The best part for me is that its always VERY old investors, people past the age of 130 who think that digital networks and cryptocurrency have no value
Because sane man will say, it has no value. Scarce? New crypto currency appears every quarter. Means lots more alternative for Bitcoin "Value", transferring money securely and anonymously. It's "valuable" because people put money on it and waiting new guy will come to put their fresh money on it to jack up the price. When there is no people put money on it, it has no value.
it costs money to mine bitcoin.. how is there no value for the work (poW) someone is doing? you're another circus clown talking about something they don't understand
Dylan, it cost money to dig and collect dirt but if there's no value in dirt, so you have something worthless. Proof of work which solves solvable problem doesn't add any value its a waste of energy. Now if miners were calculating large primes numbers or sequencing DNA etc. then that would add value.
ok don't invest man. when i was buying bitcoin at $400 i dealt with plenty of people like you. you'll finally realize once it's worth over 50k. that day is coming.
Bitcoin actually fails the two requirements for value. In spite of the limited number of bitcoins there is no scarcity because there is an unlimited supply of substitutes. Bitcoin’s claimed utility presupposes that it has it has intrinsic value. But since it has no intrinsic value then it has no utility.
That is exactly what I thought, I mean even though bitcoin would be the medium of the transaction instead of dollar or gold however the scarcity is not gonna be the issue like the gold did because since bitcoin was built on top of the open-source technology therefor you can just copy bitcoin and then make it 21 mills with a nick of time while gold has the attribute of scarcity from our resource on the earth surface including gold can make a piece of jewelry. In the end, I think the other crypto is gonna be a huge thing but in my opinion, I just think that bitcoin is gold is kind of like a false claim here. (In other words, the bitcoin is hugely overvalued)
@ERNESERNES, I am not talking about fakes; I am talking of economic substitutes. When pears become too expensive people buy apples. If apples become too expensive people may buy oranges instead.
Just skip to the last 40 seconds for the correct answer. The value is the new tech itself. The public wants a Swiss bank in their pockets, just like they wanted fax machines and cellphones.
The crypto technology has value, but any specific crypto currency does not have any value at all. Any govt can start a new crypto currency and sync it with its currency. No need to use bitcoin, ether or any other crypto currency.
FB, Google, etc provide a service to marketers and consumers. The value of said service can be argued, but the service is real. I fail to see the value of Bitcoin, intrinsic or otherwise.
I have come to the realization that bitcoin only has religious value to the ones that hold it, because they pray every day that the price goes up, so they can finally sell it to somebody else and get a return. Other than that, it doesn’t do anything else. It’s really pathetic how these people try to compare it to a cell phone or the internet, which allow you to do tons of things. This is just a very sad story.
yeah, right. us dollar has a 2% inflation **target** . therefore, since 1922 it has lost **at least** 1 - 0.98^100 = 86.7% of its purchasing power, and it will be only worse. you think that the dollar is doing great, because every other fiat currency is doing worse, but it is not. trust in bitcoin comes from the fact that **noone** owns it, **noone** can block it, and it is **extremely hard** to be tempered with and altered. you can't say that about the dollar..
the supply of bitcoin is limited but not the supply of other cryptocurrencies that may have even more utility than bitcoin, what is so unique about bitcoin in comparison with other cryptos? Bitcoin can be easily replaced with a crypto that has the same, similiar or better qualities, correct? Bitcoin has just a hype, speculative, value.
90% of bitcoin buyers are buying it as a speculation not as a currency. I also highly doubt those buyers are buying it to store their wealth. So if buyers are not buying it to be used as a currency and as a store of wealth, what is bitcoin used for?
Scarcity - Not really, there are thousand of coins now. Utility - no really, I don't see many persons using bitcoin to carry out retail transactions. Gold has intrinsic value. It is used in industry widely. It is not easy to "find" gold...ask any mining company. Bitcoin does not "replace" gold. Can you make jewelry from gold? No. Until Bitcoin show that it has utility, it will have zero intrinsic value other than as a unicorn trading scheme
Exactly. They say utility of Bitcoin is easy transactions, but most people don't use cryptocurrency as currency, they invest in it as a speculation. Then they encourage other people to speculate too.
