does it actually have? Like how does crypto help human beings?

Just like with housing as an asset, why does it seem like housing and bitcoin are designed to be hoarded and designed to increase inequality?

I get how the USD has value, it is backed by the world's strongest military and the USA actually builds and creates advanced shit.... but crypto? What value does it actually have?

With how the Hawk Tuah and how Andrew Taint ripped people off their their memecoins, and countless others, it feels like crypto is just a new way to gamble and scam people. Feels like people are less interested in innovating or creating things, and instead, people are looking to "invest" money in some sort of scam, have it go to the moon, sell, and then claim they are brilliant entrepreneurs!

Maybe I'm just a retarded luddite but crypto makes 0 sense to me. Just seems like a massive scam. (even if some people got hugely rich from holding a digital money you can't really spend anywhere)

[ANAL PASTE]

I bet you know 16 different ways to open $5 bottle of wine with out corkscrew opener.

[Dugmor]

Originally Posted by Huggles

I still don't get BitCoin or crypto, the whole thing seems like one giant scam. I know there are lots of people who got rich from it, and other memecoins, but what value does it actually have? Like how does crypto help human beings?

Just like with housing as an asset, why does it seem like housing and bitcoin are designed to be hoarded and designed to increase inequality?

I get how the USD has value, it is backed by the world's strongest military and the USA actually builds and creates advanced shit.... but crypto? What value does it actually have?

I heard if you are trying to pay Russian developers... they only accept Crypto.

[Huggles]

Originally Posted by ANAL PASTE

I bet you know 16 different ways to open $5 bottle of wine with out corkscrew opener.

$5 bottles?! Pretty bougie... damn

[pornmasta]

It's a scam pushed by the system, claiming to be anti-system (as usual).
Now that so many people use it, it is an anchored effect.
But gvts could make it non convertible, the day they wish.

[CaptainHowdy]

Same as the paper and iron (or digits) that we handle almost everyday . . .

[Sly]

It does have utility.

We have several clients that pay with bitcoin due to it being easier for them to get than other currencies. I also accept payments from multiple sponsors in bitcoin because I find it easier to deal with than Paxum and many sponsors have limited payment options, but bitcoin seems to be coming more common.

[Killswitch]

Why does anything have value?

Do you think the USD's value comes from the items used to make it or something?

[sarettah]

Originally Posted by Huggles

Feels like people are less interested in innovating or creating things, and instead, people are looking to "invest" money in some sort of scam, have it go to the moon, sell, and then claim they are brilliant entrepreneurs!

Kind of the same way some people take other people's videos and music and put them together and then claim to be artists.

[DBS.US]

Greater Fool Theory,

The greater fool theory is a speculative investment strategy that suggests it's possible to make money by buying assets that are overvalued and then selling them for a higher price. The theory is based on the idea that there will always be someone else who is willing to pay more than the original buyer, even if the asset is not fundamentally sound.

[Huggles]

Originally Posted by sarettah

Kind of the same way some people take other people's videos and music and put them together and then claim to be artists.

Ice Ice Baby had the cheapest music video possible and it was just rap over another artist's beat and it was still one of the biggest tracks of all time on MTV. Hard to deny Vanilla Ice the title of "artist" when he had such huge impact, yet the entire beat of his song was from Under Pressure. Does it make him less of an artist, or more, that he took something old, remixed it, and made it his with his style?

Bitcoin... is it money, the remix?

[todservices]

one word : storage value

2 actually

[todservices]

Originally Posted by Huggles

(from holding a digital money you can't really spend anywhere)

I spend my cryptos every day with my card
ATM
buying gas, clothes, pretty much everything that can be paid by card...

[Huggles]

Originally Posted by todservices

I spend my cryptos every day with my card
ATM
buying gas, clothes, pretty much everything that can be paid by card...

Do you directly pay with BitCoin, or do you use the ATM to withdraw cash from your BitCoin and spend it?

