This is self-explanatory: If only one corporation owns all the bitcoin, its value is zero(*). That´s the power of bitcoin. It MUST be more or less spreaded into the market to be really valuable and this is the democratization of the wealth. (*) and then probably a fork will occur.
Took him awhile to explain but he's right; the difference between farmland and bitcoin is that farmland has the potential to produce food and b/c of that we assign value to it. We assign value to bitcoin not because it can produce anything but because we are pretty sure that we can sell it to someone else. But... shares of a company are exactly the same. You don't care about the company. Whether it's $80.00 a share or $800.00 makes no difference. What matters is how much MORE ( expressed as a percentage of course ) you can sell it to someone else. That buyer is buying because they think they can sell it to someone else for a higher amount. In the end, so much of our economy is driven by people's subjective predictions of how much other people are going to think "something" is worth. That could be Bitcoin, the Japanese Yen, crude oil, Apple or Google stock, what have you.
Compare bitcoin to federal currency. Bitcoin is not made for investment, it's a currency, but people do use it as investment, but it's not its main purpose.
You're forgetting about the entire economy of illegal trade bitcoin helps facilitate, a lot of people aren't buying it just to sell for more they buy hold and use it conduct business whether it's unregulated gambling sites or selling drugs.
Meanwhile: him owning $1B in Bitcoin
This is self-explanatory: If only one corporation owns all the bitcoin, its value is zero(*). That´s the power of bitcoin. It MUST be more or less spreaded into the market to be really valuable and this is the democratization of the wealth.
(*) and then probably a fork will occur.
Can't sell an old dog bitcoin
Took him awhile to explain but he's right; the difference between farmland and bitcoin is that farmland has the potential to produce food and b/c of that we assign value to it. We assign value to bitcoin not because it can produce anything but because we are pretty sure that we can sell it to someone else.
But... shares of a company are exactly the same. You don't care about the company. Whether it's $80.00 a share or $800.00 makes no difference. What matters is how much MORE ( expressed as a percentage of course ) you can sell it to someone else. That buyer is buying because they think they can sell it to someone else for a higher amount.
In the end, so much of our economy is driven by people's subjective predictions of how much other people are going to think "something" is worth. That could be Bitcoin, the Japanese Yen, crude oil, Apple or Google stock, what have you.
Compare bitcoin to federal currency. Bitcoin is not made for investment, it's a currency, but people do use it as investment, but it's not its main purpose.
You're forgetting about the entire economy of illegal trade bitcoin helps facilitate, a lot of people aren't buying it just to sell for more they buy hold and use it conduct business whether it's unregulated gambling sites or selling drugs.
I would ....