@@goranmilic442 They're scaling solutions build ontop of bitcoin base layer protocol. Now BTC can be used for daily transaction (small/big) with very less fees, all across the globe... The Volatility will reduce as more people adopt BTC (as its market cap is low) & if The Cruel Govt show some mercy. Taproot is very complex i dont know much ...but it helps in more privacy, security, scaling & help build smart contacts on BTC... So BTC eventually eat up all utility Altcoins :")
Digital companies mentioned in the video (like Google, Apple, Facebook) have value because they have assets, revenue, intellectual property and data. Bitcoin is very unstable to be used as a currency (to pay for stuff), because it's hard to seller or buyer to accurately value something in currency that jumps 20% a day. Additionally, bitcoin transactions settle between 10 minutes to a few hours. If you want your transaction to settle quicker - you can attach a "fee" (which ranges between $10-20) that will let miners prioritize your transaction. So to buy something, you'll need to pay a fee, wait a bit and then regret that you just purchased something, which you could buy 2 of an hour later. Eventually, it will become financially unreasonable for miners to mine for bitcoin (once the limit is almost reached), because the power used to mine will cost more than reward received. So either the fees will have to go way up (do you want to pay 100% fee from a transaction?) or they will switch to another platform/currency. With less miners supporting the currency, the whole network will either implode, or the remaining few will be able to manipulate it in such a way, that it will become impossible to do a transaction without getting screwed.
bitcoin is **not** going to be used for your everyday transactions, it will be used for settlement transactions, billions in value per one. all other activities will move to the layers above it.
@@michalbotor Bitcoin lost 65% of it's value this year. Who in the right mind would want to deal withe billions worth of transactions using an asset that is this unstable?
Hello sir, how are you doing? My name is Tony from USA and i am a bitcon miner. We are on same youtube group and i thought you will be interested in bitcoin mining if you are contact me via whatsapp +17787625868
Yep old investors with flip phones don't like bitcoin... They also are worth 100 billion, so maybe they're on to something... I wish I could short Bitcoin for the long term and buy stocks with that money. I will win that bet everytime!
The big problem with bitcoin is that people are treating it like a speculative asset. The value of bitcoin trading is breathtaking -- so many people are purchasing it in hopes that they'll benefit when the price goes up -- but when's the last time you saw someone use said Bitcoin to buy a coffee? That's my view of one such massive problem.
The dollar isn't solely backed by trust. Legal tender laws make it illegal to not accept it in payment of a debt someone owes you. So really it is backed by the law.
knpstrr I am a fan of getting turned down for trying to pay with a 100 and they can’t take It because it’s store policy. Than I point to that short little sentence.
So the price per coin is based on dividing the market cap of gold by the number of coins? Someone just arbitrarily decided that the total number of bitcoins is worth as much as the total amount of gold? A metal that has actual physical intrinsic value? WTF?
Every defense of cryptocurrencies, like this video, has two arguments which I don't get. First argument is that crypto's utility lies in it's ability to be better currency. (But that means cryptocurrency has no value, other than being currency. We have no real use of it.) Second argument is that Bitcoin is not a fraud because other things are fraud too (in this video it was dollars or Facebook). That claim has 2 problems: one, if other things are fraud, you didn't prove Bitcoin is not a fraud; two, Facebook and everything in digital world has value, we use Facebook, Google, UA-cam for something. Therefore, I see arguments in this video as dodging and lying about Bitcoin. What am I missing?
Anything can have value! It is what we perceive and apply to the inanimate, in this case a digital window to the world. Understanding that all activity derives from (ECA) emotional cognitive aptitude and how we administer this induction/deduction, we can be observant of self. If one is of narcissistic delusion, that ill intent to gain a foothold whilst another falls, never leaves the mind; and one faces themselves at the last dance. Love to ALL
The Corvus is perched It has already been established in people's minds it's worth money. Start investing in it now. When everyone is in doubt you make your moves, period!
