"What supports the value of bitcoin?" Somebody asked

>>2969253
What supports the value of gold?
It sure as hell isn't tangible use

>>2969253
you take a spoon and you feed them, faggot

>>2969253
Fiat currency is the only thing that supports the value of bitcoin.

Take the fiat away and you have nothing.

It cannot support itself no matter what anyone tells you.

>>2969262
B-but gold have real applications, can confidence in Bitcoin do the same?

The Value of Bitcoin™ is held up by yours truly, and yourself, every millionaire and bagholder still buying or holding

>>2969262
idiots who think there will be anything worth living for "if fiat collapses"

>>2969253
idiots who think there will be anything worth living for "if fiat collapses"

The work it takes to create it and support the network.
Gold has value because it takes a lot of work to get it out of the ground, same with BTC.

https://youtu.be/boUD5eG9Bf4

>>2969269
What supports the value of fiat?

>>2969262
Right because all of those gold contacts in all computing hardware propping up your virtual reality isn't tangible at all.

How dense are you digital ponzi pushers?

Darknet and chinkebay supports it

Here's my reply to these retards. What hold up fiat money? Governments. What holds up crypto? The people.

Who the Fuck should be running this planet? Jews? Or common folk?

>>2969278
BTC doesn't come out of the ground and it was SUPER EASY to make them with CPU power when the creators mined most of them at the beginning.

>>2969282
if you think that the gold used in conduction is any amount greater than 0.01% of all gold on earth

kill yourself
that is the shittiest response ive ever heard, we could never use the amount of gold on earth for anything other than pure wasted aesthetic use.

>>2969296
Gold was super easy to get when you could find it exposed in river beds, difficulty increases with time.
What is your point?

>>2969296
>it was super easy 10 years ago therefore IT'S NOT FAIR REEEE
lol

>>2969296
It was SUPER EASY to get gold centuries ago too. Just swing your pickaxe at a rock and there you go.

>>2969287
Crypto is not held up by the people.

Governments allow their existence.

The internet was not created by "the people".

Add it up anon.

Please tell me why "the people" would require so many forms of identification to trade Bitcoin.

Please tell me why "the people" would track every "anon" transaction in an exchange database?

They wouldn't.

This smells like .gov all the way.

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>>2969253
Ur mum supports me lmao

>>2969279
totalitarian state apparatus monopolising it through legislation and consequent threat of violence by taking away inalienable rights

>>2969253
It's supported by the largest computer network on earth. It's scarce, secure, not controlled by government, but currently it has some problems with transferring and costs.

>>2969299
So by all means then remove gold from all electronics.

While you are at it remove silver from all of your Rohs solder.

Afterwards I would like you to tell me how the internet exists without these two precious metals.

>>2969315
Not my fault your government is fucked. I trade crypto without any identification attached to my accounts

>>2969275
fiat doesn't just collapse, it gradually inflates into worthlessness (sometimes faster than others) BTC does not.

>>2969325
wallet.dat = delete button

secure?

>>2969334
world.delete

heh nuthin personal kid

>>2969253

The human piece of shit you call your mother

She backs up bitcoin faggot

>>2969315
>Please tell me why "the people" would require so many forms of identification to trade Bitcoin.
they don't. you're thinking of exchanges. you're probably a newfag who doesn't know you can have your own individual wallet and trade with other individuals.

>>2969253
Its old and used most

Soon iota will rape it

>>2969334
Confirmed for not knowing how to backup his wallets on other drives/paper/brain and generally retarded on issues concerning crypto's, but comments anyway.

The Dunning–Kruger effect is real.

>>2969364
lol iota fags are so cute

>>2969315
hey retard, to set up a btc wallet and buy bitcoin from the simple btc atms takes no id. Youre talking about fucking exchanges that have to follow regulation rules set by countries to cut out laundering and shit crimespeople do. Every exchange is recorded because thats the FUCKING BLOCKCHAIN you inbred, how the fuck else are you going to make sure when you spend you btc its actually spent, and everyone knows its spent? Notice how your slave name isnt tied to your wallet on the actual btc chain?

>>2969269

Golem allows me to use other people's CPU, Sia allows me to use other people's hard drives. I can exchange Bitcoin for Golem or Sia, therefore I can exchange bitcoin for computer power and data storage.

Where is fiat in that equation?

>>2969372
Bitcoin is fucked and you know it.

The only reason you don't want it to be is because you are balls deep into it.

I can see why you don't want your bubble popped.

>>2969388
Without the internet all your coinz are irrelevant.

Gold and silver allowed you to exist with your hardware and fiat gave you "value".

