Bitcoin Bubble

[Anonymous No.28941310]

Bitcoin is worth nothing in and of itself. The only reason it's worth anything in fiat is because people want to sell it for fiat. It's not a store of value because there is no value to store, it's only valuable to the extent that people want to sell it for fiat. The thing is though is that it's a terrible medium of exchange with high fees and slow transaction speeds. Gold on the other hand is an excellent store of value. Well how is gold different to bitcoin? For starters gold can actually be used for the inherent qualities of the metal. Gold doesn't degrade over time, a bar of gold will still be a bar of gold 1000 years from now. It's scarce, there's not a lot of it to go around. And it's a lot of work to extract it from the earth. And that's why it's been used as money for thousands of years, because it's value is derived from metal itself. Gold is also valuable because it's needed in technological applications that would otherwise not work without it. That smartphone or computer your using need gold for it to work. And finally, gold is valuable as a form of jewellery, people like the way it looks on their body so they fashion it into rings and necklaces to enhance their appearance. That's why gold has been so profitable for buyers and sellers of gold all across history because of the things you can do with gold, that's what makes it so valuable. Now can you make a profit from bitcoin? Sure, that doesn't mean it's a good way to make profit. You can be profitable as a hitman who murders people as horrible as that sounds, because you provide a service that someone is in need of. What service does bitcoin provide that's better than what we already have? It doesn't provide a better service, that's why nobody needs bitcoin to accomplish anything. Instead of buying bitcoin, buy gold. All bitcoin is is a bubble and eventually bubbles pop, and when it finally does pop there are going to be some heavy bag holders and there'll be no one left for them to dump their bags on.