/biz/ - Business & Finance

>>49387635
everyday you faggots try and find a new way to polish up your digital vaporware turd ponzi pyramid scheme

truly pathetic

>>49387635
It's a spent energy receipt. It isn't backed by it

>>49387635
It can't be turned back to energy so it isn't "backed by energy"

>>49387635
Gold and silver are the only real money.
When it comes to currency, fiat is still better than crypto. I unironically trust the government more than I trust the tranny jewish devs behind every crypto project.

>>49387635
The labor theory of value is idiotic.

>>49387635
>>Backed by energy
It's not

>>49387730
Except it can.

>>49387740
How is gold and silver even money?

>>49387804
So can US dollar, dogecoin and every other shitcoin

>>49387822
Show me how you can turn BTC into the energy and processing power that were used to mine them.

>>49387975
Nope i dont think so.

>>49388000
I can exchange credit for gasoline. Therefore credit is backed by energy

>>49388044
Thats a non argument.

>>49387999
Thats not the desired outcome.

>>49388044
>I can exchange credit for chocolate cupcakes.
>Therefore credit is backed by chocolate cupcakes

iodiota

>>49387999
The coins satoshi mined could buy around 1k exahash today.

>>49387804
How do I turn my bitfucks into oil, sire

>>49388110
yes it is

>>49388227
I'll tell you if you tell me how to turn my lean hogs into wheat bushels.

>>49388278
no one is trying to argue that livestock is backed by wheat retard

>>49388227
>sir, i want to exchange 1 bitfuck for 1 oil drum

>>49388304
and no one is trying to argue that bitcoin isn't a commodity, or that the chicken came before the egg, or vice versa.

>>49387683
based.

>>49388336
>bitcoin is a commodity
what the fuck are you talking about
you've lost the plot, anon

>>49388419
>“Some, probably only a few, are like digital gold; they may not be securities"

>>49387635
LVT is fake and gay

I worked hard taking a massive soupy shit does that mean it has value?

>>49387683

first time I have agreed with an anime poster

>>49387635
>Backed by energy
>Price drops as energy costs go up

>>49387683
If BTC is a ponzi than so is the Nasdaq, all stocks, gold etc

>>49388481
This is such a cop out response. Pathetic really.

>>49388459
ddumb maxi, your shitcoin is going to zero
once gold has had the work put into it no more work needs to be done for it to maintain its value
bitcoin is an energy pit that loses all value assoon as the energy stops

>>49388554
Thank you, oh great arbiter of value from on high. In reality gold was flat when the money supply increased 40%.

>>49387635
so you're relying on the marxist labor theory of value huh
BTC is so done

>>49388584
Present us with one example of a miner selling his bitcoin at a loss. You can not.

Lmao this thread is IDF bullshit

>>49388554
>the chicken came first! No the egg did!!! No the chicken did!!

>>49387635
Literally backed by all sorts precious metals

>>49387683
>>49388731

>>49387635
I guess fiat is backed by energy and labor as well since it takes energy to print/issue it and labor to physically distribute it.

>>49387635
What's the price for 1 btc, when the dollar is inflationating?

How can the btc be a own currency, when its price is directly influenced by a fiat?

>>49387635
why are cryptards so retarded?

backed by energy? no
store of energy? no
operated with energy? yes
the result of energy? yes

bitcoin has less intrinsic value than a refrigerator

>>49387635
Bitcoin is unbacked, retard.

>>49388816
Paul Krugman is that you?

>>49388816
>it will be clear by 2032 that bitcoin will have had no greater impact then the refridgerator.

>>49388816
true
>>49388856
true
Bitcoin is unbacked because it is made to back the financial world.

>>49388901
it's not backed by energy, any more than a currency is backed by energy. the usd is actually backed by energy much more than bitcoin, since the u.s. military secures international oil.

it's not a store of energy, since i can't take a bitcoin that was mined and extract the same amount of energy used to produce it. oil is a store of energy.

>>49388727
If the energy can't be poured into mining then bitccoin will be worthless
It cannot function without obscene amounts of energy being wasted on it solving useless problems

>>49389032
How can fiat be real if our eyes arent real?

>>49387999
BTC is up 4x since my buy, I could easily cash out and buy four times as much energy/gas etc

>btc mined through energy
>miners expect profit equal to their energy investment from running the network
>btc finds equilibrium at the energy used to run the network
>halving increases the amount of energy needed, thus increasing scarcity of newly produced btc at a higher rate than btc inflation, thus increasing prices
>btc has utility (you can, even if you argue at the most retarded fud level, change an entry of its database only when you own it)
i never understood why people claim this is negative sum. you can claim it is overpriced as fuck, but pretending theres no massive network effect either is retarded

>>49388984
you are thinking of XRP my dude

>>49389052
Again im not getting into this chicken vs the egg debate with you.

>>49389111
btc provides nothing that can't also be provided by a more energy efficient solution

>>49389141
monetary transfers are not a monopoly, cash is still a thing despite being inconvenient as fuck. utility is not a monopoly, having a solution that vastly is superior to another doesnt make the other solution zero utility

>>49388901
>>49388971
Holy fuck shut up already you double posting fag

>>49389086
>16 replies from a newfag btc maxi regurgitating one liners he's heard on twatter and deflecting valid arguments
god i hope bear market cleanses with board again

>>49389172
I suppose
BTC is just so slow and expensive
I don't understand the appeal

>>49388584
There is a marxist LTV, there are also capitalist LTVs following Smith and Ricardo

>>49389141
>the only incentive a power company has to build more generation capacity is there is more load for it. If you dont have more load, you wont have more renewable energies.
It's a virtuous cycle.

