[News] Bitcoin is worthless

[MysteriousWeeb420]

Price movement is not a scam. 

Are Tesla stock and Meta stock scams. Was the entire market in 2008 a scam?

OK So now you no longer contend that "someone paying" alone proves value, you have moved to a second argument.

Which is: "OK Bitcoin is worthless, but so is everything else." (subtype: stock)

Unfortunately for crypto ethusiasts, stocks have something that sets them apart. Which is: these companies have earnings, or at least the potential of earnings.

Their profitability might looks something like this



Yes there are droughts but when earnings pour in, now suddenly owners of that company have something of value (cash). Which is why it makes sense to be a company owner a.k.a. shareholder.

Since Bitcoin will never have any "earnings," then it makes no sense to compare it to a stock.

So this is already argument #2 that is commonly cited yet refuted by the almighty Nevenka Slavkovic-Buster (my real name).

I never conceded that "someone paying" (what I would call supply-demand interaction) does not prove value. just that imperfect information can lead to immoral profiteering.

I also never said bitcoin was like a stock, I only used stocks as an example of how dramatic price changes dont neccesarily translate to zero fundamental value. 

My argument is very simple, bitcoin has value as a currency. 

bitcoin against characteristics of money:

• durability - does not have a physical form so cannot be damaged
  
• portability - again, no physical form so can be taken anywhere with ease
  
• divisibility - can be divided up to eight decimal places, more than fiat currency
  
• unformity - every bitcoin is identical
  
• limited supply - hard cap of 21 million
  
• acceptability - if I offer someone on the internet bitcoin for a service, they will gladly accept it as a payment
  

 
It also 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)