/biz/ - Business & Finance

>>58530139
Calm down nigger it's literally proof of work

>>58530139
I laugh at the silly face bitcoin is making and continue not trusting monopoly money

>>58530151
Flaunting "backed by the government" as a positive point is fucking retarded

>>58530155
Checked and correct

>>58530139
hmm... I wonder why the world would prefer something that's not beholden to any government and can't be confiscated over a rapidly declining form of paper money that's being artificially propped up by a failing empire that half the world already hates and can't wait to see the end of

>>58530139
I kinda want to push these memes just to keep normies in the dark so I can keep accumulating before they realize what's happening.

>>58530139
this is one of the most ignorant and retarded arguments.
the worst thing that you can do to a currency is have it backed by something.

paper money was "backed by" gold. what happened next? money printer goes brrrr.
before that, treasury notes were "backed by" gold. what happened then? money printer went brrr?

if bitcoin was backed by something, what guarantees that that connection and backing will not be broken and exploited?

What the fuck is “intrinsic” value?

>>58530177
It shiny
Me like shiny

>>58530139
>chud
Please don't try to normalise it. You're only embarrassing yourself.

I believe its time it joined the unspeakable list.

>>58530174
No, when the usd was backed by gold, they couldn't print shit without getting more gold and gold didn't flow in like hot cakes. Money printer didn't go brrr until they left the gold standard in 1971.

>>58530139
>bitcoin backed by world governments crumbling down with less and less intrinsic value in the newly printed out bills
ftfy

>>58530206
>they couldn't print shit without getting more gold
but my brother in christ, that's exactly what they did.

>>58530139
>how do you respond to this without exposing yourself as a seething bitchud?

I know that they are eternally poor leftist luddite faggots without a clue or a pot to piss in who will never get it and will live out the rest of their miserable meager lives in increasingly degrading and painful levels of poverty.

>>58530139
only like 10% of gold's price comes from intrinsic value

>>58530139
>fiat
Good for daily transactions but bad for transmitting value into the future due to irresponsible government spending
>gold and silver
Hard to say it's good for anything due to paper contract manipulation
>bitcoin
Bad for daily transactions due to not being a legal tender in most jurisdictions. Still in a speculation phase but on the small sample size it does perform well at transmitting time and value into the future when held longer than 5 years. Can be audited and held in self custody.

>>58530139
bitcoin is backed by destiny itself.
money evolving into a purely digital block hain ledger has been theorized for decades before the invention of bitcoin. bitcoin was born because it had to. it's the next step in the evolution of money.

>>58530139
Intristic value doesn't exist.

bitcoin is still too volatile. unless that problem is solved, its gonna burst any day now.

>>58530363
it's volatile because you're comparing it to usd, which is actually the volatile asset

>>58530139
The notion that gold is backed by its intrinsic value is laughable.
If it was judged purely on its utility, it would be seen as a metal that's useful for some industrial applications and manufacturing, as well as making things shiny and yellow. It would be sold for a fraction of its current market value.
It's valued this high because people treat it as a safe haven despite its volatility, as well as a store of value, regardless of its physical properties and real-world usages.
So anyway, Bitcoin is backed by.. by.. dammit I forgot where I was going with this.

>>58530170
cool it with the antisemitic remarks

>>58530363
>too volatile
You must be new

>>58530139
>backed by the government

these people cannot be serious

>fiat, backed by:

>>58530139
>Intrinsic Value

>>58530139
>backed by government
>backed by "intrinsic value"
i dont want to respond
my future depends on these retards still existing and not yet realizing their hate is irrational
their opinions come from other people telling them what their opinion is
some day this hivemind will change and theyll all pretend theyve always loved crypto
theyll be smug about it, too. but we'll know

Btc is backed by nothing but hype and that's the truth. Once the hype is gone, btc is going back to 5k

>>58530139
this subreddit makes no sense, sure some people dont understand crypto, but there is so much irrational seethe and hatred. Is it just nocoiner sunk cost fallacy?

>>58530139
that retarded face is the perfect representation of Bitcoin and crypto in general, it's a joke.

>>58530206
False. '71 happened precisely because they were debasing faster than gold was being mined. If the unit is not fixed, trustless, and transparent then those in control of the unit WILL debase for personal benefit.

>>58530363
Dull little statist slavemind. BTC's volatility is an artifact of immature capitalization, it is to be enjoyed while it lasts, not to be "fixed"

>>58530177
It means backed by nothing but they needed a different term because funny face goes on the right Bitcoin bad

>>58530139
realistically, value is subjective
practically, fiatcucks are mentally ill and cucked and they opinion cannot matter

>>58530177
People intrinsically like shiny things

>>58530139
most of the posters on r/buttcoin are bitcoin maxis spreading fud for a laugh

>>58530368
every other asset is also compared to usd genius

>>58530610
It's backed by drug doers and internet hitman. Oh yeah and cp.
Just like ancap Jesus intended

>>58530174
The only thing a currency needs to be backed by is the trust people have in it. From WHERE that "trust" comes from isn't relevant.
The real question is:
>would you accept payment for (thing) in dollars, gold or bitcoin?

Honestly bitcoin is doing pretty good nowadays. If someone offered the OP from that sub 15 bitcoins for their apartment, you bet your ass their going to take it.

>>58530139
>backed by the government
How are people this retar- oh it's a reddit screenshot

>>58530139
It's a really low IQ meme. Gold doesn't have "intrinsic value" it's just a commodity that is agreed upon as a store of value for historical reasons. Bitcoin likewise is a commodity except it has more value than gold since it serves the same purpose but better. Fiat isn't backed by anything, nor is it a positive thing that a currency is backed by a government, it just means it will be manipulated.

Someone post a sọy jak please