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Bitcoin is worthless (/showthread.php?tid=13994)RE: Bitcoin is worthless - MysteriousWeeb420 - 26-03-2023
(26-03-2023, 02:31 PM)Dolly Buster Wrote:https://cointelegraph.com/news/brazil-s-oldest-bank-allows-residents-to-pay-off-tax-bill-with-crypto(26-03-2023, 02:20 PM)brocode Wrote: this is not news
bitcoin only has value until we consider it valuable
like gold, or fiat currency
if everyone decides gold is just another stone tomorrow, its worthless, if everyone decides the US dollar is just another paper tomorrow its worthless (not saying it will happen, it wont ever, but hypothetically speaking)
bitcoin doesnt have any underlying real life linked asset to make it "tangible" or hold true value regardless of transaction movement, however the only reason it has hype, as with any crypto is its anonymity and lack of "central control".
Actually that is another myth, that gold and dollar are completely arbitrary.
In fact gold has value because it's a genuinely useful metal. And the dollar has value because it's a tax credit i.e. the thing needed to pay U.S. taxes.
So now that we know the true backing of gold and USD, the argument: "Everything in the world is airy-fairy, so why not use something equally absurd such as crypto" is suddenly invalidated. Crypto is the only odd one in the group and the only one with zero value
https://www.theguardian.com/us-news/2022/mar/01/colorado-tax-payments-cryptocurrency
do you not at least see the potential for speculation here?
RE: Bitcoin is worthless - Mustang - 26-03-2023
(26-03-2023, 03:03 PM)MysteriousWeeb420 Wrote:(26-03-2023, 02:31 PM)Dolly Buster Wrote:https://cointelegraph.com/news/brazil-s-oldest-bank-allows-residents-to-pay-off-tax-bill-with-crypto(26-03-2023, 02:20 PM)brocode Wrote: this is not news
bitcoin only has value until we consider it valuable
like gold, or fiat currency
if everyone decides gold is just another stone tomorrow, its worthless, if everyone decides the US dollar is just another paper tomorrow its worthless (not saying it will happen, it wont ever, but hypothetically speaking)
bitcoin doesnt have any underlying real life linked asset to make it "tangible" or hold true value regardless of transaction movement, however the only reason it has hype, as with any crypto is its anonymity and lack of "central control".
Actually that is another myth, that gold and dollar are completely arbitrary.
In fact gold has value because it's a genuinely useful metal. And the dollar has value because it's a tax credit i.e. the thing needed to pay U.S. taxes.
So now that we know the true backing of gold and USD, the argument: "Everything in the world is airy-fairy, so why not use something equally absurd such as crypto" is suddenly invalidated. Crypto is the only odd one in the group and the only one with zero value
https://www.theguardian.com/us-news/2022/mar/01/colorado-tax-payments-cryptocurrency
do you not at least see the potential for speculation here?
Stupid idea on so many levels, using something with 10% value swings every day as taxes.
RE: Bitcoin is worthless - Dolly Buster - 27-03-2023
(26-03-2023, 01:35 PM)MysteriousWeeb420 Wrote: has value as an instrument of financial speculation. Just like how stocks can have value as a result of speculation about future dividends, assets can have value as a result of speculation about the future of global financial systems (think CBDCs and all other assets in the world tokenised into a huge digital ecosystem where bitcoin plays a key role)
It is by design, that government-issued currency is the only thing accepted for taxes.
They deliberately want to have such a monopoly.
So they are never going to replace it with "something else."
It completely undermines the system. The system is: "If you want to free yourself of IRS penalties, you better come beg the government for its currency."
RE: Bitcoin is worthless - Lucy - 27-03-2023
(26-03-2023, 02:14 PM)Mustang Wrote: Value is jewish.
(26-03-2023, 02:31 PM)Mustang Wrote: Wrong, jews created gold.
![[Image: AdoredPointlessGrizzlybear-max-1mb.gif]](https://thumbs.gfycat.com/AdoredPointlessGrizzlybear-max-1mb.gif)
RE: Bitcoin is worthless - MysteriousWeeb420 - 27-03-2023
(27-03-2023, 05:28 PM)Dolly Buster Wrote:this actually doesn't matter at all because as long as an asset is liquid you can just convert it to dollars (or whatever your local currency is) before you need to pay taxes.(26-03-2023, 01:35 PM)MysteriousWeeb420 Wrote: has value as an instrument of financial speculation. Just like how stocks can have value as a result of speculation about future dividends, assets can have value as a result of speculation about the future of global financial systems (think CBDCs and all other assets in the world tokenised into a huge digital ecosystem where bitcoin plays a key role)
It is by design, that government-issued currency is the only thing accepted for taxes.
They deliberately want to have such a monopoly.
So they are never going to replace it with "something else."
It completely undermines the system. The system is: "If you want to free yourself of IRS penalties, you better come beg the government for its currency."
imagine US citizens suddenly decide they dont like dollars and collectively invent a new currency called mollars. they can then use mollars for all their day to day business and just exchange it to dollars when they need to pay tax. there is nothing enforcing the use of dollars, it's just a convenience thing
it's not even like any of this theory matters anyway. the reality is that bitcoin is currently trading at around $27,000 and has been above $1000 for the past 5 or so years (so much for it should be valued at $0
)
RE: Bitcoin is worthless - Dolly Buster - 27-03-2023
(27-03-2023, 05:49 PM)MysteriousWeeb420 Wrote: it's not even like any of this theory matters anyway. the reality is that bitcoin is currently trading at around $27,000 and has been above $1000 for the past 5 or so years (so much for it should be valued at $0
It does matter, I'm scientifically establishing why all crypto enthusiasts are bagholders and crooks.
