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15896506 No.15896506 [Reply] [Original]

One main argument of bitcoin-fanboys is the scarcity of bitcoin, saying that makes it so valuable.

But that scarcity is made artificially, it's not real.

The scarcity of gold,silver,... is real.
The scarcity of bitcoin is NOT.
Why should people then give a damn about that?
Why should people change from one unbacked curreny we use today to another cryptocurrency which is not backed by any real ressource like gold, oil, corn or whatever.

Dollars, euros and cryptocurrencies are only backed by trust, nothing more.

>> No.15896537
File: 61 KB, 532x640, DgNvD0gVMAAf8Lv.jpg [View same] [iqdb] [saucenao] [google]
15896537

>> No.15896543

>>15896506
Many people don't know but the supply can be increased by a simple github commit.

>> No.15896555

Is this an 0xBTC shill thread?

>> No.15896568

>>15896506
There will be a day when fusion is cheap, and any heavy element can be made from lighter elements. Then what? Motherfucking gold everywhere.

>> No.15896572

>>15896506
Bitcoin is cryptographic proofs.

>> No.15896587

The scarcity of diamonds is not real. The de beers jews control the supply tightly. Yet they are still valuable

>> No.15896590

>>15896537
There is no counterargument in that picture against my "bitcoin scarcity is imaginary" -argument.

>> No.15896619

>>15896506
Because our evolution from a type 0 to type 1 civilisation requires the ideology of bitcoin

>> No.15896636

>>15896568
That day is so far away that it shouldn't be our concern. We are discussing real financiel issues here, not 500 years ahead imaginary/potential technologies.
So deliver a rational counterargument to my "bitcoin scarcity is imaginary" -argument.

>> No.15896663

>>15896619
This actually is an interesting point but elaborate more please.

>> No.15896696

>>15896572
And what is useful about cryptographic proofs?

Gold and silver is useful in electronics, it can be made into useful corrosive-resistant nice tableware.

What good are cryptographic proofs for?

>> No.15896718

>>15896696
Sending to each other trustlessly

>> No.15896719

>>15896696
A pseudonymous nation-agnostic fixed-supply censorship-resistant means of payment with low fees.

>> No.15896761

>>15896636
>>15896587
respond to this point about diamonds not having real scarcity

>> No.15896787

>>15896506
Scarcity is not what makes things valuable; There have been many people with scarcer signatures than John Lennon, yet his is very valuable whereas theirs are worthless.

Scarcity enhances the value of things for which there's a demand. But it doesn't create that demand, and the bitcoin-fanboys don't realise this.

>> No.15896822

>>15896787

And you don't seem to understand that the only reason that bitcoin has any value at all is because it's scarce.

>> No.15896865

>>15896822
The usage of 'scarce' ITT is vague and unclear. Do you mean it has a limited supply? In practice, most things do. Even theoretically regenerable things like lumber and grain. The monetary value of things does not come from 'scarcity' but from what people are willing to pay for it because of it's perceived utility (be it material, aesthetic, recreational, etc.).

>> No.15896867

>>15896506
>Bitcoin scarcity is made artificially, it's not real.
It is all a matter of perspective. Gold is scarce compared to other elements, but there is a huge load of it in the solar system, enough to make its price go to pennies. There is so much gold in the Universe that we could be searching for it (and finding it) till the end of times. Gold will be eternally inflationary, and there is a higher chance we create gold atoms with fusion than BTC increases the hardcap limit in the next decade.

Gold price is artificially inflated for historic reasons: silver should be higher compared to it as it is more scarce on the surface of the planet as of now.

>> No.15896895

>>15896761
Then just avoid diamonds, its also a niche product for super rich people, synthetic ones are used in the industry to process/mill steel.

Gold and silver for value conservation.

>> No.15896935

>>15896718
you mean sending bitcoin to eacht other without a third party. peer to peer ?

>> No.15896970

>>15896867
You oversee that the gold we buy is processed, cleaned 99,99% gold.

The gold in the universe is not accessible, and even if, it will take huge effort to mine gold in the universe, let alone purify it. Thus increasing/keeping the price of gold.

The fusion argument i answered in former post, its an imaginary technology where there isnt any progress visible so we cant take it into serious calculation becoming real in our lifetime.

>> No.15897109

>>15896935
Yes. No other digital object can claim this

>> No.15897178

>>15896761
diamonds aren't an investment either.
only nigger drug dealers treat them as such.

>> No.15897186

>>15897109
valid point!
But will the government tolerate that much longer when bitcoin gets more and more mainstream?

>> No.15897284

>>15896537
the no bitcoiner is literally retarded.
I now a lot of nomie friends who are the exact copy of this meme

>> No.15897302

>>15896543
There has to be consensus on the network also retard

>> No.15897340

>>15896822
Not quite - it has value because it can be used to buy things, although this has diminished because of the slow transaction time.

If the only reason bitcoin had any value at all were because it's scarce, its value would fall to practically zero, as there would be no reason to own one (or more accurately, no reason to own a whole one, though small fractions might have curiosity value).

But right now the biggest component of bitcoin's value is speculation. People are holding it in the hope its value will rise. And they'll probably be disappointed.

>> No.15897366

>>15897302
What does that even mean?

>> No.15897489

>>15897186
What can goobermint do about it? Make It hard for people to spend their goobermint scamcoin on btc? That would be a great way to fuel a black market

>> No.15897653

>>15896663
Think about the power and energy implications of full bitcoin adoption

>> No.15897735

>>15897489
people won't jump through hoops just to buy btc.
the "war on drugs" analogy doesn't apply here because bitcoin doesn't get people high.

