/biz/ - Business & Finance

Intrinsically Valuable and what not

No, USD is

If you still think Bitcoin is a ponzi scheme after all these years and widespread information and research available to you, I am sorry but your IQ is probably under 100.

>>28691182
YESSSSS DADDDYYYYYYYYYYYYY

>>28691182
No, and despite how many times you ask it will not change the fact that it literally is not a ponzi by definition.

>>28691182
yeah, what kind of crazy person would buy this?
it will never reach 100$

not even close to being biggest ponzi.

It cannot be a ponzi by definition, because it is decentralized.

>>28691284
spbp

GRT

Life itself is a ponzi. Use this knowledge to your gain.

>>28691182
it's the complete opposite of a ponzi scheme if you think about it.

I WENT ALL IN WITH MY LIFE SAVINGS AT 49.5K AND NOW ITS DROPPING WTF I THOUGHT PEOPLE WILL BUY LIKE CRAZY AFTER TESLA BOUGHT SO MUCH OF IT IT SHOULD BE 100K BY THE END OF THE WEEK AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

>>28691182
KEK
You had 7 years

>>28691182
>what gives Bitcoin value?
>it’s a store of value

>it’s digital gold
>but gold is also bad

>what makes Fiat bad?
>it’s only valued if people believe in it

>so why is Bitcoin valuable?
>because people believe in it

>>28691182
Yup, total ponzi. Dont buy any anon.

>>28691485
>Buying ATH
retardo

>>28691485
it will be extremely hard for the price to go up from now on, always remeber that 900 bitcoins are dumped by miners every day, which means 45 millions of cash has to come into the market every day for the price to hold AT THE VERY LEAST.

>>28691631
Send 100,000 in gold to someone across the sea in 10 minutes or less

>>28691182
Maybe, it's too slow to be used as a currency. But it's still less of a ponzi than fiat money.

>>28691718
Send that in BTC
>no I’m hodling it
>also I don’t believe in fiat but I measure my gains in fiat

Ok then so it’s not a currency

>>28691528
You had longer than that to get into GME at sub $4

Price pump =/= value

I congratulate you for getting rich off BTC but that doesn’t automatically make it good for someone to buy now

>>28691182
USD is a ponzi, BTC is the reald deal buddy. This isnt a meme, one is backed by something and the other is backed by the US governments global dominance.

everyone even in 2010 was calling honey pot and i still believe it

>peter theils dad "wrote" a book on the scape goat technique
>peter ran paypal with elon
>mt gox and coin base with heavy investments in binance
>plantier
>5 eyes
>US shuts down the program to collect data on their citizens because the whole worlds ready to just give it to jews for free
>cuckerburg gets to be the face of facebook winklevosses get two percent of circulating bitcoin supply

the cia now owns you and you live in deus ex

>>28691485
You better HODL like a motherfucker, because you're in for the ride of your life...

Bitcoin will drop like a rock once technologically illiterate people realize, that there is neither utility in Bitcoin, nor the possibility of quick convenient payments.

Top 3 in 2022:
ADA
DOT
GRT

Guaranteed Top 20 newcomer:
TRAC

Biggest loser:
BTC
ETH
XRP
LTC

just being realistic here

>>28691713
45 millions is nothing lol.
If 10 million people simply buy 4,5 dollars worth of bitcoin a day, that would already hit your target.
On average I buy 15 dollars a day or more. I am pretty certain that there are more people than just me, and with more cash than me to dump.

>>28692160
fucking this at the end of the day the tech just is not there and no one can fucking debate that

>>28691182
The BTC fud on /biz/ is something else lately.

>>28691284
who is buying usd hoping that it's value goes up
god fucking damn it you brain dead retard

>>28691182
short-term: yes
mid-term: no
long-term: kek

>>28691939
Thanx anon never selling tho

>>28692235
They're ngmi desu...

