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RE: Erik Voorhees on "Is Bitcoin the Future of Money?"

in #bitcoin5 years ago (edited)

I watched that debate very interesting. Peter Schiff just repeats the same thing. Bitcoin has no intrinsic value but in that case the same can be said about anything of value. The truth is that it is people’s belief in things that gives things value.


If nobody believes Gold is worth something than it has no value, intrinsic or not. Same for anything.

I’m team bitcoin
But gold will always be valuable.
I don’t understand the argument it’s one or the other. Gold isn’t going away

You are wrong Yonny along with everyone in here that thinks that Gold or Silver has no real value.

1.) Gold has medicinal value just like Silver. All surgeon instruments are made of silver because silver kills all bacteria. There are many other medicinal uses for gold and silver too.
2.) Gold and silver are also very useful in the electronic world. Without Gold and Silver you wouldn't have that computer, internet and all those high end electronic items like your cell phone.

You’re missing the point. I never said gold doesn’t have value. Read it again carefully.

Garlic has medicinal value as well. Is that the standard we are using for currency?

Sure but I wouldn't pay you anything because I grow my own garlic. I can also get garlic from my friends yard and in the grocery store. Just because it has medicinal value doesn't mean it is good for currency. A currency has to be rare and difficult to attain too.

Gold and silver are rare metals and are not easily mined. They also have medicinal value and other uses in electronics along with other techno uses. So they are a better form of currency and has real useful value.

true indeed. im seeing the same sentiment from the masses, "gold is worthless...its
only valuable because its only so much of it"...

Gold is not worth investing in as a store of value because its utility value is dependent on the economy being strong as do all utility metals. When the economy is weak and a store of value is required the utility value of the gold falls meaning that all you get is a flush of volatility and a stabling out. this could be higher or LOWER than when the economy was doing well. A gold investment is a straight up gamble. You would be better investing in patents which not only have utility but a store of value .....assuming you have done your research well.

The world and its relationship with gold is very different to pre-1974.

Very great argument, with a nice background for video.

Incorrect, gold is used in electronics as a conductor of electricity.

Believe? You mean trust?

Believe: To have confidence in the truth, the existence, or the reliability of something, although without absolute proof that one is right in doing so:
Only if one believes in something can one act purposefully.

So, BTC - Bitcoin is this new religion, based on believe?

The correct spelling in this sentence is belief.

Cheap Charlie!!!

Lol Debbie downer

tats true even gold does not have any real world value..atlease bitcoin is more valuble than gold.

Gold looks nice.

Im team bitcoin so not trolling here... u realize gold is worth more then bitcoin right?
The total marketcap of gold is over 7 trillion
Bitcoin is way under 500 billion even at its high
Gold is worth much more. I’m more pro bitcoin but saying bitcoin is worth more is a lie. You have to compare the total value not cherry pick a measurement of one to the other. A ounce of gold is worth less then a bitcoin doesn’t mean anything , there are more kilos of gold then bitcoins so A kilo of gold is worth more then a bitcoin
You can compare Units anyway u want it’s not valid. Total value of all is only honest practical way.. if u divide all gold by same number of total bitcoins mined the number is way more valuable then a bitcoin. Let’s be honest guys. There’s no need for bogus arguments! Bitcoin is a capable argument of value without lying or not making a fair comparison

What really interests me is what if Crypto's market cap one day matches gold's. That's at least a 14 times price increase. Hope you bought cheap in this bear market like I did, because the sale isn't going to last forever.

We are in the future, and as long as people have internet working, crypto will reign. :D

People can't wrap their heads around cryptocurrencies yet.. People couldn't wrap their heads around the internet or cellphones when they were first introduced.. This is all part of the growing process for new technologies.

in the end 2017, people believe BTC will be something big that can change the world (may be they do'nt know what is BTC), so BTC price go rocketing. But now, people know BTC is not good enough to believe for a bright future, so BTC price down. Is Bitcoin the Future of Money? I think maybe "No"

An interesting suggestion, but not quite. In late 2017, the price of bitcoin rose because people saw the increasing value (from educated investors) and wanted in on this quick profit. This (obviously) created a bubble, and when the bubble popped, the price fell. It's practically the same as what what happened in early 2014, and based off of that, it will likely recover (slowly but surely) over the course of the next 2-3 years. Not an advisement, no inside knowledge, just an educated guess based off of similar events in the past. That's what the past is there for, is it not? To learn from.

No, If you're looking for a time when the price of BTC rose because of high expectations you'd have to look at the beginning of 2017, when BTC once again rose over $1,000 because of the possibility of ETFs making it more mainstream - the ETFs failed, BTC dropped below 1k, only to rise again within days. No, when bit coin spikes because of high hopes for the future, it's a small spike, and easily recovered.

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The truth is that all the currency money does not have any back gold to assure their value. It just a number in a Bank computer who is using a exchange mode of transaction. If you get a lone from a Bank that is what happen. In my humble opinion, may both bitcoin and goverment money will continue coexisting.

absolutely correct.
an object is worth whatever one is willing to pay for auction

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