[Killswitch]

Originally Posted by Huggles

Ice Ice Baby had the cheapest music video possible and it was just rap over another artist's beat and it was still one of the biggest tracks of all time on MTV. Hard to deny Vanilla Ice the title of "artist" when he had such huge impact, yet the entire beat of his song was from Under Pressure. Does it make him less of an artist, or more, that he took something old, remixed it, and made it his with his style?

Bitcoin... is it money, the remix?

Difference between you and him is about $20M in value.

[Publisher Bucks]

Originally Posted by Killswitch

Difference between you and him is about $20M in value.

Don't forget sanity...

[Major (Tom)]

It has the value that a majority agrees with. The same with usd. Except if you disagree with usd value, democracy cometh soon there after.

[todservices]

Originally Posted by Huggles

Do you directly pay with BitCoin, or do you use the ATM to withdraw cash from your BitCoin and spend it?

both
I use ATM and pay with the card, it's a Visa, i can use it anywhere
I load btc or usdt on it and that's done

[Huggles]

Originally Posted by todservices

both
I use ATM and pay with the card, it's a Visa, i can use it anywhere
I load btc or usdt on it and that's done

I wonder if I can get that in Canada, a BitCoin Visa? Where do I look into this?

I figure that even though I feel like BitCoin is a scam, maybe I should just jump on the bandwagon and adopt it.

[Retiree]

Everything has financial value based on supply and demand. What is gold other than a yellow stone? People created its value, just like with everything else. If there is no demand, value is $0.

[Huggles]

Originally Posted by Retiree

What is gold other than a yellow stone?

Gold is widely used in nearly every electronic device! I mean, not much, but still gold has a ton of real world uses.

[gtsix]

Some people still stuck at this point when crypto is now a multi-trillion dollar industry, weaves through the whole gaming industry, AI industry, whatnot... so cringe

[blackmonsters]

Originally Posted by gtsix

Some people still stuck at this point when crypto is now a multi-trillion dollar industry, weaves through the whole gaming industry, AI industry, whatnot... so cringe

I agree with your point; but there are two sides to the crypto story :

[Brent 3dSexCash]

Originally Posted by Sly

It does have utility.

We have several clients that pay with bitcoin due to it being easier for them to get than other currencies. I also accept payments from multiple sponsors in bitcoin because I find it easier to deal with than Paxum and many sponsors have limited payment options, but bitcoin seems to be coming more common.

Bitcoin does have utility, but so does Microsoft Excel. At the end of the day, it’s just software that works because people trust it. It’s cool, but that’s all it is.

[ruff]

Bitcoin is a store of value. Unlike gold, there is a finite amount of BTC. That, alone, makes BTC exclusive. As far as I know, it is the only item in our universe there is only so much of. We are still mining gold, and we will still be mining gold forever, either here or on asteroids, our moon, or other planets. Gold is worth more for what it can do than as a value of money. Plus, gold is too heavy to lug around.

We used to have a gold standard in America, but it was gotten rid of some time ago. Under this system, we could only spend money equal to our government's gold stash.

Why did we get rid of the gold standard? So we could print money at will. We have no idea how much money the government prints. Inflation anyone?

Diamonds are a perfect example of perceived value, except there are tons of diamonds hoarded deliberately to artificially increase their value. If Russia released all the diamonds it has stashed in the Kremlin, that $10K diamond you just bought for your girlfriend would be worth $12 bucks.

Originally Posted by INever

When the grocery store or the local massage girls accept it with the power out and the internet down...then it's REALLY worth 200.

If the power is out and the Internet is down, we have more significant problems than groceries or happy endings.

BTC was the catalyst for innovation. There are now more suitable coins for commerce. BTC introduced the blockchain. Every BTC transaction, from the very beginning, is stored anonymously in the BTC blockchain. BTC introduced decentralization, meaning no entity can control it. If you leave the US with over $10K, you must declare it. With BTC, I can go anywhere with as much BTC as I want, and no one knows, and all transactions are anonymous.