>>28691182
/SMG/-faggot here, yes. i have been waiting for it to drop to zero ever since I sold my 50 self mined bitcoins for 110 each laughing at the retard who bought it. i bought a fucking iphone 5s thinking yay free iphone

Nope, USDT TETHER is!

>>28692270
>t. Some autist who has no fucking idea how the US dollar works
NGMI

>>28691978
>>28691284
USD is backed by the government of one of the most powerful countries in the world.
BTC is backed by...a rich autist and a bunch of neckbeards.
I know which one I'd rather take my chances on.

Anyone who says so is either a nocoiner brainlet or a bitter bitch who sold their coins before they hit $1000

>>28692528
me too. the one that governments can't just abracadabra out of your account.

>>28691182
I’ve been pondering for a while now why /biz/raelis hate big daddy Bitcoin so much, and recently it finally clicked.

You fags can’t see the forest for the trees. You think that because bitcoin doesn’t have the bells and whistles of newer coins it’s pointless and going to zero. What you all fail to realise is that bitcoin doesn’t need the best tech, because it’s not solving a technical problem. It’s solving an economic problem.

It’s all good and well to talk about how some coins are faster, and how others are more versatile and so on and so forth, but that’s missing the point.

The problems the world is facing isn’t a result of inadequate technology, from a technological point of view the world was doing pretty well prior to the proliferation of cryptocurrency. The world is facing an economic problem.

The problem we have is that we have an ever expanding money supply on a planet with finite resources and a technologically advanced system that should be making everything cheaper. The problems of our world stem from inflation, not from the fact that we don’t have a digital currency that can do 3000tps or decentralised Proof-of-Stake network.

Bitcoin isn’t the perfect piece of software, but it is a perfect solution to world endlessly pursuing inflation when deflation is actually the state we should be in.

TL;DR Bitcoin perfectly solves the problem of the money printer going burrrr, and that’s the biggest problem in the world right now.

>>28693187
This guys GMI

>>28693187
Bitcoin was created to soak up inflation caused by the 2008 financial crisis. Yes, you are correct. It is solving an economic problem. However, it does so shittily compared to the competition. Also, “solving the inflation problem” is not exactly the most interesting or unique use case, because a number of cryptos could potentially do that.

>>28692528
do you know where you are?

>>28693187
>buy pizza
>that will be 1000 sats please
>next week
>buy pizza
>that will be 2000 sats please
>next week
>buy pizza
>that will be 500 sats please plus tip
Volatility alone makes bitcoin completely unviable as a store of wealth or as a currency for that matter.
Also there's no fucking way the average joe retard in the future is going to go around making purchases with something called a satoshi.

>>28691182
Fuck off tourist nocoiner. Go cope somewhere else.

>>28693187
well hello there newfriend! welcome to the club!

>>28693699
>Volatility alone makes bitcoin completely unviable as a store of wealth or as a currency for that matter.
but your examples are all about micropayments

also you can decrease volatility by partial hedge shorting. if you short with 90% of your hodl then bitcoin volatility is only 1/10th.

>>28693628
The number one most valuable thing to any cryptocurrency (or currency for that matter) is its network. Bitcoin has the biggest network (by a significant and increasing margin), as such it’s already won.

Even if other coins are better designed to solve the hard-money problem (which I doubt), they’re irrelevant. Bitcoin has solved the problem and nothing else is going to come along and replace that solution.

>>28693187
gmi

>>28694013
>Even if other coins are better designed to solve the hard-money problem (which I doubt), they’re irrelevant. Bitcoin has solved the problem and nothing else is going to come along and replace that solution.
Correct, and on top of that, new coins have a centralised supply and centralised development, so they can be useful for decentralised apps but definitely irrelevant as hard money

>>28691251
The intrinsic value is the computational power needed to verify transactions.
Most people can't grasp this basic fact.

>>28691182
idk if it is a ponzi it is a very long lasting one
you could buy at any point in time since its inception more than a decade ago and if you sold now you would have made profit

>>28692270
A lot of people labour 40+ hours a week to get hold of that asset, believe it or not

>>28693699
Bitcoin doesn’t need to be a transactional currency, the store of value thesis is enough.

