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Why bitcoin is virtually worthless: Finance professor Login/Join 
Mired in the
Fog of Lucidity
posted
Murky stuff...I never have completely understood it, but I am glad I never bought any.


https://www.foxbusiness.com/ma...ss-finance-professor
 
Posts: 4461 | Registered: February 10, 2007Reply With QuoteReport This Post
goodheart
Picture of sjtill
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404


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Posts: 14318 | Location: One hop from Paradise | Registered: July 27, 2004Reply With QuoteReport This Post
Mired in the
Fog of Lucidity
posted Hide Post
Odd, it must have been moved. This should work...

https://www.foxbusiness.com/ma...ss-finance-professor
 
Posts: 4461 | Registered: February 10, 2007Reply With QuoteReport This Post
Honky Lips
Picture of FenderBender
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The finance professors argument of "mining is more expensive than the value of the coin" conveys a lack of understanding, that has always been the end game. people like to compare bitcoin to currency, they should be comparing it to gold.

Of course as computational power increases, the difficulty to mine bitcoin will be surmounted, then this situation again, and again further surmounted.

This message has been edited. Last edited by: FenderBender,




When you do things right, people won't be sure you've done anything at all.
 
Posts: 7562 | Location: Live from the high desert and the great American southwest! | Registered: July 24, 2009Reply With QuoteReport This Post
Leave the gun.
Take the cannoli.
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It was a good ride for those who jumped in at the beginning
 
Posts: 5905 | Location: New England | Registered: January 06, 2003Reply With QuoteReport This Post
safe & sound
Picture of a1abdj
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quote:
people like to compare bitcoin to currency, they should be comparing it to gold.



Why? Gold can actually be used in real life applications. What can you use a bitcoin for?


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Posts: 13240 | Location: St. Charles, MO, USA | Registered: September 22, 2003Reply With QuoteReport This Post
Lawyers, Guns
and Money
Picture of chellim1
posted Hide Post
quote:
The finance professors argument of "mining is more expensive than the value of the coin" conveys a lack of understanding, that has always been the end game. people like to compare bitcoin to currency, they should be comparing it to gold.

There's no question that bitcoin replaced gold as an alternative to fiat for many investors, at least for a period of time.

That seems to be reversing, at least for now.



"To ban guns because criminals use them is to tell the law abiding that their rights depend not on their own conduct but, on the conduct of the guilty and the lawless."
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"The United States government is the largest criminal enterprise on earth."
-rduckwor
 
Posts: 15076 | Location: St. Louis, MO | Registered: April 03, 2009Reply With QuoteReport This Post
His Royal Hiney
Picture of Rey HRH
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Might as well go back to cowry shells. The main function of money is to be used as a medium of exchange and it's only viable as long as people continue to accept it as such. Then you add another layer of complication where money is treated as a commodity itself on which money can be made or lost.

I would argue that crypto-currency is on the same level as tulips. Yes, there's a certain demand for it which currently validates its use as money but it lacks the power behind it of a central bank to ensure at least a certain population accepts it as legal tender.



"It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946.
 
Posts: 15067 | Location: Bay Area, CA | Registered: March 24, 2011Reply With QuoteReport This Post
If you see me running
try to keep up
Picture of mrvmax
posted Hide Post
quote:
Originally posted by a1abdj:
quote:
people like to compare bitcoin to currency, they should be comparing it to gold.



Why? Gold can actually be used in real life applications. What can you use a bitcoin for?

Purchases on the dark web.
 
Posts: 2523 | Location: Friendswood Texas | Registered: August 24, 2007Reply With QuoteReport This Post
Little ray
of sunshine
Picture of jhe888
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The thread title is misleading. Bitcoin is not virtually worthless presently. The article's thesis is that it may become virtually worthless in the future.




The fish is mute, expressionless. The fish doesn't think because the fish knows everything.
 
Posts: 46684 | Location: Texas | Registered: February 10, 2004Reply With QuoteReport This Post
Honky Lips
Picture of FenderBender
posted Hide Post
quote:
Originally posted by mrvmax:
quote:
Originally posted by a1abdj:
quote:
people like to compare bitcoin to currency, they should be comparing it to gold.



Why? Gold can actually be used in real life applications. What can you use a bitcoin for?

Purchases on the dark web.


Among any other sort of transaction you might be interested in the anonymity of digital cash.

While gold does have quite a few industrial uses. For the most part it's generally a store of value as generally speaking, there is only so much gold to be had. Bitcoin similarly is mostly finite




When you do things right, people won't be sure you've done anything at all.
 
Posts: 7562 | Location: Live from the high desert and the great American southwest! | Registered: July 24, 2009Reply With QuoteReport This Post
Member
Picture of maladat
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quote:
Originally posted by FenderBender:
The finance professors argument of "mining is more expensive than the value of the coin" conveys a lack of understanding, that has always been the end game. people like to compare bitcoin to currency, they should be comparing it to gold.

Of course as computational power increases, the difficulty to mine bitcoin will be surmounted, then this situation again, and again further surmounted.


Not really... the way Bitcoin is designed, there are a fixed number of Bitcoins that can ever be mined, and more than 3/4 of all possible Bitcoins have already been mined.

Besides mining rewarding miners with newly mined Bitcoins, mining also rewards miners with transaction fees taken from the transactions they process.

The idea was to have a fixed supply of Bitcoin to control inflation, and that as Bitcoin became more valuable and saw wider use, transaction fees would gradually take over from mined Bitcoins as the incentive to participate in the network.
 
Posts: 4442 | Location: TX | Registered: January 24, 2011Reply With QuoteReport This Post
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i remember in the beginning before it went live there was an offer for 10 for for a buck




"They that can give up essential liberty to purchase a little temporary safety, deserve neither liberty nor safety."
--Benjamin Franklin, 1759--


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Posts: 893 | Location: New Hampshire "Live Free or Die"  | Registered: September 02, 2006Reply With QuoteReport This Post
safe & sound
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Where's that Dead_Eye guy at? Last year he was in here telling us he thought Bitcoin would be worth $17,000 to $25,000 today.

http://sigforum.com/eve/forums...935/m/2000079234/p/4


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Posts: 13240 | Location: St. Charles, MO, USA | Registered: September 22, 2003Reply With QuoteReport This Post
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Just another pyramid scheme,only good for those first in and then first out.
 
Posts: 3887 | Registered: November 30, 2004Reply With QuoteReport This Post
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