This thing is that there is only 3 other metals that can replace gold (platinum, silver, and palladium). Yes, bitcoin per se is scarce. But there are tens, hundreds, (if not thousands in the future) new cryptocurrencies that can replace bitcoin.
The lack of intrinsic value argument has nothing to with it being digital. Google gives you knowledge. Facebook connects you with friends. Amazon will ship physical goods to your door. Gold is used in semiconductors. If bitcoin's only intrinsic characteristic is store of value, then it has no business trading at 50k...
Exactly. Facebook and everything in digital world has value, we use Facebook, Google for something. Ability to send someone 1000$ via internet cannot be worth 3000$.
It doesn't matter if it has value. If you're on a desert and you got a bag of diamonds, although the diamonds might have great value due to its scarcity,at that spot where you are alone and dehydrated. They have no "intrinsic value". My argument is, the value of those diamonds will only come if there is a stall selling water and a seller wants to exchange diamonds for his supply of water whichever the one is more scarce at that moment. Bitcoin or any other digital currency will fail to succeed unless it has checked the box of "Acceptability" and "Exchangability" . The more and more user if has,the more it will be tradable for real goods and services. Only then will it gain real intrinsic value. Currently,it has got zero value to me as even if I have 100 bitcoin,unless I find a trader,no one in my city will give me a bag of rice for bitcoin that they never heard of.
Scarcity determines how much value something has but It doesn't determine that something has value. Air is abundant but it's still the most valuable resource we have.
The "intrinsic value" argument was a trap that I myself fell into during Bitcoin's infancy. I was a big gold and silver believer at that time for this very reason and was doubtful Bitcoin would survive. The flaws in precious metals as a storage of value quickly revealed themselves as I held onto the bullion and watched the price drop. Sure, you can physically touch it and you can't technically print more gold, but the real total supply numbers could not be verified by any one of us. Those numbers are still controlled by centralized institutions. Paper gold and silver ETFs easily manipulated the supply numbers and thus the price artificially fell. This is close to impossible to do with bitcoin because of the power of the public ledger.
Rod Brett you can technically print more gold using particle accelerators to turn base metals into the precious metal. At this point though it would be more cost effective to go to mars to mine it, but in the far future you might be seeing companies spit out gold like it's cheaply made Chinese toys.
If something has intrinsic value and you are able to multiple/generate more of it, it creates wealth to the world. For example: Most of us think that great luxury car definitely has intrinsic value. If you have luxury car and then someone comes up with an idea that can create 6 billion similar cars just snapping fingers, you don't lose any wealth. That just means that there is more wealth in the world in general and everyone else has that car too. Same with gold. Many people think it has intrinsic value and enjoy gold jewelry etc. If there would be a way to generate huge amounts of gold by snapping a finger, everyone would be able to have gold jewelry, clocks with gold, electronics with gold plating etc. Multiplying gold doesn't take it away from you it would just create more wealth to the world. Maybe it would lose its status symbolic effect but creating more gold out of thin air doesn't make anyone to have less wealth. If bitcoin really has real fundamental intrinsic value, it would be super great to the world to create trillions of bitcoins to everyone. If bitcoin really is wealth, the world as a whole would have more wealth if there would be more bitcoins. Of course bitcoin is really not wealth in any way. World having 0 or trillion bitcoins makes absolutely no difference to amount of total wealth in the world because bitcoins fundamental value is 0.
@@maxmolberg6290 I agree, when push comes to shove, Gold isn’t based on having faith that everyone else will use it, gold is based on the fact you can actually do something valuable with it beyond using it as a store of value. Bitcoin is just Monopoly money that you can’t print, which might still be very good. We’ll see.
The crypto technology has value, but any specific crypto currency does not have any value at all. Any govt can start a new crypto currency and sync it with its currency. No need to use bitcoin, ether or any other existing crypto currency.
@@hxacalifornia2286 You maybe can hack some stupid ass stock exchange, or some access data from people who are stupid enough to save their passwords on excel sheets, but in general it seems impossible to "hack bitcoin"
I like the way that an earlier comment put it. That it's basically a Swiss Bank you can put in you pocket. A way to keep your money out of the governments reach. A way to avoid inflationary government spending.