As for price volatility that only matters if you have the time preference of a nigger. You don’t buy bitcoin to sell it the next week because there’s a slight price variation (which arguably has more to do with the fiat you’re measuring against), you buy it because it’s absolutely scarce and absolutely finite and thus as long as the network (ie. all the people who are hodling it) exists, it will go up in value in the long term.

Or don’t, stick with Cardano or whatever, I’m not your dad.

>>28691182
Have you seen FIAT currency
retard

>>28692528
How are you doing today, Dave? Better than you deserve?

>>28691182
>>28691182
https://0bin.net/paste/Wi0o8OfK#ZAQU0mIwhrNScEus5x8k6hDjwb04G1QPQ882u4SIX6q

>>28693187
Around 25% of states/empires that have entered hyperinflation have collapsed.

Around 75% of states/empires that have entered hyperdeflation have collapsed.

Bitcoin is hyperdeflationary

>>28692528
>BTC is backed by...a rich autist and a bunch of neckbeards
I'd trust my own before I trust a government who bombs their own citizens.

>>28691182
absolutely

>>28693699
are you retarded? do you even know how inflation/deflation works?
It would always be
>That will be 1000 sats please

ponzies dont self correct so no

>>28691182
Yes. Bitcoin is fundamentally flawed and some new type of pyramid scheme. It has no usecases besides speculation. It will never be mass adopted because of it´s flawed design. Therefore it is a scam, because a currency or store of value needs mass adoption to work.

>>28692160
ALGO will fuck ADA and DOT sideways. GRT is here to stay though. ETH will indeed hopefully be obsolete in 2022, it was alawys nothing but a steaming pile of spaghetti code shit. BTC, on the other hand, will not go away until the millenial generation has died out.

Chris Langan, one of the smartest men in the world, 200 IQ think Bitcoin is a type of scam. I discussed it with him over zoom. You can be a patreon and speak to him about it too

>Ponzi Scheme
>decentralized

>>28695479
yes, ponzi scheme is not the right word, but it is a type of scam you can argue. Type of pyramid scam, and the reason is the flawed design and lack of usecases, which means buying only comes from marketing hype and speculation

>>28695573
>what is SoV
>what is inflationary hedge against the USD shitcoin

>>28695639
An inflationary hedge doesn’t move up and down 10% in a day

>>28691182
Your mom's pussy was. The first one in had all the fun, thee rest got fucked. Nigger

>>28695068
Correlation =/= Causation

>>28695479
It’s pretty much a decentralised Ponzi scheme

>>28695573
I think the purpose of BTC is to hype normies into losing their life savings after the rugpull

28693699
>food analogy
Opinion discarded
All fields
Jannies next time I tell you to do your job I order you to say yes sir

>>28695726
Zoom out.
All it has to do is beat inflation to qualify as a hedge.
Plus it is deflationary by design, thereby making it an inherently appreciating asset.

>>28695916
This is the weakest argument ever.

>yes I was seen walking away from the murder scene covered in blood but correlation =/= causation :)

Total cop out, especially when there is a very detailed understanding in economics of exactly how hyperdeflation causes collapse.

>>28691284
This

>>28695948
>All it has to do is beat inflation to qualify as a hedge.

This is a bad definition of a hedge, since this would qualify all kinds of stocks as a hedge. A real hedge is something that will ALWAYS be valuable no matter what happens short of total destruction of the economy. That’s why it’s called a hedge, once you plant it not much can go wrong.

Steel ingots for example will literally never go to zero. BTC CAN go to zero because it is fiat.

