/biz/ - Business & Finance

>>12313402
Supply only matters where there is actual demand. There is no actual commercial demand for gold, 90% of it is being hoarded by people who expect it to go up. Lets not even get into the paper gold scam.
Supply is meaningless when the whole "market" is a big ponzi.

>>12313402
>what is a hashrate
>what is brass, vermeil, pinchbeck, etc.

>>12313450
>no actual commercial demand for gold
>what are computers and smartphones
holy brainlet

>>12313402
I don't know if this is a BTC/BCH bait thread but the consensus BTC chain will always be the BTC chain that "stores" value. You can fork the protocol as many times as you want but if nobody cares about the chain you just created then it probably doesn't have any value.
>>12313450
Speculation is a form of demand. As long as people are speculating then they are buying at some price. People like gold because it's a nice metal to work in some industrial applications, looks nice, and is well-tolerated for jewellery. People like bitcoin because it's a (kinda) decentralized uncensorable public ledger. They both have inherent value and even though those inherent values are completely different, they will always be speculated on because that inherent value will never just go away.

>>12313402
>but can we not just replicate the BTC protocol and just name it something else and have it fulfill the same purpose
sure, and nobody on earth will give two fucks about your copy-pasted "bitcoin-reddit-dumbfuck-coin".
>thank you for visiting advertiser-friendly 4-channel

>>12313402

>why buy gold if you can buy fool's gold
>why hold dollars if you can hold counterfeit dollars
>why buy Bitcoin if you can buy copy/paste Bitcoin

Because it's not the real thing.

>>12313402
Does the existence of Monopoly money devalue the USD? Why would the existence of abject shitcoins devalue bitcoin? Any idiots that fall for the altcoin meme lose all their money when they correct 95% and get washed out of the space like the crayon-eating retards they are. It's a very Darwinian system

>>12313515
Thank you for the only real answer so far

>>12313548
You have completely failed to say anything of substance. In what world is monopoly money an exact copy of USD? Let me guess, you sold something important to you for 50 monopoly dollars because the guy at the gas station said they were real dollars

>>12313505
I mean, you could actually research this topic you have such strong opinions on. But you do you.
>>12313515
I would not consider speculators legitimate demand, their worthless weak hands provide almost zero price support. Gold's industrial demand is only a fraction of its traded volume. I think Bitcoin is a fantastically useful product, but it will take years before actual commercial usage catches up to speculation. Maybe that won't ever happen.

>>12313402
im loving this thread, thanks guise

>>12313609
Bitcoin doesn't need commercial usage as long as it has speculators. Is it legitimate demand? I don't know. People "want" anything if they think the price is right once it's been established to have some historical value. Speculation isn't the best for price stability, obviously that kind of comes with the territory, but gold swings around a lot too considering it's been speculated on for what, tens of thousands of years? It's going to take a while with bitcoin.

>>12313597
the monopoly money is to the usd as a shitcoin fork with no development or value/ application is to btc

Once the price is high enough, say $1,000,000 per coin, little fluctuations won't matter at all.

>>12313648
whatever you say niger

>>12313402
>BTC will go to 0
It won't go to 0.
One day, crypto exchanges will stop trading and their owners will go AWOL.

>>12313597
>In what world is monopoly money an exact copy of USD?
in what world is a bitcoin clone an exact copy of BTC?
you can't clone the hashrate you penis
BCH has 3 to 5% the hashrate of BTC, and imagine that, the price is also about 4% BTC's price

Look up Network effect even amway salesmen understand that concept

When we can buy stuff with our btc wallets with a card, like a debit card
It'll be yuge

>>12313402

Bitcoin is useless so eventually one of its copy cats will win by default. Pretty funny.

>>12313402

HASHRATE??? PRICE = SECURITY; A CLONE IS EASILY ATTACKABLE; THEREFORE NOT A GOOD STORE OF VALUE; ARE YOU REALLY THAT RETARDED?

Crypto with fixed and marginal inflational emission (1-2%) would be good

>>12313515
>>12313526

Q1YJewts

IVLNiger

HOW??

>>12313402
>As I understand, there is a finite amount of gold on this earth, and with current technology we cannot create gold outside of scam chink science.
1. scam chink science doesn't make real gold
2. what is transmutation
already stopped reading right there because of this

XRP makes much more sense as a global store of value and worldwide currency.

>>12315740
Why?

>>12313402
>name it something else
The power of names is wizardry 101. The ritual that forged the name Bitcoin took years and literal human sacrifice.

when you understand how Maker works, you understand how an asset can become a stable store of value and then later transition into becoming an actual currency through piggybacking off being a reserve asset backing fiat issuance.

>>12315740
>store of value
NOPE - look at the distribution

the reason alts go to zero is the reason why btc doesn't.

>>12315740
xrp is just a much more centralized much less useful dollar. if you want to use xrp, you'd be better off with a normal online bank.

>>12313402
Ah, so you’re finally starting to realize that the only TRUE value is your ability to create something useful with your body, and that currency is just empty symbolism if it’s not backed up by your own capital (brain, hands, property, etc)

>>12313402
>there is a finite amount of gold on this earth
yes and no there is infinite amount in the universe and there is a fuckton on earth we barely scratched the surface so to speak. but that doesn't mean mining it can't get more and more expensive as time goes by. the amount of gold on planet earth could cover the entire surface 2-3 feet high.

>>12313402
>So how can BTC achieve become the replacement store of value that gold currently is?
easily it's unconscionable, easily transacted and readily divisible. what will you do scrape off some of your gold coin at the coffee shop with a little rasp?

