/biz/ - Business & Finance

Currency is worth what other people will pay for it in their currency. You could argue the same thing about Dollars.
All those little bits of paper you call money are - promissory notes that are worth jack all.

Agree with most of this. BTC is a solution looking for a problem.

>>288157
this is a bait thread but I'll bite

>It's dead at the moment.
citation needed
>It isn't going anywhere.
yes it's going to be around forever
>It isn't official.
Neither is the air we breathe
>It isn't regulated.
that's a good thing
>It isn't physical, it doesn't actually exist.
it's more physical than the ideas in your head
>It has no use except for buying drugs and shit on Tor.
this is what basement dwellers believe
>It's too expensive.
You're too poor
>If I steal 1 BTC from you, you can't do anything about it. It doesn't exist. It's like stealing a sword from you in World of Warcraft. The court would laugh in your face.
Stealing is bad
>It isn't treated like a currency.
not true
>It doesn't have a value, it's artificial.
potato

>>288157
>it doesn't actually exist
As opposed to these worthless pieces of cloth?

>>288171
>It isn't regulated
>that's a good thing
>it isn't treated like a currency
>not true

Cryptoshills actually believe this.

>>288174
>USD
>issued by one of, if not the, most powerful nations in the history of the planet
>accepted by that powerful nation as well as many other nations as payment for debts
>worthless

kek

>>288175
why do you need regulation in your life? regulation kills innovation and trade. get the fuck off my /biz/ you commie scum

>>288179
>USA
>going to last forever

pick one you deluded phaggot

>>288182
>regulation of currency kills innovation and trade
>actually helps prevent death and mass manipulation of said currency
BTC is severely vulnerable to market attacks.

>>288185
It'll last longer than BTC.

>>288187
>It'll last longer than BTC.
USD won't even last until the last block is mined.

>>288195
I always see this chart posted and it makes very little sense. How does a dollar have $25 purchasing power in 1900? Shouldn't it start off with having a purchasing power of $1 and inflation drive it down over time? I feel like whoever made this chart has very little grasp on economics.

>>288195
Sure, keep thinking that.

>mfw BTC being the currency would have destroyed the economy last year

>>288203
Right, yeah

>>288201
I'm afraid in that case it's you who's financially illiterate

>>288204

Yeah actually. Rapidly rising currency prices are a BAD thing.

>>288205
>you're wrong!
>no counter-argument
I guess you don't have much grasp on economics either.

>>288206
Who said Bitcoin was a currency in any scale?

Right now it's really a speculative commodity that happens to function like a payment processor. I fully support Bitcoin but it's not a traditional currency, which isn't a bad thing.

>>288206
No there not

>>288210
>who said BTC was a currency
Anon ID 02tN8qXw

I agree, it's a commodity.

>>288211
Trolling or just an idiot?

>>288212
I know more about currencies than you do. I made 400k off forex last year.

>>288208
its not my job to tell you how historical purchasing power is calculated you cabbage

>>288218
Because you have absolutely no clue. Nice try.

>>288216

So trolling. Got it.

>>288224
at least i know it's a thing

>>288227
You'r a retard. Come back after you read a forex book.

>>288237
>You'r a retard
>You'r
kek

>>288212
It's an asset. People don't buy buttcoins to use them they buy them thinking they will go up in value.

>>288234
At least you admit you have no clue. Here is the real chart of inflation over the last century. Notice that the purchasing power of $1 starts off as $1, not that retarded chart that shows $1 has $25 purchasing power in 1900. By the way every single currency is subject to inflation, not just USD.

So does anyone have any stories of them actually making actual money off of it? I keep seeing people saying invest in this coin and that coin but does anyone have any stories of decent earnings?

>>288260
uhm actually no.

>soon.

>>288255
at the top of your chart:

>In 2013, it would take $22.49 to buy the same amount as $1.00 bought in 1914

your chart shows the percentage "rate of inflation" each year not "value of dollar each year"

Bitcoin is now the worlds most powerful supercomputing network.