@@ultimatematty except too volatile for store of value. Why not gold? And are we really obsessed with that? How about lets create wealth? Gold is so boring, dont need to reinvent it. Even gold at least has some use though.
The problem with Bitcoin is it's dam expensive, slow and there are hundreds of other cryptos that are better and another 10 thousand in the works that will be better. The comparison to gold is insane, we can't create an element with gold's properties but we can create many more cryptos with better properties than Bitcoins.
Another thing. More than half of the value of gold is in jewelry. Another 10% is for industrial use. The remaining amount is as an investment or store of value. News flash: you can't wear bitcoin on your neck. So, stop comparing it to the TOTAL value of gold!
2 steps forward 1 step backward ! I have completely converted my money into Bitcoin. Usa Dollar have 20 trillion debt and a racist president. Stock market is in bubble and will burst before Trump leaves office. This time there is no bailout like 2008. Dollar is declining. Check forex exchanges. Do ur research . I am analyst from 10 years and seeing a drastic downfall for US $.
Honest question here, I’m still not convinced of Bitcoin’s utility. But assuming it is an efficient ledger and means of transactions, what makes a ledger in itself valuable? In my mind the ledger isn’t worth much historically in a transaction, would it not be the equivalent of a bank statement showing that a transaction took place? Say I transfer $1,000,000 from my account to John’s account. The $1,000,000 is what has value correct? Not the ledger of the transaction. This has kept me up the past few nights. I can’t rationalize or think of any reason a ledger in itself would be equivalent in price to any of the goods and services it records. Also, why would it matter how many Bitcoin there are? If it’s a ledger why does it matter how many shitoshis are involved? What’s the difference between the data stored on on shitoshi vs a million? Pardon the ignorance but I truly don’t understand.
You are right in your thinking. Giving bitcoin huge fundamental value is like giving cheque huge fundamental value in the 50s. Bitcoin is just purely a speculative zero-value asset. Only way you can generate wealth with it is by someone else losing equal amount of wealth you gained. Aka someone buying it from you with bigger amount of wealth than what you paid for it. There are lots of people nowadays who think everyone buying cryptocurrencies will eventually be able to buy ferraris its just crazy. Complitely delusional. This is a zero-sum game people transferring their wealth into bitcoins and back to actual wealth. Total insanity.
"But assuming it is an efficient ledger and means of transactions, what makes a ledger in itself valuable?" And btw buying bitcoin doesn't mean that you invest to some techology or that ledger system. You are just buying a piece of code which exist in that ledger system. It doesn't generate any revenue ever. If you believe in blockchain technology it would make much more sense to buy some company which actually tries to create business around using that technology. That way you could possibly get some profit with your investment.
@@maxmolberg6290 Exactly. Set of all investors together are always in loss because of the miners' fee and investors in those set can only make money if other investors lose the same amount of money. Most importantly, most people don't buy cryptocurrency because of it's supposed utility (easier transactions). They buy it as speculation. Then they try to convince other people that cryptocurency has utility, so they can make money from their speculation. After all, ability to send someone 1000$ via internet cannot be worth 3000$.
rikschmitz Yeah, but off chain scalability solution may not be the best if your objective is to have a decentralized currency. Furthermore one to one transactions wouldn't benefit a lot from the lightning network. DAG implementation seems a more interesting solution but IOTA has its shady centralization and transaction problems too.
I dont understand why the btc haters are so mad. If u dont believe in or like btc then move on. Why sit here and bash it? Cleary just mad you missed the boat and havent made millions by investing 7 yrs ago so now ur just gonna bash it. Just stop. You sound like 7 yr olds.
Bitcoin is only superior in exchanging wealth, it however is not superior in basic day to day transactions because of its volatility... a merchant might have made $300 in an hour, & the next day they might not be able to pay their employees 😅🤣
Who is satisfied with the explanation concerning the "utility" of Bitcoin. I don't understand how it has utility --- I don't think anyone else does either.
The utility is the ability for me to send you a payment across the internet without a middle man (such as a bank). This was made possible by solving the byzantine generals problem, a computer science problem previously thought unsolvable.
