Posted on 05/22/2017 12:09:28 PM PDT by Enlightened1
1 Bitcoin equals 2251.00 U.S. dollars, and 1 ounce of Gold is 1.260.85 U.S. dollars.
https://www.google.com/search?client=opera&q=bitcoin+price&sourceid=opera&ie=UTF-8&oe=UTF-8
and
http://goldprice.org/live-gold-price.html
How is that bit coin is more valuable than gold?
(Excerpt) Read more at google.com ...
A useful metal. From the Royal Society of Chemistry website (Some spellings corrected by me to American English)
The metal is used for coinage, and has been used as standard for monetary systems in some countries.
Gold can be beaten into very thin sheets (gold leaf) to be used in art, for decoration and as architectural ornament. Electroplating can be used to cover another metal with a very thin layer of gold. This is used in gears for watches, artificial limb joints, cheap jewelry and electrical connectors. It is ideal for protecting electrical copper components because it conducts electricity well and does not corrode (which would break the contact). Thin gold wires are used inside computer chips to produce circuits.
Dentists sometimes use gold alloys in fillings, and a gold compound is used to treat some cases of arthritis.
Gold nanoparticles are increasingly being used as industrial catalysts. Vinyl acetate, which is used to make PVA (for glue, paint and resin), is made using a gold catalyst.
How so? A company produces products or services, sells them, and creates a revenue stream. What is the intrinsic value of a bitcoin?
Bitcoin is soooo 2010! Ethereum is the hot cryptocurrency right now...Bitcoin is experiencing some “under the-hood” problems. Moved most of my BTC to ETH.
https://cointelegraph.com/news/the-human-impact-of-bitcoins-scaling-problems
You should bother to read the rest of the paragraph. And also remember that NOTHING we use as money has intrinsic value. Intrinsic value is intrinsically bad for money that makes people want to use it otherwise.
You should try understanding words.
Paper money has intrinsic value because it is backed by the full faith and credit of the government that issues it. Stocks and bonds have intrinsic value because it 'owns' a portion of the income stream of the issuing companies.
Bitcoin is backed by ........
Tulips are at least pretty.
Bwahaha. You tell me to understand words and then you immediate show you do NOT understand words. Let me help you out:
http://www.dictionary.com/browse/intrinsic
belonging to a thing by its very nature
Paper money does NOT have intrinsic value. It is also NOT backed by the government in anyway. Paper money has value because WE DECIDE it does. We are willing to take it in exchange for goods and services, that is the ONLY value money has. You can’t eat, you can’t build with it, the only thing you can do with it is buy stuff, and even then ONLY if you find somebody willing to take it. Try out some Venezuelan money, nobody wants it, it’s worth nothing. Most of the world will take American money, people want it.
Stocks also have ZERO intrinsic value. Your ownership level with a stock is minimal at best, and many stocks don’t even include voting stakes. And the only portion of their income stream you get is IF the company is profitable AND they decide to pay dividends, which they are under no obligation to do and many profitable companies don’t. Just like money stocks only have the value we ASSIGN them.
Bitcoins are backed by the EXACT SAME THING money and stock are backed by: people’s willingness to take them.
The only real problem tulips had as money is that any idiot could grow them and they would die. Money that can be grown lacks certain security people tend to like, money that can die has a different kind of security problem.
Bitcoin is 'grown' through mining. It was completely grown.
You sound foolish, or worse.
Not really. The quantity of bitcoins is finite. It’s no more grown than any “precious” metal.
Your need to insult and unwillingness to deal with the facts is telling.
Bet it all on the Big Red 7.
Was bitcoin grown? Yes or no.
Is it still being grown? Yes or no.
Bitcoin is a completely made up currency. No intrinsic value. Not backed by anything of value.
No they are not being grown, they are being found via math. All the bitcoins that can ever exist already do, a lot like gold. Which is why they metaphor the calculations as mining, you’re digging through the 1s and 0s to find another.
ALL money is completely made up, has no intrinsic value and is backed by nothing. That’s what money is.
Who sets the number of bitcoins? God set the amount of gold.
Bitcoin is made up, and whoever made it up can make up more.
Math set the number of bit coins.
No they can’t.
So who is this Math, and why do you trust him?
Some say Math is the real language of God. The important part is there’s a finite number of solutions to the bitcoin formula:
http://www.coindesk.com/math-behind-bitcoin/
They CANNOT make more coins.
Bitcoin has gone up $220.00 in the last 48 hours.
Bitcoin has gone up $220.00 in the last 48 hours.
It’s now work $2,468 U.S. Dollars for 1 Bitcoin.
Let ‘er ride! Mamma needs a new pair of dancing shoes!
I’m up quite a bit on bitcoin. I bought in for 25 bucks just out of curiosity when the value was in the high 700’s. Now it’s over 2500, and I’m up to over 60 bucks, and that’s after I spent some of it on a couple of games from Steam, which accepts bitcoin and has some pretty fun games. I won’t speculate on what the long term prospects of it are, but certainly there is some money to be made, and it’s been fun to play with. Not many investments give a 400% return in one year like my bitcoins did. If I had invested 10 grand back a year or so back, I’d have 40 grand. I would never do that, because it’s so unproven, but the naysayers have been proven wrong up to this point. I’ve been thinking about buying another 50 bucks worth just for the heck of it, but I keep thinking it’s at a peak and will go down as soon as I buy, but it keeps going up. I should have bought it when I thought about it, when it was at 1700 or so.
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