The next thing you are going to see is the USA will want to set up digital currency and get rid of bills and coins. This would be a centralized digital currency controlled by the government. Centralized means the government can follow every transaction anyone makes, and they would know exactly who made it. No more "under the table" money, no cheating on taxes, no hookers, and they will know where you are at all times. Believe me, we don't want that.

If you have your money in a bank, you realize it's not yours, right? I've had banks lock my accounts when I have sold BTC and sent the money to my bank. Alarm bells go off because they want to know where all that money came from. For Christ's sake, you might be a drug dealer or a terrorist. And if you deposit more than $10K, the bank notifies the government.

Bitcoin introduced technology that has changed things not even connected to Bitcoin. One example is AI, digital contracts, record keeping, and the blockchain, and that's just the tip of the iceberg. Now, countries and even states are setting up Bitcoin reserves. Unlike gold, no more Bitcoin will be produced.

Total BTC in Existence 19,916,556.25
Bitcoins Left to Be Mined 1,083,443.8
% of Bitcoins Issued 94.841%
New Bitcoins per Day 900
Mined Bitcoin Blocks 876,649

Who knows how many have been lost with people dying, losing their passwords or whatever.

So, these are just some things Bitcoin is responsible for

We'll be having a quiz on this one of these days, so fucking study.

[Huggles]

Originally Posted by ruff

Total BTC in Existence 19,916,556.25
Bitcoins Left to Be Mined 1,083,443.8
% of Bitcoins Issued 94.841%
New Bitcoins per Day 900
Mined Bitcoin Blocks 876,649

I wonder how much money I could have by 2026 if I just did DoorDash for a year and put 100% of the profit into buying BitCoin and document the entire journey. I don't even trust BitCoin at all, so it would be really stepping outside my comfort zone.

[ANAL PASTE]

Originally Posted by Huggles

I wonder how much money I could have by 2026 if I just did DoorDash for a year and put 100% of the profit into buying BitCoin and document the entire journey. I don't even trust BitCoin at all, so it would be really stepping outside my comfort zone.

Just keep on drinking and doing drugs. Bitcoin is overrated.

[Huggles]

Originally Posted by ANAL PASTE

Just keep on drinking and doing drugs. Bitcoin is overrated.

Are there any people who drink, do drugs, AND own BitCoin?!

[JesseQuinn]

Originally Posted by Huggles

Are there any people who drink, do drugs, AND own BitCoin?!

yes, I'm sure

however crypto as a sector is on a rise right now due to uh, certain polit stuff down south of you. knowledgeable ones are riding it. you're not in that position

to get in now I would not recommend. let it settle then stick to btc. you're not savvy enough for the others no matter the charts/trends

I own a bitcoin, got it for free a zillion years ago. was maybe worth 10 or 20$ at the time. it's doesn't matter what happens to btc, t'was free. throughout all the ups and downs just curious to see what will happen. though thinking maybe cashing out some before the dip sure to come. haven't been thinking about it much, been busy and sure as hell not gonna bother my friend from here who's so up on all of this over the holidays. but I'll need some extra cash for something personal and a sliver of that coin would cover it w/o dipping into savings

you want get rich quick. I'd like a pony. (not really but others will get what I mean)

just get a job dude

[Mahadeva]

Originally Posted by ruff

Bitcoin is a store of value. Unlike gold, there is a finite amount of BTC. That, alone, makes BTC exclusive. As far as I know, it is the only item in our universe there is only so much of. We are still mining gold, and we will still be mining gold forever, either here or on asteroids, our moon, or other planets. Gold is worth more for what it can do than as a value of money. Plus, gold is too heavy to lug around.

We used to have a gold standard in America, but it was gotten rid of some time ago. Under this system, we could only spend money equal to our government's gold stash.

Why did we get rid of the gold standard? So we could print money at will. We have no idea how much money the government prints. Inflation anyone?