@@yancyribbens8949 OK, let's say I need to send you 1000 $ across the internet without a middle man/bank. Cryptocurrency can do that for me. How does that justify crypto's increase in value? Utility of cryptocurrency is always the same. How can ability to send you 1000 $ across the internet be worth 3000 $?
Great point! I should have bought 10,000 cell phones back in the 1990's because over time it was guaranteed more people would use cell phones! I should have hoarded 10,000 of the best 1998 cell phones available at the time and sold all 10,000 this year, 2018. I would have made a great profit!
@Hakim Habib Obviously it is sarcasm. You cannot simply do that because technological advancement makes earlier assets obsolete and void of utility. So yeah you were right to be hopeful. There are so many examples of this beyond cell phones and beyond what is to be cyrptocurrency.
The intrinsic value of a countries fiat currency is based on the G.D.P. DIVIDED BY THE POPULATION ETC. This is the difference between a Fiat sovereign currency and Gold or Bitcoin. Gold is a fake currency. It's value is in it's industrial use. The fake value of Bitcoin and gold are based on what people are willing to pay to own it. Fiat, sovereign currencies are based on a countries G.D.P.
Yeah but gold is Indestructible and it has always been an economic law that precious metals and stones and land and cattle and so on things that are physical assets And without gold and silver and platinum And rhodium you can’t have things like phones any kind of technology you wouldn’t be able to have new electric cars without precious metals so up your ass with a digital cash
Became a bitcoin fanatic when I couldn’t withdraw my sports bet winnings with my bank account. Bovada offered a bitcoin withdrawal, their rep guided me on the phone through the process of creating a wallet and transferring to my bank account and it was so easy. I thought it would be complicated but it’s literally copy and paste.
so does bitcoin retain value in a hypothetical situation where the national infrastructure collapses and all the electricity grids and telecom networks are down?
Even if the grid is still up, if the dollar collapses, it's only worth what others will give them for it i.e. goods and services. Cryptotards seem to think that if all fiat collapses, they will hold all the wealth in the world and everyone will be desperate to give them stuff and work for them for their crypto, so they will be all-powerful.
I believe the first valuation model that calculated the bitcoin price to be in the $300,000 range if it had the same market cap as gold is wrong. You didnt account for the fact that tons of bitcoin are lost forever and that a large amount are being held and wont be on exchanges. As demand increases the supply could possible decrease as well because people would be putting there Bitcoin aside. Therefore buying pressure would be very high.
How do we know that the bitcoin bubble will crash? There are 3 posibilities: 1. Price will become so high that speculators will stop buying it, and only a few speculators will still have enough money to buy it, the lack of demand cause the price crash. 2. Price becomes so high, that shitcoin suppliers or "miners" will overflow the market, leading to a price crash. 3. Bitcoin falls in price, and shitcoiners will hold their shitcoin, waiting for another increase in the price in order to sell it. The lack of demand will cause the price crash
I have a question: why is Bitcoin compared to Facebook, Google or Netflix? I mean those companies found a way to generate cashflows, whereas Bitcoin is not.
2:08 "the code it's build on is open-source, meaning it's available for anyone to look at, scrutinize and **even modify** ." that last one is very much **false** . yes, you can download bitcoin code and modify it as you wish, you can even propose a change to it, but.. noone will accept it, no node will run it, and thus bitcoin will remain unchanged. it is extremely hard to modify bitcoin's code because it has been designed to naturally resist any change to it . successful changes take years to be implemented (segwit, taproot, etc.).
Another problem is, if Bitcoin has higher and higher value, why would I want to buy anything by spending it? I just use old fashion U.S. dollar to buy goods/services, keep my Bitcoin, so it worth more later. If everybody think like me, nobody is going use Bitcoin to conduct transactions.
The utility of dollars have nothing to do with the "trust people put in them." You pay taxes with dollars - so they keep you out of trouble when the government demands you hand them over. It isn't even necessary for you to personally owe taxes, it only matters that large number of people need them to pay their taxes. No-one needs bitcoin. Period. Full Stop.