Rejecting economic science is what plummeted your net worth from 67k to 27k (soon 0)
RE: Bitcoin is worthless - MysteriousWeeb420 - 27-03-2023
(27-03-2023, 06:01 PM)Dolly Buster Wrote:*69k(27-03-2023, 05:49 PM)MysteriousWeeb420 Wrote: it's not even like any of this theory matters anyway. the reality is that bitcoin is currently trading at around $27,000 and has been above $1000 for the past 5 or so years (so much for it should be valued at $0
It does matter, I'm scientifically establishing why all crypto enthusiasts are bagholders and crooks.
Rejecting economic science is what plummeted your net worth from 67k to 27k (soon 0)
I dont even own any bitcoin
I am far more knowledgebale than you concerning economic science, btw
RE: Bitcoin is worthless - Mustang - 27-03-2023
Conclusion of the thread, join
RE: Bitcoin is worthless - Dolly Buster - 28-03-2023
(26-03-2023, 01:35 PM)MysteriousWeeb420 Wrote:
- portability - again, no physical form so can be taken anywhere with ease
Yeah but when you are transporting gold, you are transporting something.
When you transport bitcoin, it may have been easy, but no gold was transported.
To elucidate this point I will use my Wood Chopping theater play:
"I have invented a brand new way to chop down trees! It takes less energy, and less equipment."
-"What is it??"
"Well you just sit home and watch TV."
-"And how does that chop down trees though?"
"It doesn't; but you will admit that it takes less energy and less equipment."
*****
OK So is this invention "ingenious" or maybe completely moronic, because the end result (sending gold) was not actually achieved.
RE: Bitcoin is worthless - MysteriousWeeb420 - 28-03-2023
(28-03-2023, 11:21 AM)Dolly Buster Wrote:(26-03-2023, 01:35 PM)MysteriousWeeb420 Wrote:
- portability - again, no physical form so can be taken anywhere with ease
Yeah but when you are transporting gold, you are transporting something.
When you transport bitcoin, it may have been easy, but no gold was transported.
To elucidate this point I will use my Wood Chopping theater play:
"I have invented a brand new way to chop down trees! It takes less energy, and less equipment."
-"What is it??"
"Well you just sit home and watch TV."
-"And how does that chop down trees though?"
"It doesn't; but you will admit that it takes less energy and less equipment."
*****
OK So is this invention "ingenious" or maybe completely moronic, because the end result (sending gold) was not actually achieved.
...
bro ur retarded
This is like saying information stored on the cloud isn't actually real.
Look I took a photo and can access it anywhere in the world, but the photo isn't actually real because it isn't a large clunky block I can physically hold
RE: Bitcoin is worthless - Mustang - 28-03-2023
Joined discussion, but this thread is cringe and is created every month.
RE: Bitcoin is worthless - Dolly Buster - 28-03-2023
(28-03-2023, 12:01 PM)Mustang Wrote: Joined discussion, but this thread is cringe and is created every month.
And we are supposed to believe that you already knew this fact that Bitcoin is worthless, before I came along.
RE: Bitcoin is worthless - Dolly Buster - 28-03-2023
Let me try another point of logic.
Imagine that a building consists of a Foundation (15%) and Rest of the Building (85%).
(Imagine that the building can't exist without the foundation.)
Now if some crypto enthusiast were to say: "Why not just have the Rest of the Building, and leave the foundation out? It's 85% anyways -- the majority!"
Can you see why it's an invalid demand.
That is what crypto fools are saying, when they claim BTC is like other assets.
"We don't care that it isn't a metal or isn't real estate. We only want the fact that it's Going Up."
But if it weren't for the foundational usecases, gold and real estate would also never go up.
RE: Bitcoin is worthless - Dolly Buster - 28-03-2023
Also it's completely fair to ask Why people value something. For instance if people value 18 year old hot girls, we don't stop and say: "That's how it is, deal with it. The market has spoken."
It's possible to further elaborate why they value them.
So in the case of Bitcoin, you can't simply say: "It is valued because it just is."
It's completely legitimate to investigate why.
And I submit to you that 100% of the reason anyone is into crypto, is that they plan on getting rich.
So don't pretend it has another function, 100% of the reason is to resell it at a higher price.
And when that is so, the market is illegitimate and empty. You can't simply trade the same token around and expect new value to be created.
RE: Bitcoin is worthless - Dolly Buster - 28-03-2023
All the headlines in the past 6 years about crypto supposedly "being accepted for federal taxes" are fake.
If you research deeper, it's always an intermediary story. "You give Ether to company X, and they will sell you francs. Later on you can pay taxes with francs."
The reason I'm 100% sure it will never happen, is that the very purpose of taxation is to impose a government monopoly (by enforcing fiat), and not to break government monopoly.
So this eternally puts to bed argument number 3 (3. "Bitcoin is very much like the dollar.")
(26-03-2023, 11:30 AM)Dolly Buster Wrote: Recap of refuted arguments, which people should no longer go back to:
- "As long as someone paid, it's valuable. No further discussion needed."
- "Bitcoin is like a stock."