Diamonds are a perfect example of perceived value, except there are tons of diamonds hoarded deliberately to artificially increase their value. If Russia released all the diamonds it has stashed in the Kremlin, that $10K diamond you just bought for your girlfriend would be worth $12 bucks.



If the power is out and the Internet is down, we have more significant problems than groceries or happy endings.

BTC was the catalyst for innovation. There are now more suitable coins for commerce. BTC introduced the blockchain. Every BTC transaction, from the very beginning, is stored anonymously in the BTC blockchain. BTC introduced decentralization, meaning no entity can control it. If you leave the US with over $10K, you must declare it. With BTC, I can go anywhere with as much BTC as I want, and no one knows, and all transactions are anonymous.

The next thing you are going to see is the USA will want to set up digital currency and get rid of bills and coins. This would be a centralized digital currency controlled by the government. Centralized means the government can follow every transaction anyone makes, and they would know exactly who made it. No more "under the table" money, no cheating on taxes, no hookers, and they will know where you are at all times. Believe me, we don't want that.

If you have your money in a bank, you realize it's not yours, right? I've had banks lock my accounts when I have sold BTC and sent the money to my bank. Alarm bells go off because they want to know where all that money came from. For Christ's sake, you might be a drug dealer or a terrorist. And if you deposit more than $10K, the bank notifies the government.

Bitcoin introduced technology that has changed things not even connected to Bitcoin. One example is AI, digital contracts, record keeping, and the blockchain, and that's just the tip of the iceberg. Now, countries and even states are setting up Bitcoin reserves. Unlike gold, no more Bitcoin will be produced.

Total BTC in Existence 19,916,556.25
Bitcoins Left to Be Mined 1,083,443.8
% of Bitcoins Issued 94.841%
New Bitcoins per Day 900
Mined Bitcoin Blocks 876,649

Who knows how many have been lost with people dying, losing their passwords or whatever.

So, these are just some things Bitcoin is responsible for

We'll be having a quiz on this one of these days, so fucking study.

Very well said. No notes. 10/10.

[Retiree]

Originally Posted by Huggles

Gold is widely used in nearly every electronic device! I mean, not much, but still gold has a ton of real world uses.

So is plastic...and thats so cheap, its practically free.

[Huggles]

Originally Posted by JesseQuinn

you want get rich quick.

Already did it once before and it lasted for 15 years before I quit!

[todservices]

Originally Posted by Huggles

I wonder if I can get that in Canada, a BitCoin Visa? Where do I look into this?

I figure that even though I feel like BitCoin is a scam, maybe I should just jump on the bandwagon and adopt it.

I'd appreciate if you use my link : https://www.digifinex.com/en-ww/n/card?r=JQ7bLh

Currently they only offer the virtual visa, so you can buy online pretty much anywhere

[Huggles]

Originally Posted by todservices

I'd appreciate if you use my link : https://www.digifinex.com/en-ww/n/card?r=JQ7bLh

Currently they only offer the virtual visa, so you can buy online pretty much anywhere

[ANAL PASTE]

Originally Posted by Huggles

Already did it once before and it lasted for 15 years before I quit!

What exactly is "rich" for you? Party with 4 friends in your rented 1 bedroom apartment?

[2MuchMark]

Hi Huggles,

I know this sounds crazy but hear me out: Bitcoin (and other cryptocurrencies) have value because people agree they do.

That is mostly it...

... but if you want to get into a little more detail, people agree that they do because of factors like these:

• Scarcity: Bitcoin has a fixed supply of 21 million coins, creating a limited resource similar to gold.
• Utility: It can be used as a medium of exchange for goods and services, and it's decentralized, making it accessible worldwide without banks or intermediaries.
• Trust and Security: The blockchain technology behind Bitcoin ensures transparency, security, and resistance to fraud or tampering.
• Network Effect: This is both a crazy part, and probably the most important part - As more people adopt and use Bitcoin, its perceived value increases because it becomes more widely accepted and recognized.
• Speculation: Also kind of crazy sounding - A significant part of its value comes from investor demand, with people buying it in anticipation that its value will rise.

