TheAdvertMart
Newbie
- Sep 11, 2018
- 32
- 7
I think we will see Litecoin go back to $100's
Investor swears bitcoin will ‘grind back’
- Thread starter BassTrackerBoats
- Start date
dennisyu
Senior Member
- Jan 9, 2010
- 872
- 409
Don't be so naive. All those local stores you just mentioned accepting bitcoin are only doing so because they hope its value will skyrocket again and that $2 USB cord you bought with bitcoin will turn into $2k. They are trying to bank on it just like everyone else.
The real value is in blockchain technology and its application. A mainstream world where everyone is using bitcoins is a fantasy. Not happening anytime soon as the majority of people do not care and the only people that do care are the ones who have a vested interest in it.
LaraJean
Regular Member
- Aug 25, 2018
- 243
- 100
Well, I think no one can know what is expected for Bitcoin or any other cryptocurrency. Unlike what a lot of people think December was the best thing ever happened to Bitcoin, since then so many developments started for a better technology and for easier UX; with the purposes of mass adoption.
It's really all about DEVELOPMENT, more things need to come and become better and if everything will go right then Bitcoin can reach 1m easily.
Exactly as it is? Bitcoin will die to $0. But the good thing is that it's always getting improved by protocols and third-party developments.
It's really all about DEVELOPMENT, more things need to come and become better and if everything will go right then Bitcoin can reach 1m easily.
Exactly as it is? Bitcoin will die to $0. But the good thing is that it's always getting improved by protocols and third-party developments.
PatrickP92
Newbie
- Apr 23, 2020
- 30
- 2
Using pieces of worthless linen cloth with $100 stamped on it is just as much of a fantasy as these worthless cryptocurrencies with 100BTC stamped onto it. They are intrinsically worthless. They have no function, no ultimate purpose, and even if they represent something, it still only makes that something valuable, not the cryptocurrency. Gold is valuable because it can be used in electronics. Please do NOT say its valuable because it's rare, and because you can't print it. That does NOT make something valuable. Use value, the ability to be able to use it on something useful is true value. I have been designing this cryptomoney using my understanding of the universe and physics. I have used qualia to figure out what the most valuable "thing" in the universe is. Valuable to ALL life forms, from the most advanced civilizations, down to bacteria. This simple truth is the key to creating the worlds first and only cryptomoney. I have no computer skills thus, I found this wonderful website for groups of people who understand computers. I'm hoping to combine my skills of physics, theoretical physics, electro-magnetic physics, geometry, economics, and my full understanding of Money vs. Currency with someone/s who has the computer skills required. This solves many problems in the world facing our current economic system and problems like automation (machines taking over low skilled but physically demanding work). This is a big project and it will undoubtedly push all of these illogical, worthless systems out of the way. It will require a full time commitment.
- Jan 16, 2017
- 5,075
- 10,327
Do you realize you're responding to a two-year-old comment/thread?
PatrickP92
Newbie
- Apr 23, 2020
- 30
- 2
Yes but, I'm new and I cannot PM or create threads right now. This project has been on my mind 24/7 for the past year. I have figured out the physics and economics of the system but, I have hit a wall because I have no computer skill. The solutions required for this project already exist in nature, I just had to discover them. For a something to work in reality, it must follow the laws of physics.
PatrickP92
Newbie
- Apr 23, 2020
- 30
- 2
You sir, have no idea what the difference between Money and currency are.
EddieN
Regular Member
- Jan 21, 2019
- 270
- 251
Instead of creating this crypto-thing your talking about, I'd suggest you to sell that drug you're taking to get this high.
You'd become filthy rich. Damn I wanna feel what you're feeling right now.
PatrickP92
Newbie
- Apr 23, 2020
- 30
- 2
What I'm doing is creating a cryptomoney that has "use value" that is a term coined by Karl Marx in 1844 to describe something value because it is useful. Gold has been used as money for thousands of years but, it had no use value until around 1483 when it was first used in dentistry. Until that point, gold was just a medium of exchange. Now we use gold for electronics, that is where its "use value" is now derived from. A cryptomoney with a high "use value" will not lose value, like how food has a high "use value" because humans need it to survive. Food, shelter, and water cannot lose value because of this important property.
D
Deleted member 1333509
Guest
Yeah I hate to break it to you but basing your entire philosophy surrounding the greatest revolution in commerce in recent history on what a guy thought about value almost 200 years ago is going to be a pretty flawed way of looking at this from the get go.
If you think cryptocurrency doesn't have a "use value" then you need to go back and do some more homework. Why did the people of Venezuela transfer their collective wealth en masse into Bitcoin over the past few years if it has no use value?... I can take one of 1,000 different cryptos right now and go and buy a house and/or a car with it without needing a bank or financial institution to act as a middleman... 50,000 BTC worth $370M was just transferred 3 days ago between two accounts for total fee of $0.67!!
They're all solid examples of forms of value that are provided by crypto which can't be provided by fiat or any other asset class for that matter.
Don't just listen to lazy thinkers with virtually no understanding of crypto who say that it's only valuable because of speculation OP.. contradictory evidence is freely available everywhere online right now.
Also btw, gold's application as a medium for trade has had maybe 10,000% the positive impact on humanity that its use in dentistry has.
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PatrickP92
Newbie
- Apr 23, 2020
- 30
- 2
Actually, i thought I was going to have to create this definition for use value when i discovered it was already defined over 150 years ago lol. I thought i was going to have to create this definition to explain this simple truth to the people who dont understand. Giving you a reference just saves me time. So lets go back and look at history. Cowrie shells use to be used as money, and so did big round stones called rai stones on an island called Yap. There was even a stone they lost in the ocean and because they knew it was there they still used that stone as money. This giant stone sat at the bottom of the ocean and they still used it for trade. These stones were so large that when they brought them to the island, they never moved them. Oh yeah, all of the stones had to be brought to the island from another island that has limestone. Your analogy is suggesting that these stones still have value. At one time in the past they bought something so they must certainly be "valuable" right? keep em coming guys
Edit: You are suggesting that value only comes from the next guy who will give you something for it. This is not true value, this is numismatic value.
