Bitcoin has intrinsic value because its simply more practical for society to collectively hallucinate that it's valuable, because it allows for more trade. And at the same time, its deflationary, causing that collectively hallucinated value to increase over time. The only case in which Bitcoin could ever fall to zero would be in a 51% attack if the attacker chose to double spend a ton of coins, hyperinflation the currency - but that would never happen, because it would be super expensive, and because its not in the attackers economic interest, so it makes sense to rule out that scenario. This is arguably less likely than nuclear war.
I'm sorta pissed at Satoshi for making Bitcoin so deflationary because it incentives people to hold onto their Bitcoin for as long as possible without using it as a currency. Anyway if you're fine with holding this for a few decades it'll almost currently go up, and if you wait a few centuries it would probably eclipse the value of any other assets you own.
Bitcoin has intrinsic value because its simply more practical for society to collectively hallucinate that it's valuable, because it allows for more trade. And at the same time, its deflationary, causing that collectively hallucinated value to increase over time. The only case in which Bitcoin could ever fall to zero would be in a 51% attack if the attacker chose to double spend a ton of coins, hyperinflation the currency - but that would never happen, because it would be super expensive, and because its not in the attackers economic interest, so it makes sense to rule out that scenario. This is arguably less likely than nuclear war.
bitcoin has intrinsic value because its simply more practice for society to collectively hallucinate that its valuable, because it allows for more trade. and at the same time, its deflationary, causing that collectively hallucinated value to increase over time. The only case in which Bitcoin could ever fall to zero would be in a 51% attack if the attacker chose to double spend a ton of coins, hyperinflation the currency - but that would never happen, because it would be super expensive, and because its not in the attackers economic interest, so it makes sense to rule out that scenario. its arguably less likely then nuclear war
we as a species can’t afford to waste massive amounts of electricity on something that literally creates no value.
its the fault of the miner if they're using non-environmental friendly energy sources. if you don't wanna create emissions, just use solar power.
literally creates no value.
I don't really see how. if it can be sold for something of value, it has value. crypto might be useless to you, but to some people out there a single Bitcoin is worth more than 80 thousand dollars, so if you have a few Bitcoin, even though to you they might be useless, you can sell them for money
ik, but it would just be more practical to combine the several steps of mining separately, converting the currency, and then paying for the subscription into a single process. Just the option of this would be nice ngl
The client has no idea where its electricity comes from.
If the client cared to find out, they could just find out. Regardless of mining they're creating emissions if its not green, so its not even that big of a problem. You could use this same argument to say that using microwaves is bad because the electricity they use isn't entirely green.
But would it cost more to pay for the extra electricity or for the product? At least for the electricity you could invest in solar and lower your bill dramatically
the thing is all this tech could actually be used for something good, but instead its used for the dumbest things and is covered in so much hype everyone ends up hating it
maybe NFTs don't have much of a good use case, but LLMs, big data and blockchains do
I agree with some of what you've said but not all
Bitcoin has intrinsic value because its simply more practical for society to collectively hallucinate that it's valuable, because it allows for more trade. And at the same time, its deflationary, causing that collectively hallucinated value to increase over time. The only case in which Bitcoin could ever fall to zero would be in a 51% attack if the attacker chose to double spend a ton of coins, hyperinflation the currency - but that would never happen, because it would be super expensive, and because its not in the attackers economic interest, so it makes sense to rule out that scenario. This is arguably less likely than nuclear war.