Ultimately, its value exists because of supply, demand, and the collective belief in its worth, much like fiat currency or precious metals.

Do your own digging and learn more for yourself though, and don't take my advice. Like a fucking idiot, I dumped my coins when they were worth $20k. Yes I made good money, but if I had held out like everyone else was telling me, I could have made more. Fuuuucckkkk....

[adultinnovation]

AI Crypto like Render is used to render movies and videos etc... Its actually being used by paramount pictures right now to make a movie. They also have contracts with Apple.

RWA ( real world assets ) Crypto like Chain Link are used by banks for faster transactions..

So yes Crypto does have real world use.

But nobody who buys Crypto gives a shit about its real world use. They only care about buying it and then selling it for cash after it 20x's in value.

I'll give you an example of how I made about $8,000 in less than a few hours about 2 weeks ago on crypto.

After the Fed meeting about rate cuts happened and Jerome Powell answered a question from one of the reporters about a bitcoin strategic reserve, Powell said they weren't allowed to own bitcoin... that comment crashed the market.. Alt coins dropped in value by 30% very quickly.


I bought $30,000 of BEAM crypto when it was 30% down ... at around 2 cents. About 1.1 million coins. A few hours later it shot right back up to 3 cents.. and I sold the worthless junk.


Today Bitcoin crashed by $5,000... and still going down. Because of some worthless data that came out causing the stock market to dump.

If you want to make 100% guaranteed big money in Crypto then you have to buy at the bottom of the next crypto bear market sometime at the end of 2026 and then hold it until 2029 bull run. It will slowly rise in value as each year goes by so you dont actually have to wait till 2029 to sell if you're happy with the profit before than...

For example. If you would have bought only $1,000 worth of Solana at the bottom of the bear market in 2021, you would have $400,000+ right now.

Meme coins have absolutely zero real world value. They are just gambling... stay away

[mopek1]

Originally Posted by 2MuchMark

I know this sounds crazy but hear me out: Bitcoin (and other cryptocurrencies) have value because people agree they do.

That is mostly it...

... but if you want to get into a little more detail, people agree that they do because of factors like these:

• Scarcity: Bitcoin has a fixed supply of 21 million coins, creating a limited resource similar to gold.
• Utility: It can be used as a medium of exchange for goods and services, and it's decentralized, making it accessible worldwide without banks or intermediaries.
• Trust and Security: The blockchain technology behind Bitcoin ensures transparency, security, and resistance to fraud or tampering.
• Network Effect: This is both a crazy part, and probably the most important part - As more people adopt and use Bitcoin, its perceived value increases because it becomes more widely accepted and recognized.
• Speculation: Also kind of crazy sounding - A significant part of its value comes from investor demand, with people buying it in anticipation that its value will rise.

Ultimately, its value exists because of supply, demand, and the collective belief in its worth, much like fiat currency or precious metals.

Do your own digging and learn more for yourself though, and don't take my advice. Like a fucking idiot, I dumped my coins when they were worth $20k. Yes I made good money, but if I had held out like everyone else was telling me, I could have made more. Fuuuucckkkk....

That still tells me it's not backed by anything. I hear what you are saying on the security and utility front, but store of value, I can't see it.

[LetterTwenty7]

Because people decided or agreed it has value.

[Huggles]

Originally Posted by mopek1

That still tells me it's not backed by anything. I hear what you are saying on the security and utility front, but store of value, I can't see it.

It's not worth anything... it is completely fake money...

But I didn't buy it and now I haven't had any food for 36 hours, so who is actually the idiot?

I'm sure people who bought bitcoin when it was $100 are eating well tonight, even if the money is based on nothing, totally fake money. It's not even real, just totally electronic, based on nothing...

[Huggles]

Originally Posted by adultinnovation

For example. If you would have bought only $1,000 worth of Solana at the bottom of the bear market in 2021, you would have $400,000+ right now.

