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RE: Is Bitcoin a Fiat Currency? | Does Bitcoin Have Intrinsic Value?
Honestly, as much as I like Bitcoin, I don't think it does have a real value. (Yes you can cashout, use it to trade and whatnot) but the price of it is set by us. What do I mean by that? Normally when you buy stocks you're buying "a part of the company" or whatever it is, therefore those stocks have a real value, whereas for Bitcoin you have a virtual token, that could go down back to 0 if everyone tried to sell it at the same time. (Arrived at a point where all Bitcoin is mined obviously)
I respectfully disagree that Bitcoin has no value. Look at your example, and the similarities between BTC and a stock.
I know Bitcoin's value might well drop, but to zero is in my view impossible. It might fall as low as $5,500 and that would be terrible for a lot of investors but again, despite all its limitations it still serves a function to some people, and still other people will hold it because they see it can develop and grow and establish more helpful qualities through ongoing software upgrades (privacy, smart contracts, etc).
Check out this link to learn more:
https://en.wikipedia.org/wiki/Pets.com
"Its high public profile during its brief existence made it one of the more noteworthy failures of the dot-com bubble of the early 2000s. US$300 million of investment capital vanished with the company's failure."