This is going to be fun to watch it finally implode.

>>2969404
If we lose power and internet you need to be stacking guns, ammo, food, and medicine. Do you even prep faggot?

>>2969404
With the government all your fiat is worthless, I'll agree that metals retain their value but you seem to think the gold standard still exists.

>>2969404

Are you retarded? Do you really believe gold is worth thousands a gram because it is used in computer chips? Do you even know how supply and demand works?

>B-b-but the internet will magically disappear

Conspiratards always resort to extremely unlikely events 0.000000000000001% chance, to justify their stupid theories. It's more likely that a supernova destroys the earth than the internet disappears you retard.

>>2969433
August 21st we find out just how good coiners are at surviving without mommy's milk.

>>2969471
Retard confirmed.

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>>2969454
>mfw when coiners start flaming out hard

>>2969471
21st?

>>2969471
It's funny how many responses you are ignoring, you clearly don't understand how fiat works let alone crypto.
I hope you have inheritance coming for your sake.

The value of bitcoin is the value of using a trustless public ledger for transactions. That's it. You guys are overthinking it

>>2969489
Greater Fool theory is easy to understand.

I know you are lazy so I'll do the foot work for you.

Take a look:
https://en.wikipedia.org/wiki/Greater_fool_theory

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>>2969534
That applies to just about everything and is called speculation.
Yes there are cases like the tulip mania https://en.wikipedia.org/wiki/Tulip_mania
but it also applies to the price of stock and gold.

>>2969534
Greater fool applies to gold too, retard.

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>>2969557

>>2969269
if you take fiat away people will either go back to a trade system or just use fucking bitcoin to buy shit. people will accept bitcoin because then they can go and use the same currency to buy shit.

the only problem here is getting everyone to use it. fiat is dead.

>>2969574
So if that is the case then you are admitting you are a fool.

Ask yourself these questions:

-What hardware am I using to communicate on the internet?
-Does that hardware contain any gold?

Let us know your answer.

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>>2969588
>mfw someone replies to me with an image I posted on /biz/

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>>2969275
Is this how nocoiners cope these days?

>>2969327
here you go
https://www.google.com.au/search?client=gentoo-b&q=substitute+for+gold+in+electronics&oq=substitue+for+gold+in+elec&gs_l=psy-ab.3.0.0i22i30k1.747045.750897.0.751781.26.19.0.0.0.0.371.3324.0j5j4j4.13.0....0...1.1.64.psy-ab..13.13.3316...0i67k1j0i131k1j0i10k1.r24SjhJTXu0

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>>2969601
>Does that hardware contain any gold?
You are really bad at this.

>>2969595
bitcoin only buys shit now.

I don't see the point.

Fiat buys shit / bitcoin buys shit

Meet the new boss same as the old boss.

Meme dreams and thin air.

No thanks.

>>2969333
>BTC does not.
yeah

BTC just collapses

if you were actually concerned about annualized inflation you would keep your money in securities that beat inflation and would not be to concerned that you're not getting the 5000% required to reach lamboland

>>2969618
because youre missing the point entirely.

look at the system we have vs the system we could be using. tell me which one is more logical.

>>2969617
Take it out then.

Remove it from all your hardware.

Stop mining it all together.

Let me know how it goes.

>>2969253
roll

>>2969617

>almost 10% of gold is used industrially

That's not so bad given its very rich history and the relatively new use on circuit boards

>>2969630
youre a fucking idiot.

they only use gold because its more reistant to corrosion. all the shit we use will still work without it kill yourself

>>2969628
Fiat = run by centralized assholes
Cryptocurrency = run by centralized assholes

I am having a hard time seeing the difference.

Both print out of thin air and pretend to govern the human race.

Do we really want to talk about logic?

>>2969647
>Cryptocurrency = run by centralized assholes
now youre just trolling. dont waste my time.

>>2969642
Prove it.

While you are at it remove Silver from all your Rohs solder that is now mandated in the lead free world we live in.

This is going to be so fun to watch you explain this.

>>2969601
>simple concepts of demand that applies to every commodity makes me a fool

Jesus Christ nigger. Besides by your own logic that makes you a fool as well ffs.

Also something be used for something else doesn't make it a good currency.

nocoiners have become exceedingly desperate ever since BTC hit 3100

>>2969630
>Remove it from all your hardware
Bad news mate, I'm an electrician so know that gold is only a slightly better conductor than silver which is slightly better than copper.
There are very few things it's actually NEEDED for and is just used because it is the best and when you are talking about a couple of micron thick plating the cost is negligible.

