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/biz/ - Business & Finance

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14179508 No.14179508 [Reply] [Original]

Bitcoin doesn't drive its value from any backing with a physical asset, but solely from the fact that users agree on its value. This, by definition, makes it a fiat currency.

Prove me wrong.

>> No.14179520

>>14179508
What do her feet smell like?

>> No.14179523

It's decentralized and non inflationary therefor it is not.

>> No.14179525

which government issues bitcoin?

>> No.14179541

>>14179508
Can you give an example of something that doesn't fit that definition?

For instance how is water, gold, fb stock, houses valued?

>> No.14179545

>>14179520
Fuck her feet the toilet on the bitch must be rank

>> No.14179551

If all users agreed on it's value relative to fiat, there would be no trading going on.

Because trading can occur only between users who disagree on it's price.

User 1: this Bitcoin will be worth more than 9200 therefore I'm buying
User 2: this Bitcoin will be less than 9200 therefore I'm selling to user 1

>> No.14179565

>>14179523
>>14179525
Neither of those are requirements. Fiat is simply the opposite of representatieve or commodity money

>> No.14179588

>>14179541
Facebook stock is backed by partial ownership of the Facebook corporation with the corresponding rights to part of the corporation's earnings. This is called the fundamental value of a stock.

>> No.14179600

>>14179508
i think she was robbed of her academy award when they cut the rape scene from sicario 2

>> No.14179625

she is 17, 18 soon tho

>> No.14179654

>>14179588
>post textbook example of "users agreeing on the value"

The downsides of installing the internet in the hood are highlighted by this thread.

>> No.14179674

>>14179600
where does one watch the said scene

>> No.14179683

>>14179588
Btc is based on the mining and network cost.
glad we could explain it
. Welcome to 2013.

>> No.14179715

>>14179674
they burned it. it was a spic cartel gang rape in the desert and allegedly made del toro and brolin cry. truly a waste of great talent.

>> No.14179722

nah dude it totally is. buy more stocks.

>> No.14179766

>>14179508
Its backed by computational work. The blockchain has inherent value, boomer. You know what happened the last time a currency backed by work took a major hold? I will give you a hint: they went from the worst inflation and economic depression you could imagine, to nearly conquering Europe in like a decade.

>> No.14180244

>>14179654
It's literally expected future earnings, retard.

>> No.14180266

>>14179508
bitcoin drives it value from it's hashrate
it's hashrate goes up, because it has value
it's a self supporting protocol made by a genius (NS)
it's real money because mathematical fractals are a part of our reality, they are literally tangible things that you can see with your fucking eyes
https://www.google.com/search?sa=X&q=nature+fractals&tbm=isch&source=univ&ved=2ahUKEwjI2oqHv-7iAhWWHbkGHUtOAcQQ7Al6BAgDEA0&cshid=1560704994596290

all integers in cryptocurrencies (most of them) create a fractal between it's mining operators and fullnode operators

>> No.14180297

>>14180266
So, how can I convert my bitcoin back to this 'hashrate'?

>> No.14180351
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14180351

>>14180297
Same way you convert your McChicken back to labor and the components

>> No.14180466

>>14179508
OP is not fag this time. Bitcoin has no intrinsic value itself or it's not backed by anything useful to which I could convert it. Basically FIAT but it's at least a bit better version of traditional FIAT since there's no single entity fully controlling it or its supply. Buy gold faggots.

>> No.14180517

Then Gold is fiat too because we all agree it has value

>> No.14180537

>>14179508
>Bitcoin doesn't drive its value from any backing with a physical asset

Nigg do you know how much electricity has been used

>> No.14180591

10 years+ in and brainlets still haven't bothered to understand the btc white paper.
They'll fomo into facebook coin I guess, and I'm ok with that.

>> No.14180739

>>14179683
I was always under the impression that was the cost of btc not the value. I could never make the logical connections for the cost of making it=to what it is valued, a single US penny costs more then it is valued, maybe that is what muddies the waters in my head?

>> No.14180818

>>14179715
If they burnt it, how do you know?

>> No.14181434

>>14179565
The price of physical assets is not derived from their molecular weight either.
By your definition almost every asset is fiat. Which is not inherently wrong.

>> No.14181456

>>14179588
> a little bit of stock = partial ownership
boomer detected

>> No.14181485

>>14180244
Which, the price of which, is negotiated between buyer and seller.

all value is subjective. There is no "muh intrinsic value". Its all via a process of users agreeing on value.

>> No.14181515

>>14181434
Exactly. Retarded 18 yo boomers literally think "I have a utility for this" means "everyone through all space and time values it the same"

>> No.14181529

>>14181485
So how does this make bitcoin not a fiat currency?

>> No.14181540
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14181540

>>14179508
Chickens don't drive their value from any backing with a physical asset, but solely from that users all love eggs. This, by definition, makes it a fiat currency.

Prove me wrong.

>> No.14181702

>>14181456
>knowing definitions of financial products make you a boomer in /biz/

>> No.14181718

>>14181540
You actually gave an example of nonfiat asset
Chickens are valued by their meat / or lifetime egg production minus the feeding cost.

>> No.14181782

>>14181529

Fiat doesnt mean "price is discovered by a market of buying and selling"

Fiat means "created by decree". Meaning person orders its arbitrary creation.

Bitcoin, like gold, corn, computers, etc requires actual effort, time, and financial investment to create.

>> No.14181817

>>14181702
You are deluded.
muh I'm co-owner of facebook
you do not have even a tiny bit of control over fb itself. It's a boomer ponzi.
You could actually argue, that by buying fb stock Zuck become the owner of YOU.
Fb overlords gain control over you by the means of your savings not vice versa.
If Zuck decide, he can dump or FUD before congress or start a new company and you end up on the street

>> No.14181823

>>14179508

There is a physical nature to the storage of the ledger, which holds the commodity asset itself. Nobody is forcing you to believe it has value.

You are not smart. Stop posting.

>> No.14181976

>>14179683
GO AWAY KARL!
Just because its expensive to maintain doesnt set the market value.
Spending millions on building a house doesnt mean you will always be able to sell it for said cost.

>> No.14182200

>>14181817
Yes that is LITERALLY what a stock is. Of course if you share ownership with a million other people the amount of direct control you have is small but you are literally a co-owner.

>> No.14182230

>>14179508

> This, by definition, makes it a currency

I corrected it for you faggot, go learn the history of money instead of watching porn, ok?

>> No.14182315

>>14179508
its worthless
buy BSV