People have always loved gambling. Crypto is nothing but a game of musical chairs. Also, smart people fall into cults like everyone else but they tell themselves they are into it for rational reasons (techology).
It has no underlying fundamentals. Its value is 100% speculative. Gold is somewhat similar, in that it's value is mostly speculative, but it does have some inherent utility/value.
Bitcoin has value for the same reason that vintage sneakers or Pokemon cards have value; that is there is a fetish for them and thus some belief that at some later time, someone will want to buy it for personal reasons (either due to their own beliefs or sentimentality).
Actual currency, on the other hand, derives its value from the willingness of the issuing sovereign to accept it back in payment of taxes.
halfcat|1 year ago
I’d love to be convinced. If I hear a single convincing argument I’ll beat that drum all day alongside you.
But all you’ve given is:
- gambling exists
- “musical chairs”
- cults exist
So, hand-waving. Help me out here.
dools|1 year ago
Bitcoin has value for the same reason that vintage sneakers or Pokemon cards have value; that is there is a fetish for them and thus some belief that at some later time, someone will want to buy it for personal reasons (either due to their own beliefs or sentimentality).
Actual currency, on the other hand, derives its value from the willingness of the issuing sovereign to accept it back in payment of taxes.