Why would anyone start a business or do art, or do anything with $1000 other than dump it into some fake money hoping for a payout?

Like I wonder, why would I ever work on another book or art or anything when if you just work a shit job and YOLO the fiat into fake money, there is a much higher chance of "making money" with the fake money than there is trying to innovate or start a business?

Why even try doing anything in the "real world" when the fake money work produces so much more possible profit out of thin air? Like crypto is just the death of people actually trying to start businesses or innovate. No wonder the private sector just keeps shrinking, because shit like crypto is a sink for people's ambitions and nobody does anything actually innovative in real life anymore. No art, no culture, just soulless people dumping money into fake electronic gambling.

[Huggles]

During COVID I bought what I needed to hand make books, and I made them and sold them outside of liquor stores in -14c weather, literally stood outside selling books that I hand-made.

Meanwhile, instead of spending that money on ink, paper, the paper cutter, and the book maker to sell books for $20, if I had just YOLO'ed that money into Doge coin or some other shitcoin, I'd be farther ahead in life... off fake money that isn't even real!

Just seems like life itself is so based on fakery and deception... and meanwhile, you still get banned for 30 days on Facebook if you say a man in a dress is not a woman... our entire society is a house of cards that runs on lies!

Meanwhile, the soulless people who took the "vaccine" and just bought fake money crypto are the richest ones now, while I cannot even feed myself. Totally bizarre world to live in. At least I'm back uploading porn, something that has value in this fucked up, insane world.

[2MuchMark]

Originally Posted by mopek1

That still tells me it's not backed by anything. I hear what you are saying on the security and utility front, but store of value, I can't see it.

You're right. It's not "backed" by anything at all. It a very basic sense, it's only valued at what people think it is valued at.

[Huggles]

Originally Posted by 2MuchMark

You're right. It's not "backed" by anything at all. It a very basic sense, it's only valued at what people think it is valued at.

The whole thing seems like a giant scam, like it is make-believe that it has any value?!?!

So bizarre to see an electronic dollar, worth nothing in the "real world", holding 100k of dollar value. Like, how? Why? Are there that many criminals in need of money laundering and a way to hide millions of dollars on a hard drive?

The people who own bitcoin aren't at $0 and with nothing to eat like I am, definitely should have bought it even though it seems like a huge scam. It having value makes zero sense to me. It just screams "massive scam fake ponzi scheme" but yet keeps going up and up and up...

[Huggles]

Fuck if I had just bought bitcoin I wouldn't be literally starving

[celandina]

Many years ago somebody tried to explain to me baseball: " There is a pitcher and the catcher. After the pitch then the 1 st baseman runs to the second baseman....."... After this point nothing made sense. Just like explaining crypto..... " there is a mining bank, which mines crypto, then the bank puts it in the wallet......"... So, where is the third baseman

[sarettah]

Originally Posted by celandina

Many years ago somebody tried to explain to me baseball: " There is a pitcher and the catcher. After the pitch then the 1 st baseman runs to the second baseman....."... After this point nothing made sense. Just like explaining crypto..... " there is a mining bank, which mines crypto, then the bank puts it in the wallet......"... So, where is the third baseman

Whos on first

[Huggles]

Originally Posted by celandina

Many years ago somebody tried to explain to me baseball: " There is a pitcher and the catcher. After the pitch then the 1 st baseman runs to the second baseman....."... After this point nothing made sense. Just like explaining crypto..... " there is a mining bank, which mines crypto, then the bank puts it in the wallet......"... So, where is the third baseman

[celandina]

Originally Posted by sarettah

Whos on first

I am on first, who is on second

[2MuchMark]

Originally Posted by Huggles

Fuck if I had just bought bitcoin I wouldn't be literally starving

Are you starving for food, or attention? You can’t eat bitcoin, but you sure can snack on that pity party. If whining were a crypto, you'd be a billionaire....

Thankyou, thankyou - I'll be here all week. Thankyou...

Stop wasting your time here and start looking for a jerb over at https://monster.com instead.