This network is self regulating, it doesn't need policy makers trying to impose rules which are ultimately futile, as more people mine the harder it becomes to earn the block reward.

The private keys to your bitcoin can be stored in multiple places on different media for maximum security and shouldn't be stored or trusted by anyone other than yourself.

Bitcoin has no sign up requirements, literally any computer literate person can acquire a wallet client free of charge and begin exchanging goods or services for bitcoin just as quickly.

There are many other reasons why bitcoin is superior to paper/fiat currency, the trouble even I admit is that there is a steep learning curve at this point in time which tells me it's the time to invest and watch the technology grow.

It's really hard to explain all the technical stuff in a short post, but I'll do my best to summarize.

Bitcoin is still a growing technology, with more and more businesses adopting it every day. Overstock and Tiger Direct accepting Bitcoin was a huge step, but beyond potential use as a currency, there is huge potential for the underlying technology of Bitcoin.

Major banks have already seen the benefits that a blockchain can provide to their own systems - a way of making instant transactions across the globe that confirm in mere minutes, and with total security - and have already attempted over a hundred times to patent a Bitcoin-like system.

So even if the price of a Bitcoin were to fall through the floor, the technology behind it is still very valuable to many people. There are some groups out there right now that are developing systems that piggy-back their own data along the Bitcoin blockchain, and others that are making their own blockchains with additional features that Bitcoin does not want to implement, such as total anonymity of transactions and the ability to "color" the "coins" so they can represent ownership of anything, from cars to houses and anything else.

Not many people saw the potential benefits of the early days of the internet. It wasn't very fast, good looking, or easy to use. Even email service was a complicated series of numbers that you had to send messages to. Hmm, that sounds kind of like a Bitcoin address today.

>>288260
There's a guy on /g/ who bought a Lamborghini with his Bitcoin earnings.

I myself have made around $1500 from altcoin mining.

It varies.

God damn you're all stupid people.
This whole market is unregulated and so are the profits.
Instead of profiting from this fact, you're arguing about some stupid shit.

>>288307
Right. My whole point is that if you start the chart in 1900, $1 had $1 purchasing power in 1900, then declined from there as it was subject to inflation. Comparative to a century ago, $1 has about $.044 spending power. That is why it is retarded to start a chart with $1 having $25 spending power.

People like to show this chart to somehow prove that the dollar is inflating out of control in relation to other currencies, but this is just not the case. The inflation rate of the dollar is actually below the median when you take other countries into consideration.
>pic related

Do any of you have good resources for inform myself about Bitcoin?
Not like I'm asking for doing any kind of homework, just kinda curious about the whole history and technical/economic impact behind it. Maybe some of you guys have some good reads there.

>>288350
bitcointalk

>>288346
stop posting before you embarrass yourself further

>>288363
>you're wrong!
>no counter-argument
Are you even trying anymore?

>>288234
>your chart said $22 at the top
>>288346
>then you said, "Comparative to a century ago, $1 has about $.044 spending power."

You couldn't even pass the first quiz in ECON101 with such blindness. Also, you always set the present day dollar to $1 purchasing power, which is a scaling convention they also teach in that class.

Sincerely,
a bitcoiner

>>288382
I don't know what classes you take but why the hell would you set present day to $1 if you are proving that your dollar is worth less than a dollar in purchasing power in comparison to a century ago? You need to go to some better schools.
>>In 2013, it would take $22.49 to buy the same amount as $1.00 bought in 1914
Which means that each dollar today is worth about $.044 compared to a dollar in 1914. Very very simple math.

>>288342
This guy gets it.

>>288395
>not realising there are IDs

>>288392
>why the hell would you set present day to $1


how many dollars is a dollar worth right now?

>>288416
Lol you're trolling me right?
>One dollar is worth one dollar today
>In 1914 one dollar is worth one dollar
>In comparison to a century ago, one dollar now is worth $.044 in terms of purchasing power
One dollar did not have $22 dollars worth of purchasing power in 1914, it had $1 worth of purchasing power. I don't know how else to break this down for you for you to understand this extremely simple concept.