BTC's bullish run does not seem to slow down any time soon. With the latest announcements from Tesla, long-time crypto currency supporter Elon Musk essentially helped raise the value of BTC by almost 20% in a single day.
https://www.notebookcheck.net/Bitcoin-value-hits-48-000-as-Tesla-announces-1-5-billion-BTC-purchase-and-upcoming-crypto-payments.519414.0.html
The Bitcoin is the most famous Ponzi scheme of our time.
Making difficult it to produce does not give it any actual value.
If you first name and last name is Peter Torini you can produce your own physical money in form of bills like the dollar bills with your portrait drawn on it and written on it : "To the glory of Peter Torini". And if you add to your own bills security features of all sorts that make it difficult to copy and if a central bank of a country with a serious economy does not consider it as legal mean of payment your own bills do not have any value even if it is difficult to produce.
Bitcoin as itself has no fundamental value. And you can create a copy of the current bitcoin naming in if you like :"minebetterBitcoin". And in that case why should we use as money the current bitcoin and not this copy.
The bitcoin has even a negative value because as a mean a payment it is very power hungry : its use a lot of electricity, not stored electricity (wasted electricity).
Those two houses of cards got another ten floors built on top.
Neither does gold have any intrinsic value. It is precious because it is rare. Currency is currently government-backed and not gold-backed. What happened in 2008-2010 was an example of too much currency not backed by any substance. Bitcoin is not any different than currency in that sense. Bitcoin is simply a token or symbol that you attach other artificial wealth with, like USD. What makes the US government more infallible than the crypto holders and miners? The US went through many recessions and every time, people got screwed. So if that is going to be the case, then the people would probably choose to screw themselves instead.
Quote from: fl4 on February 09, 2021, 16:44:00
The Bitcoin is the most famous Ponzi scheme of our time.
Making difficult it to produce does not give it any actual value.
If you first name and last name is Peter Torini you can produce your own physical money in form of bills like the dollar bills with your portrait drawn on it and written on it : "To the glory of Peter Torini". And if you add to your own bills security features of all sorts that make it difficult to copy and if a central bank of a country with a serious economy does not consider it as legal mean of payment your own bills do not have any value even if it is difficult to produce.
Bitcoin as itself has no fundamental value. And you can create a copy of the current bitcoin naming in if you like :"minebetterBitcoin". And in that case why should we use as money the current bitcoin and not this copy.
The bitcoin has even a negative value because as a mean a payment it is very power hungry : its use a lot of electricity, not stored electricity (wasted electricity).