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[–] SpectacularGoy 2 points 0 points (+2|-2) ago 

One step closer to the mark of the beast system.

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[–] Kleyno 2 points 1 point (+3|-2) ago 

I agree about crypto being a big part of future commerce. But as for Gold, it is valuable because of its rarity.

It can only be created in a supernova explosion, which makes it pretty damn special, as metals go.

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[–] Sakusha 1 point -1 points (+0|-1) ago 

When I go poo-poo, my unique turd isn't valued equal to the entire world's supply of gold just because it's one of a kind. Scarcity doesn't equal value. Demand equals value, and ordinary people no longer have a high demand for gold and silver. Bitcoin, however, is both scarce and in high demand.

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[–] Kleyno 0 points 1 point (+1|-0) ago 

A very poor example. Everyone can shit; everyone can keep their shit. It is not rare.

Also, scarcity does not equal unique either, so I am really not sure where you were going with the shit example.

Demand also does not equal value in and of itself. If supply of a resource is plentiful, then demand for that resource does little for its value, no matter its other qualities.

Gold is valuable because:

  1. The supply is finite.
  2. We cannot create more gold than what we already have.
  3. Extracting and processing what we do have is time consuming and expensive.
  4. It is a malleable, generally non reactive metal (won't rust), that was easy for ancient civilizations to make into long lasting jewellery and mint into coinage when that became a thing.

Demand for gold started from point 4 and the value increases because of the other points. Yes, humans had to collectively agree that gold had value, but demand does not exist in a vacuum. If gold were as plentiful as other metals, it would not be worth nearly as much as it is now.

[–] [deleted] 1 point 2 points (+3|-1) ago 

[Deleted]

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[–] talmoridor-x 0 points 1 point (+1|-0) ago 

https://substratum.net

https://powerledger.io

There's already work being done aimed at decentralizing the internet and electric power alone using the blockchain, same technology that cryptos use.

It's also worth looking at IOTA, a technology that could support both internet and power.

https://iota.net

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[–] Baconmon 1 point -1 points (+0|-1) ago 

Yeah it does need internet, which is a disadvantage of it compared to fiat or gold, but enough people feel like they will always have internet access save for an apocalyptic disaster so I guess most people don't mind that disadvantage..

There are already many businesses that will accept cryptocurrencies (rakuten, overstock, newegg, etc) despite the volatility, maybe because they convert it to fiat quickly as soon as they receive it? (Although I know overstock keeps 50% of the crypto it receives for the purpose of investing in them..)

But yes, the volatility is a current issue with cryptocurrencies, and it will continue to be that way until they become mainstream and the price finally levels off and stabilizes.. The more wide-spread a particular coin is, the more stable the price tends to be.. This is why bitcoin is the most stable coin price-wise compared to all the other coins (although compared to fiat like USD, bitcoin is still wildly unstable)

It will continue to be mostly an asset class until it becomes very mainstream.. Over time it slowly morphs from an asset/currency class to just a currency class..

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[–] EyeOfHorus 0 points 1 point (+1|-0) ago  (edited ago)

is like saying that the internet will diminish and go away

I said this in 1994 after hiding a physical server on the University of California backbone, hacking my own DNS IP and being offered money to advertise collector cars on my automotive website. Fuck me.

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[–] AinzOown ago 

Crypto still doesn't make sense to me and makes me feel like a dumb nigger. Like how does it get its value anyway? I buy it with fiat money right?

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[–] go1dfish 0 points 3 points (+3|-0) ago 

It gets its value the same way beanie babies do. People demand them.

The difference is that the supply is mathematically limited in a way that cannot be centrally gamed.

Also bitcoin as a network/currency has much more utility than beanie babies, like killing the fed in the long term.

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[–] Cantilever [S] 1 point 0 points (+1|-1) ago 

Except the white paper admits that the entire system depends on the majority of nodes being run by "honest" miners

You think most miners are honest today?

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[–] KoKansei 1 point 1 point (+2|-1) ago  (edited ago)

How does anything get value? By having it bought and sold in the market place.

The whole concept of "intrinsic value" is bunk. The most objective definition of value is purely whatever someone is willing to pay for something.

Bitcoin (Cash) and other cryptos have value because people are willing to exchange a certain amount of other goods or services for them. This is because bitcoin has properties / features as a money that cannot be obtained anywhere else.

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[–] Cantilever [S] 2 points -1 points (+1|-2) ago 

Good luck with your cryptos in a power outage

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[–] AinzOown 0 points 1 point (+1|-0) ago 

So I don't know how anyone can get into bitcoin if they have no idea what its worth. I also don't know how it originated. It's digital right? Someone made it? Why can't they just give themselves a trillion bitcoins whenever they want?

Like how does it get issued?

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[–] Cantilever [S] 4 points 0 points (+4|-4) ago 

The value of Silver and gold go far beyond just their looks. The fact that you don't know this shows the hypocrisy of this statement:

Have you actually done any critical thinking about all of this?

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[–] Nalbarcam 0 points 3 points (+3|-0) ago 

silver will not be able to be used as a transactional material. It is far too valuable as a technological ingredient

you're making fun of cryptos saying that the gov't will prevent buying and selling... they could do that much easier with gold and silver ya know

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[–] Cantilever [S] 2 points -1 points (+1|-2) ago 

Correct

However many people assume that the Fed can be defeated by sidestepping it with crypto

People have tried doing the same many times in the past using real money. They were prosecuted for fraud

Crypto is currently classified as an asset. If it comes to pass that it's used as currency, the Fed and the IRS will step in and shut it down under the auspices of fraud, just like they've done with people who've tried using silver and gold as currency

The only way to defeat the fed is to raise political awareness by putting in the hard grassroots work to raise awareness and make central banking politically toxic not to fight against