>>12313597
Monopoly money is to the USD as all other shitcoins are to Bitcoin. The sooner you realize this, the sooner you'll stop losing money chasing literal pump and dumps

>>12313402
>BTC will go to 0
You seem to lack a fundamental understanding of supply and demand.

>>12317246
wasn't demand for BTC only created because of the black market?

>>12313402
>There is a finite amount of BTC
It's just a matter of time for scientists to discover a way to turn sand into gold.

>>12313402
How stupid can you really fucking be.
Hold btc in separate wallet
Oh, fiat funds are low, transfer some btc to debit at current market price.
Card currently has x amount of dollars now and I can use it like any other plastic card.
Congrats op, you are a literal moron.

>>12317690
So?
>>12317768
I don't think you understood his question. At all.

>>12313402
Gold is only stable because a small group (governments) hold the vast majority of it, and it's in their best interests to keep the price stable. BTC is owned by people who want volatility for a chance at big swing trading. You better believe gold will be volatile as shit if the world economy fails and the big hands let go of the price.

>>12317839
>So?
Does it have use anywhere else?

>>12318156
Does it need to?

>>12318438

>>12318574
>I don't understand what he's getting at so I'll post this NPC meme and hope he goes away.
I'm >>12313515 on a different connection, just for reference. Maybe that will help you out. Probably not though.

>>12319081
Yeah, I still don't get what you are going for.

>>12319168
The point is now that bitcoin is a vehicle for speculation it doesn't really matter what it was originally used for. It's got the eye of speculators so it will pretty much always be in demand somewhere.

>>12319287
>always be in demand somewhere
They must've said the same thing about Braniff.

>>12319332
>A Corporation is a store of value
Try again.

>>12319346
>implying bitcon is a store of value
Huh?

>store of value
what are cash flows? begone boomer econ and finance!!

>>12319346
some would say that earnings and eventually dividends give stock value
But those people are evil!!one

>>12319365
>implying it isn't
Are people speculating on it or not?
>>12319403
A corporation is like a living, breathing entity that needs to adapt and change with its surroundings and failing that, becomes obsolete. A bar of solid gold left in a safe will look the same today as it will in 500 years or 5000 years. It will still just be a bar of gold. Same thing with 1 BTC being equal to 1 BTC. These are stores of value. A corporation is not a store of value.

>>12313402
Unironically with the help of some other cryptos. If some world crushing utility can emerge that forces people into (((our))) system then the bitcoin stands some chance of being used as the commonly accepted wealth dump. Merely trying to force the digital gold meme alone from here probably isn't going to work after what we just did to the normies / late adopters.

>>12319465
>Are people speculating on it or not?
Do people speculate on stocks?
If that's your whole argument, then you have been misinformed.

>>12313402
Because forks are not bitcoin. Forks are different networks composed of different machines running the protocol. There are only a finite number of computers on earth, so even if there are more forks, there will still be scarce computational power.

It's all about percentages. If one fork has the highest percentage of computational power, then it is deemed to be the real network. So while you can create unlimited forks, you can't back your forks with unlimited computational power.

>>12319487
You just avoided my question. Stocks derive their value from something else so the fact that they are speculated on is not the same thing as gold or Bitcoin. You're theory that bitcoin isn't a store of value is misguided. People are buying and selling it as we speak with zero expectation that it will "do" anything other than appreciate, the same way people buy gold and silver.

>>12319631
>People are buying and selling it as we speak with zero expectation that it will "do" anything other than appreciate
The same way people buy stocks.

>>12319650
A stock is not a store of value.

>>12319715
Like bitcoin is not a store of value.

>>12319775
Bitcoin doesn't depend on anything other than being able to trade it for something else. Stocks are a representation of ownership in a public company, a company which can go belly up for one reason or another. They are not the same thing.

>>12319809
>They are not the same thing
Keep telling yourself that.

>>12319899
>Bitcoin can go out of business
:^)

Guess we're done here.

>increasing the supply of X increases the supply of Y
the absolute IQ of nocoiners

>>12313532
>why buy gold
precious metal, nice aesthetic, physical representation of wealth (jewelry etc)
>why hold dollars
global currency which is accepted anywhere
>why buy Bitcoin
not sure

>>12313402
why not just use copper instead of gold and agree on it 'fulfilling the same purpose'?
or artificially create a material that's better than gold for the intent and purpose of being a store of wealth? this is easy to do.

>>12313402
BTC will crash to $1K this year, and go to $2K, where it will hover, and slowly rise to whatever, and stay there, becoming a global unit of money after the halving.

>>12320646
>and agree on it
You first.

>>12320699
same for btc

>>12313402
Are you people fucking black or stupid? Gold has been demonetized and we went off a gold standard decades ago. Bitcoin "replacing" gold isn't even a thing! Because gold doest back currencies anymore.

It's like saying how can we replace condoms so we won't get STD's when fucking virgins.

Gold value is that its REAL savings and REAL money. All the price of gold represents is how unstable, volatile, and lack of store of value the dollar is.

The problem isn't with gold it's with the fucking dollar, unironically because it isn't backed by gold anymore.

>>12313402

You idiots asking when wlll btc replace gold are morons. There's nothing to replace.

If btc becomes some world reserve currency that isn't going to make my gold any less valuable you fucking morons.

If you thought btc could replace gold then gold would have to back the dollar to begin with. You fucking morons

>>12319631
>implying a ponzi is a store of value
Number one market cap is the only value Shitcoin has, and when, not if, it loses that, no one will care about it in the slightest.

>>12320791
Bitcoin is the better Gold.

>>12320758
How about you give me all of your money and I give you nothing? How does that sound?
>>12320827
Bitcoin isn't my favorite crypto but it is what it is. The technical merits of altcoins hasn't seemed to matter much.