EddieN
Regular Member
- Jan 21, 2019
- 270
- 251
It's not about usage; it's about supply and demand.
Water is probably the most usable (valuable) thing in this planet. Yet, it's cheaper than 1 Bitcoin, that according to you has no value because has no real use.
The water demand is probably the highest, but even the supply is high (at least for now).
The demand for Bitcoins is for sure less than that of water, but the supply is even lower.
This is how the science of economics works, and I don't think your degree in astrophysics or whatever can ever change that.
PatrickP92
Newbie
- Apr 23, 2020
- 30
- 2
At least pieces of linen cloth have a fire starter use value. What is the use value of a bitcoin?
My 1964 quarter has 3 different values. Face value $0.25. Numismatic value around $6 and use value for the silver around $3-$4. That is an object with 3 distinct values. Which one is its true value
I forgot to mention that this project cannot be accomplished using blockchain technology. Blockchain is way too limited on what it can do. It requires the use of hashgraph technology. Im sorry but, I cannot explain hashgraph which is partly why I'm here. Hashgraph can supposedly maintain a Byzantine fault tolerant ledger without the use of miners, and consumes little power.
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D
Deleted member 1333509
Guest
I'm suggesting that value is created when people can use something for a purpose that is desirable for them, and confers benefits to them by using it. I explained a handful of examples of ways that people gain value from using Bitcoin. You can call it numismatic value or whatever you want, its semantics.
PatrickP92
Newbie
- Apr 23, 2020
- 30
- 2
Numismatic value just describes sentimental value. This is not a store of value. Things that have use value cannot lose value unless better methods arise or demand rises. Clothes, food, water, and shelter cannot lose value altogether but they can lose value if we produce too much and there is a surplus for the demand.
The bitcoin and all the other 1150 other cryptocurrencies are ONLY valuable as a medium of exchange. Thats why they will all fail. That is also why there is so many different kinds. They are all just failed experiments. Imagine if you had a coin you could pop into a machine and it generates new and useful information that mankind can use. This one coin is the only thing that can power this machine. That is the best analogy I can use to describe how useful and valuable this is.
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PatrickP92
Newbie
- Apr 23, 2020
- 30
- 2
This is a project thats been eating at my mind for the last year, I call it the Tecoin. It stands for technology coin. You would mine for it the same way you mine for a bitcoin and they would be desired by big corporations for R&D. Eventually smaller companies will have access to this technology as it expands. The Tecoin would be able to power Simplicity, the distributed network of miners. The network would be able to complete projects like distributed computation projects. Check those out on google they are doing some really cool stuff. Some notable projects are folding@home and project dreamcatcher. The technology for simulations has drastically improved lately. The Tecoin would retain intrinsic value because it can be spent on improving a companies technology faster and cheaper than hiring humans ever could.
PatrickP92
Newbie
- Apr 23, 2020
- 30
- 2
The most valuable thing in the universe is new and useful information. That is how evolution works and improves. this is a constant across all forms of life, big and small. New and useful information is like a golden nugget to evolving life forms. Its how they better adapt to their environment. You might think to yourself that food is the most valuable thing but, food is only energy. Money is a container for storing your energy. Your money is like a rock on a hill, its stored energy, you just have to decide where to unleash that energy. Questions are encouraged!
D
Deleted member 1333509
Guest
Coin example: numismatic value = $6. That is decided by supply and demand for that item, amongst other things. The value that someone would happily pay for a $6 collectable coin is of course also a store of value, as buying a house would be, because you reasonably expect to be able to sell the item for more at any future point, and the value that you hold in the asset is shared by others.
There are more than 6,000 publicly traded cryptocurrencies, and saying that they're only valuable as mediums of exchange shows that you don't really understand what you're talking about and need to do a bit more research into it.
Here's a simple example to consider - Ethereum is the world's second largest cryptocurrency, and is also an ecosystem that allows for decentralised apps to be produced - amongst a wide range of other things. This gives entrepreneurs value because they can create dapps that are easily shared to others. This is an example of Ethereum's "use value" as you're calling it, and provides another and more important way that users gain value from using Ethereum that is not just as a medium of exchange - ie creating businesses with it.
Nevermind the fact that Ethereum has been so successful as a facilitator for funding that the total dollar value of projects that were funded using the Ethereum network in 2017 was higher than the dollar value of all VC funding in the US during that year by a wide margin - with the largest ERC20 token to be funded in this way receiving more than $4Billion just on its own. Pretty damn significant considering the size of the VC market, and another example of Ethereum's use cases outside of being a medium of exchange.. let alone the other thousands of cryptos that each provide different forms of value.
These are the basic fundamentals of what you're trying to discuss and at a minimum you should understand what I've written above before continuing this conversation. Read over it a few times just to make sure, because you seem to be missing the scope of what cryptocurrencies are in 2020.
If you're going to talk about creating a new revolutionary adaptation of digital money, then you should focus more on understanding the actually types of digital money that are out there already, and less on what you're focusing on now. Whatever you think is important about the distinction between "use value" and "numismatic value", it's really not.
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TheVigilante
Banned - Multiple Rules Violations
- Aug 31, 2010
- 14,993
- 16,105
Didnt understand the decentralised apps part of ethereum, how will it be seen by the general public then?