>>49389141
Is there something like it? I know Bitcoin Green was a thing.

>>49389370
the only thing btc does better than xrp is initial distribution

>>49389418
xrp isn't a store of value, it's more of a transaction cost token

>>49389543
A store of value dictated by the cost/reward of mining?
That seems reasonable
What happens if the cost of energy drops to zero?

>>49388971
Ahem…
https://www.statista.com/forecasts/1124231/refrigerator-market-size-worldwide

>>49389606
By god... all these years ive been stackin sats when i should have been stacking refrigerators. I'll never recover from this.

>>49387683
>>49388193
kek mexican weeb

>>49389672
Same. I’ve been going long on refrigerators and I’m thinking of getting into freezers next.

>>49389587
>What happens if the cost of energy drops to zero?
You may wanna think that one through again, buddy.

>>49389587
the value drops to zero, however value and price don't have a perfect mapping.

>>49389098
wow, i guess gamestop is/was also a store of energy

if bitcoin was a store of energy, why did the price crash 50% when oil prices shot up? why can't i take advantage of elevated energy prices when i go to sell my "store of energy"?

>>49389710
only a matter of time until the nazi's UFO tech becomes standard

BITCOINU BSC IS LIVE, BIG CALLS INCOMING! DONT BE LATE FAGGOTS!

tg bitcoinubsc
0x dd87022c1c1206fc0951051e424dbb527b953120

>>49389098
I got x2 for my btc since i bought last year. It's currently staked on freeway for decent apy. I expect $100k next year. I'm gonna continue to stake and waiting for their fiat on/off ramps. People tend to argue the bitcoin tech here. I don't wanna read them all. I just want a good cash.

gold can be considered as being backed by labor/investment put into mining it only because gold has real world uses - so fuel/labor spent to mine gold is fuel/labor that doesn't have to be spent when gold is used in the end. doesn't matter if it was mined 2000 years ago or yesterday
bitcoin would be backed by energy only if you could use bitcoin for anything other than trading it. in the end, noone needs bitcoin.

>>49389098
Btcoin is a waste of time. Recommend me good coins pls. New or not

>>49387635
If I did a hole and then fill it in, I've expended energy. What product have I produced?

>>49387635
Backed by spent energy.

>>49387635
it's a silicon driver

>>49387683
>>49388353
>>49388483
this is a crypto board
>>>/g/

>>49387635
Creation of new bitcoin is requires energy, but there's no way to redeem it.
It's not "backed" by anything because there's no redemption mechanism.
The value of BTC is driven primarily by demand, i.e. speculators and new entrants into the market.
If demand for BTC tapers off, the hashrate requirements adjust and taper off, reducing the amount of "energy" it's "backed" by.

>>B-b-b-but you can't redeem cash for PMs anymore so it's the same thing
If you don't use the USD to pay your taxes a guy with a gun comes to confiscate your property and throw you in a cell for 5+ years.
Welcome to the power of the state kiddo. AnCaps seething.

>>49387635
There is a difference if you turn on an electric stove in a house in winter or let it heat the air outside in summer.
The necessity to use energy to do something does not result in value by default.
The hot air produced only has value if there is an actual usage case for it.

When it comes to fiat currency we run into a somewhat different scenario of being backed by "energy"(oil) or supported by force. e.g. having to pay taxes in Euro or be jailed or getting bombed the shit out if not using dollar to pay for oil.

Backed by something in the realm of currency usually refers to the guarantee of being able to convert it into something, this is the case with the dollar and oil, as long as the petrodollar works. The traditional backing by gold is no longer used, and attempt to restart the practice (by ghaddifi, gold dinar) were met with military response.

Bitcoin is neither supported by guns or backed by energy, it simply needs energy to be created.

>>49389340
virtual cycle?

>>49388227
didnt india just use asscoin to buy oil from russia

>>49391961
Glad that i bumped into your comment anon for i can gossip to buy EQ as i have been researching the Equilibrium and has met my criteria of investment.

>>49387635
>backed by energy
you're retarded. you can't redeem bitcoin for energy, you can only exchange it for energy.
>>49388060
see, if this argument doesn't apply to USD or any other coin, how does it apply to bitcoin? you're actually offensively retarded.

>>49393031
Oh dear

>>49387635
ok listen fag, it doesn't need to be "backed" by anything as it can't be diluted (printed) so there's litterally not point in backing it with anything. That's like a bandaid on a wooden leg. The whole point of "backing" is to put limits on money printing. Which in Bitcoin is not a thing as it is limited to 21 million by a hardcap.

>>49387683
Do us a favor and go away.

>>49387999
Well i mean you could sell it to pay your power bill but that's besides the point. BTC doesnt need backing as it's hardcaped.

>>49388278
Sell hogs buy wheat

>>49387635
Because the labor theory of value is commie garbage and false.

Fuck bitcoin
Hoard rsgp or any other mmo currency