Same way fiat currency has value, it's mostly digital, no most in circulation is created at the bank level and multiplied by 10. Not to mention these centralised bank just "printing money" into oblivion.
Actually. Bitcoin can 'fork' an unlimited number of times. Sure, there's a "cap" but not really 'scarcity'. Secondly, it doesn't matter if bitcoin has utility on an absolute basis. What matters is it's relative utility compared to it's competitors. And let me fill you in, that isn't gold, it's fiat currency. If bitcoin is cheaper and more efficient than the USD than it has utility, if it isn't, then it has no utility.
Ok this video really explained a lot! I will be sharing this. I thought I understood bitcoin before but now I really get it! I like videos like this that breaks down complex stuff for people who need it! 😊 #bitcoin #btc #blockchain #tothemoon
All the talking heads spouting “no intrinsic value” , Buffet, Greenspan etc, ALL have banking interests.. the finite amount of BTC alone gives it more intrinsic value than the euro or the dollar that are being printed into infinitude
I still dont get the core of where the value of bitcoin comes from. Paper bills were once representation of gold value. Sure gold is mined and has limited supply and same as bitcoin. But when I think about why gold was used as a currency in the first place, its because people wanted it cause its pretty and could be made into valuable jewelry or etc. Lets say both gold and bitcoin lost all their representation of currency. Gold will still be wanted because gold in its core has wide range of usage but bitcoin will literally have no usage cause in its core its just a piece of data. That is where I am having a hard time understanding the real value of bitcoins.
Saying Facebook and Google are built on "digital trust" is truly idiotic. They're valued based on the fact that they earn a shitload of money and are cash flow machines. Regardless of what you think about Bitcoin, that statement really makes no sense at all.
the trust that people place on sovereign fiat currency is based on that countries GDP; unemployment rate; bond yield rate; etc. Block chain technology is where people should be focussing investments.
Just scarcity isnt enough to add real value, its like if i said ¨i have this drawing, and ill never draw anything else¨ that doesnt make it valuable, because the drawing has no use. And its the same for bitcoin it has no use, and therefore it doesnt have real value.
@ERNESERNES Thank you. I thought the code for Bitcoin was opensource. Literally they can run the exact code and if they did it wouldn't it be identical?
Even Gold has value because people support it and governments back it. If either of it is not true, it won’t be same. You cannot compare it with digital companies which generate real revenue.
3:10, why is Bitcoin no different than Facebook and Google. Facebook and Google generate cashflow through efficiency use of capital to innovate, to push technology forward, so they have great value for certain people. When does Bitcoin actually innovate? Is Bitcoin going to build the next generation computer? or build self driving cars?
Bitcoin is going to build the next generation of wealth. It was the first to solve transacting peer to peer without a middle man. Lookup the byzantine generals problem on wiki for an interesting read.
Bitcoin should not be increasing/decreasing in value in the first place. It should be rock solid stable. It going to astronomical value produces no products or services.
Such digital currencies importance had acknowledged by many forex brokers like hotforex, fxprimus, etc and they had added bitcoin commodity paired with USD and EUR etc.
@@matthewpering8091 fiat currency is centralised And BTC need not have "intrinsic value" Demand is enough...which will grow overtime....aslo govt regulations can also help in its adoption. Just Wait & watch..... And aslo happy staying poor :)
@@summerbreeze5115 Sure... Gov't already tells us that the fiat currency we use now is real. But the fact is, the only thing that gives these things value is the people's belief in them. And that faith can die very quickly, since it is based in fantasy.
The best part for me is that its always VERY old investors, people past the age of 130 who think that digital networks and cryptocurrency have no value
Because sane man will say, it has no value.
Scarce? New crypto currency appears every quarter. Means lots more alternative for Bitcoin "Value", transferring money securely and anonymously.
It's "valuable" because people put money on it and waiting new guy will come to put their fresh money on it to jack up the price. When there is no people put money on it, it has no value.