The reality is the if golds price was based on it's industrial use it would be ~10% of what it currently is.

>>2969656
prove what? that electronic components can be made without gold?

what magical property of gold do you think they fucking use it for you turbo autist?

who the fuck cares about silver. you're a waste of breathe creating arguments with no fucking knowledge whatsoever of the science behind what you speak.

>>2969665
It's like all the old investors that got salty about IT the celebrated the dotcom crash but ignore how much people that picked the survivors made.

>>2969620
>BTC just collapses
Hasn't happened. It's literally never fallen out of existence. There have been many fiat currencies that have and even cryptos that have. Not BTC.

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really? you think the trace amounts of silver used to make our electronics less hazardous is so critical that it is what drives the price of silver?

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>>2969685
You girls get so mad when someone negates your world view.

I love reading these responses.

BTW the government already starting issuing currency back in the 80's for when fiat collapses.

You are a little late to the game coiner.

You were created from a rib.

>>2969697
>this thing that has been popular for a few years hasn't gone defunct yet so it never will, especially when the US decides NK and Iran are using it to circumvent controls

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>>2969718
>negates your world view
>implying reality is subjective

>>2969747
Bitcoin is valued by how many federal reserve notes it takes to buy one.

Now take the words "federal reserve" out of the sentence above and you will see who is really responsible for Bitcoin.

I'm sorry you can't handle this...

>>2969731
It's not even that popular fampai. Its still an experiment in many ways. Still beats fiat and still hasn't collapsed.

More buyers than sellers. Bitcoin will be used until something better comes a long or governments ban it.

>>2969812

This is one reason I laugh when people call it a ponzi. If it were a ponzi you'd see your naive friends and family out on the streets with brochures and paperwork trying to recruit you into it Amway style.

Actually trying to BUY Bitcoin is still a convoluted experience, you have to sign up with an exchange, verify yourself, then you can buy. Sure there is localbitcoins but alot of people don't trust just meeting some dude in the parking lot with a laptop to do business.

IMO to do all the work to try and get into crypto right now signals a real desire to buy this asset which shows its value right there.

>>2969779
I don't know what shithole you live in but here I can buy gold directly with BTC.
http://www.goldbuyersmelbourne.com.au/sell-gold-bullion.php

>>2969718

When the argument against crypto is that internet might disappear, without even realizing that all corporations, banks, wall street, goverment etc would also be completely fucked there's no doubt that you're either a troll or legitimately retarded.

Why don't you go to wall street and tell them to stop investing in stocks because if the internet disappears they're fucked?

>>2969960

Hell stocks were rocky when the airlines were down for days after 9/11, can't imagine how they'd react to the worldwide internet being down.

>>2969671
>Bad news mate, I'm an electrician...

Bad news mate, anyone that can look up conductivity of metals can see that it's silver then copper then gold. Aluminium is a distant 4th.

When graphene is plentiful and cheap, it will replace all wiring. It is an order of magnitude better than silver in conductivity.

The true value in gold or silver is the fact that we have been using it for trade for thousands of years. It's tangible unlike stocks/bonds/futures/crypto. Not to mention jewelry.

>>2969500
this.

also read Taleb's Black Swan

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MEME MAGIC

>>2969253
one hundred billion trillion* per satoshi

* - Zimbabwe currency

>>2969253
drug dealers

>>2969269
legit retardation here.

pure demand supports the value of BTC. as long as people let you trade BTC for other things (whether it's fiat/items/...) it will have value just like fiat itself.

fiat has value because you can trade it for things you want like PC, car, house, food.

Can't believe all these idiots can't understand the very basics of how money works.

>>2969665
>nocoiners have become exceedingly desperate ever since BTC hit 3100

>Using cryptocurrency at NSA/CIA era

>>2969253
>What supports the value of bitcoin?
mathematics

>>2969253

>What supports the value of bitcoin?
It is hard to obtain and people want it.

>Why do people want it?
Because it's the best form of money ever invented.

>Why is it the best form of money ever invented?
Because it excels in every single one of the traits that good money should have.
http://www.dugcampbell.com/wp-content/uploads/2014/12/Traits-of-Money.png

>>2969390
Yes no-coiners. Keep coping while BitCoin keeps mooning. The cope is real.

>>2971492
Digital Currency Group decides the value of Bitcoin

Transactions

Fast transactions and low fees, everyone claiming otherwise is stupid or scamming you

I am a coiner, but goddamn bitcoin has to be the single most inefficient system on the planet. each mined transaction uses an average american house's daily power. By 2020 bitcoin alone might use the same amount of power as Denmark. How is this sustainable?