>>28691182
unpopular opinion here:
quite possibly yes, not intentionally, but whales have turned it toxic. the potential for a handful of big guys to dump and leave millions holding bags is actually a lot higher than any of us want to admit. people look at the market cap and the progression and think this somehow limits risk. it's actually the opposite, the more top heavy any asset becomes the more likely a large holder sells, then the next holder sells and then it all crashes as normies dump out of fear.

i play crypto but never hold for too long, i honestly don't see it ending well and YES i do see it ending. BTC is actually the least sustainable of all the coins and will do the most damage on it's way down. tell me to fuck off, screencap, idgaf. the fact that no-one wants to admit this is the truth make it more probable. crypto WILL crash with the rest of the global markets soon, securities will eventually recover but coins never will.

>>28691631
Pickup your net worth in gold, go through an airport and leave your country. Lol

>>28696293
see >>28695948
>Plus it is deflationary by design, thereby making it an inherently appreciating asset.

>>28691182
pension schemes are the biggest ponzis of all time

>>28691182
It's a ponzi with no one in charge. Literally fools gold. No one uses Bitcoin for anything

At the end of the day, you can literally keep your bitcoin wallet in your brain. Checkmate FIAT.

>>28696386
... and this makes it a bad currency.

Except u dont take into account miners, we are creating new bitcoin

>>28696628
I never claimed it was a viable currency.
I said it had a use case as a store of value.

>>28691182
>Boomers inherit the greatest economy in history
>Houses dirt cheap
>Jobs paid way more than they do now
>Outsourced jobs overseas
>The skyrocketing costs of housing, college, and medical care are not due to a complex boomer ponzi scheme that tries to force you to buy the boomer’s bags
>Millennials buy BTC, Boomers get pissed
>Bitcoin is the ponzi because it allows you to circumvent the boomer ponzi scheme entirely so you don’t have to buy their overpriced bags and be a slave in the shitty serf-like economic hell that they molded

>>28692422
the cool thing about Tether is that when it ends, normies will think BTC is done forever and you'll get the last real actual buying "opportunity" for the rest of human history.

I personally hope it happens right at the top of this run and we take an 90% dump even though fake tethers probably account for something like 2.5% of the total ecosystem if that. There's probably more counterfeit fiat in circulation than unbacked Tethers, but the folks who just got into crypto this cycle are going to bug the fuck out on T-day.

>>28696024
Name a single case where deflation has lead to the collapse of an economy. Sure stagnation is possible, but anything close to hyperdeflation has only come from (and has only impacted) agriculture and manufacturing. Heavy deflation afaik has only been caused by change of payment mediums.
Debt is a fair issue tho. I wouldn't want to even touch a loan for a deflationary currency, which worries me more than hurr durr price go ~~~.
idk i'm drunk have a good morning.

>>28696954
https://www.degruyter.com/document/doi/10.1515/jah-2015-0006/html
Rome, 33 AD

>>28697079
Looks like 2008 AD to me.

>>28691182
Yes

>>28692528
*the most powerful government
Never forget

>>28691182
Not even close to the ponzi that is social security.

>>28691485
If you don’t have enough cash to weather the storm you are a tardface. Hodl and depending on your coinage you’ll be rich in 3 years

1. BITCOIN HAVE LIMITED QUANTITY, IN DIFFERENCE FROM TULIPS, DOLLARS AND
Ethereum
2. GOLD EXACTLY SAME A PYRAMID SCHEME AS A BITCOIN BUT ALREADY ABSORB ALL
IN

https://0bin.net/paste/Wi0o8OfK#ZAQU0mIwhrNScEus5x8k6hDjwb04G1QPQ882u4SIX6q

>>28691284
>but please Mr. Biden, s-send me my 2k so I can p-put all in a highly volatile currency
>w-what did you mean I lost my 2k?
>waaah Mr. Biden send more please
>O-only 1600? How is that fair to me??

>>28691324
you're too emotionally invested in this. Yes it is a ponzi, that doesn't mean you can't make gains from it though, before your poor ass calls me a nocoiner

>>28696378
my net worth is 1kg bar and i've unironically done this. put it in a pelican case in my backpack as carry on

>>28691182
All of human society is a ponzi