The worst part for me is that some young people like you misleading other stupid people to invest in XRP.....!
it costs money to mine bitcoin.. how is there no value for the work (poW) someone is doing? you're another circus clown talking about something they don't understand
Dylan, it cost money to dig and collect dirt but if there's no value in dirt, so you have something worthless. Proof of work which solves solvable problem doesn't add any value its a waste of energy. Now if miners were calculating large primes numbers or sequencing DNA etc. then that would add value.
ok don't invest man. when i was buying bitcoin at $400 i dealt with plenty of people like you. you'll finally realize once it's worth over 50k. that day is coming.
Bitcoin actually fails the two requirements for value.
In spite of the limited number of bitcoins there is no scarcity because there is an unlimited supply of substitutes.
Bitcoin’s claimed utility presupposes that it has it has intrinsic value. But since it has no intrinsic value then it has no utility.
That is exactly what I thought, I mean even though bitcoin would be the medium of the transaction instead of dollar or gold however the scarcity is not gonna be the issue like the gold did because since bitcoin was built on top of the open-source technology therefor you can just copy bitcoin and then make it 21 mills with a nick of time while gold has the attribute of scarcity from our resource on the earth surface including gold can make a piece of jewelry. In the end, I think the other crypto is gonna be a huge thing but in my opinion, I just think that bitcoin is gold is kind of like a false claim here. (In other words, the bitcoin is hugely overvalued)
@ERNESERNES, I am not talking about fakes; I am talking of economic substitutes. When pears become too expensive people buy apples. If apples become too expensive people may buy oranges instead.
Just skip to the last 40 seconds for the correct answer. The value is the new tech itself. The public wants a Swiss bank in their pockets, just like they wanted fax machines and cellphones.
North Poll TV Well said!
Nice answer
The crypto technology has value, but any specific crypto currency does not have any value at all. Any govt can start a new crypto currency and sync it with its currency. No need to use bitcoin, ether or any other crypto currency.
@@MdZiaulHaqueOlive but gouverments wont do that, becouse they want with banks to take big provisions for money transactions
The reason why so many season investors don't like this is you can't fake it, you can't steal it from a country and you just can't stop it..
Mic drop
Its freedom. Bitcoin cryptos are freedom of money
It is crazy to compare bitcoins to Facebook, Google, etc.
Exactly, Facebook and everything in digital world has value, we use Facebook, Google, UA-cam for something.
FB, Google, etc provide a service to marketers and consumers. The value of said service can be argued, but the service is real. I fail to see the value of Bitcoin, intrinsic or otherwise.
I have come to the realization that bitcoin only has religious value to the ones that hold it, because they pray every day that the price goes up, so they can finally sell it to somebody else and get a return. Other than that, it doesn’t do anything else. It’s really pathetic how these people try to compare it to a cell phone or the internet, which allow you to do tons of things. This is just a very sad story.
This aged well. "It's all about how much trust you have in Bitcoin". Oh, wait, the fiat currency in the U.S. has never declined in value by 70%.
yeah, right. us dollar has a 2% inflation **target** .
therefore, since 1922 it has lost **at least** 1 - 0.98^100 = 86.7% of its purchasing power, and it will be only worse.
you think that the dollar is doing great, because every other fiat currency is doing worse, but it is not.
trust in bitcoin comes from the fact that **noone** owns it, **noone** can block it, and it is **extremely hard** to be tempered with and altered. you can't say that about the dollar..
besides its either bitcoin or cbdcs, choose your poison.
the supply of bitcoin is limited but not the supply of other cryptocurrencies that may have even more utility than bitcoin, what is so unique about bitcoin in comparison with other cryptos? Bitcoin can be easily replaced with a crypto that has the same, similiar or better qualities, correct? Bitcoin has just a hype, speculative, value.
Bitcoin is irreplaceable
90% of bitcoin buyers are buying it as a speculation not as a currency. I also highly doubt those buyers are buying it to store their wealth. So if buyers are not buying it to be used as a currency and as a store of wealth, what is bitcoin used for?
hmm same reason people buy gold?
95% of the people who buy gold is only for speculation or hedge not because of the actual use of gold.
haha here is my recommendation to you bitcoin believers use all your money to buy it and dont forget to tell all your family members and friends
We will,someday you will sell your house for 1 bitcoin to people like me.And that day is not far away.