>> No.15897874
File: 2.43 MB, 1093x1364, jeffersonripplecentralbanks.png [View same] [iqdb] [saucenao] [google]
15897874

>>15896506
Congratulations OP, you figured it out. Bitcoiners just repeat their own dogma and ignore everything outside their own bubble. The reality is that we're about to return to some kind of gold backed sovereign money that will be integrated with distributed ledger technology that isn't Bitcoin (see video below) so that there will be near instant transactions between different asset classes with very deep liquidity.
tl;dr: Bitcoin is dead and you can buy groceries with any asset you own.

https://www.bloomberg.com/news/articles/2019-10-11/bitcoin-no-longer-seen-as-the-driving-force-in-crypto-market

https://www.bis.org/publ/work765.pdf

https://www.youtube.com/watch?v=zG4IUHVN7bM

>> No.15898848

>>15897186
There’s nothing they can do? What do you propose the government do to stop bitcoin? It’s mined all over the world. Make it a crime? How do you prove ownership and connect 1 person to 100 wallets? The only thing the governments could do is EMP the entire planet which obviously would crash the dollar and every fiat currency as well. As long as one copy of the ledger remains, bitcoin lives.

>> No.15898884

>>15896506
>only backed by trust
math, motherfucker, do you it?

>> No.15898906

>>15897340
Speed isn’t what makes bitcoin possess value. It’s the security and decentralization that give it worth. Satoshi could have made bitcoin fast from the start but he knew from previous attempts this method ultimately failed. I’d argue that the properties of sound money i.e. durability, scarcity, fungibility, divisibility, portability, give bitcoin its intrinsic value as a monetary good. Never before in the history of the world has a phenomenon such as bitcoin occurred. It could easily go down in history as the greatest invention of all time.

There’s two main components that give bitcoin value that are often overlooked. These two elements are the foundation. 1. social scalability and 2. stock to flow.

Understand these two elements on a deep level and anyone will understand why the market cap of bitcoin is most likely heading to the trillions.

>> No.15898909

>>15897284
>he doesn't IRL FUD Bitcones to make sure none of his wagie "frens" make it too
Can't wait to leave them behind, anon. Anyone who knows me IRL thinks I'm Nouriel MkII

>> No.15898931

>>15896506
If you can't understand why rare things have more value than common things, get the fuck off this board you retard.

>> No.15899731

>>15898848
They can prohibit businesses to accept bitcoin? At that point, bitcoin becomes only a trading currency in dark web and other dubious things.

>> No.15899746

>>15898931
Read it again, i didnt ask why rare things have more value. I said that that rarity of bitcoin is made artificially and therefore can be changed.

>> No.15899754

>>15896506
Why do you think artificial scarcity is less valuable than material scarcity? Given that both are never adjusted.

>> No.15899838

>>15896506
>But that scarcity is made artificially, it's not real.
it's more real than any other scarcity because it's based on math, which is the strongest force in our universe, no religion no ideology no regulation can beat math.

>> No.15899867

>>15897874
>The reality is that we're about to return to some kind of gold backed sovereign money
not possible for multiple reasons
fiat will never go away it offers too much control temptation and possibilities to governments.

>> No.15899895

>>15896506
It's one argument, but not the most important.

The most important quality of crypto is that it solves the jew problem, which has been perpetuated with precious metals throughout history.

>> No.15900870

>>15899895
>it solves the jew problem
sure as hell solves no such thing.
if there is manipulation on the metal markets crypto is much more suspectable of the same kind.
the only difference between bitcoin and metals is bitcoin is actually scarce.

>> No.15900954

how is bitcoin scarce when it is infinitely divisible

checkmate buttcoin

>> No.15900987

>>15896696
>What good are cryptographic proofs for?
Based retard

>> No.15901168

>>15900954
no matter how many slice you cut your cake never gonna be more cake

>> No.15901272

>>15896506
It's all about adoption
All of us willingly wagecuck / scheme jewish tricks
for the fiat paper
Tough situation for bitcoin, the supply is too low to use (0.00000056 for your coffee sir or 0.00000056 and get scammed 10x)
but if it gets flipped by another crypto, the trust will be gone

>> No.15901623

>>15896506
>The scarcity of bitcoin is NOT.
the scarcity of bitcoin is more real than gold one
silver is not scarce at all

>> No.15901662

>>15897366
that you can put "that" github commit into your ass,
the big majority of the network will disagree and continue with the 21M cap
that's bitcoin
wanna 51% attack? be prepared to pay a very expensive electricity bill (like paying the electricity bill of entire nations)
https://www.blockchain.com/en/charts/hash-rate

>> No.15901669

>>15897874
>Bitcoin is dead
>bloomberg
bullish as fuck

>> No.15901671
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15901671

>The scarcity of bitcoin is NOT.

>> No.15901688

>>15896506
>>15896543
>>15896696
>>15897366

I guess the average IQ of /biz/ really has dropped a lot since 2017 based on this thread.

>> No.15901717

>>15896506
>Why should people change from one unbacked curreny we use today to another cryptocurrency which is not backed by any real ressource like gold, oil, corn or whatever.
cause you can give a big middle finger to governments who promote fiscal dictatorship cause they cannot physically touch/steal it
cause you can move your entire net worth with 32 bytes
try to move 1M in gold travelling by airplane

>> No.15901862

>>15896506
you’re asking the right questions, you should find some answers here:
https://medium.com/@vijayboyapati/the-bullish-case-for-bitcoin-6ecc8bdecc1

https://uncommoncore.co/an-honest-account-of-fiat-money/

https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25

>> No.15901875

>>15896506
>The scarcity of bitcoin is NOT.
Set in stone, faggot. BSV is BitCoin

>> No.15902070

>>15899746
except it isn't and it can't

also you'd know this if you knew how to read a whitepaper, but I guess you can't read anything longer than a 4chan post