Bitcoins are being bought so they can be traded against other cryptos. Thats its use case aside from store of value.
Scarcity - Not really, there are thousand of coins now.
Utility - no really, I don't see many persons using bitcoin to carry out retail transactions.
Gold has intrinsic value. It is used in industry widely. It is not easy to "find" gold...ask any mining company.
Bitcoin does not "replace" gold. Can you make jewelry from gold? No.
Until Bitcoin show that it has utility, it will have zero intrinsic value other than as a unicorn trading scheme
Exactly. They say utility of Bitcoin is easy transactions, but most people don't use cryptocurrency as currency, they invest in it as a speculation. Then they encourage other people to speculate too.
Industrial value of gold is only 10% of it's value
@@goranmilic442 heard about lightning network & Taproot?
Just wait....give it some time
@@summerbreeze5115 Go ahead, explain.
@@goranmilic442 They're scaling solutions build ontop of bitcoin base layer protocol.
Now BTC can be used for daily transaction (small/big) with very less fees, all across the globe...
The Volatility will reduce as more people adopt BTC (as its market cap is low) & if The Cruel Govt show some mercy.
Taproot is very complex i dont know much ...but it helps in more privacy, security, scaling & help build smart contacts on BTC...
So BTC eventually eat up all utility Altcoins :")
Digital companies mentioned in the video (like Google, Apple, Facebook) have value because they have assets, revenue, intellectual property and data.
Bitcoin is very unstable to be used as a currency (to pay for stuff), because it's hard to seller or buyer to accurately value something in currency that jumps 20% a day.
Additionally, bitcoin transactions settle between 10 minutes to a few hours. If you want your transaction to settle quicker - you can attach a "fee" (which ranges between $10-20) that will let miners prioritize your transaction. So to buy something, you'll need to pay a fee, wait a bit and then regret that you just purchased something, which you could buy 2 of an hour later.
Eventually, it will become financially unreasonable for miners to mine for bitcoin (once the limit is almost reached), because the power used to mine will cost more than reward received. So either the fees will have to go way up (do you want to pay 100% fee from a transaction?) or they will switch to another platform/currency. With less miners supporting the currency, the whole network will either implode, or the remaining few will be able to manipulate it in such a way, that it will become impossible to do a transaction without getting screwed.
bitcoin is **not** going to be used for your everyday transactions, it will be used for settlement transactions, billions in value per one. all other activities will move to the layers above it.
@@michalbotor Bitcoin lost 65% of it's value this year. Who in the right mind would want to deal withe billions worth of transactions using an asset that is this unstable?
@@BorisTerekidi you will see. not yet. but you will see. writing's on the wall.
look back in 10 years guys, this is huge.
^^he was wrong.
C. Lincoln No he wasn't. We are rich now since we invested. I'm from the future.
It’s coming.
50k lol
I bet these are the same old people who have flips phones.
Hello sir, how are you doing? My name is Tony from USA and i am a bitcon miner. We are on same youtube group and i thought you will be interested in bitcoin mining if you are contact me via whatsapp +17787625868
warren buffet uses a flip phone.
Yep old investors with flip phones don't like bitcoin... They also are worth 100 billion, so maybe they're on to something... I wish I could short Bitcoin for the long term and buy stocks with that money. I will win that bet everytime!
ALMOST ALL CURRENT BITCOIN FOLLOWERS ARE IDIOTS.
Just wait until all the bugs have been worked out in 50yrs time.
The big problem with bitcoin is that people are treating it like a speculative asset. The value of bitcoin trading is breathtaking -- so many people are purchasing it in hopes that they'll benefit when the price goes up -- but when's the last time you saw someone use said Bitcoin to buy a coffee? That's my view of one such massive problem.
The dollar isn't solely backed by trust. Legal tender laws make it illegal to not accept it in payment of a debt someone owes you.
So really it is backed by the law.
knpstrr I am a fan of getting turned down for trying to pay with a 100 and they can’t take
It because it’s store policy. Than I point to that short little sentence.
Clearest explanation ever!
AntiFUD
So the price per coin is based on dividing the market cap of gold by the number of coins? Someone just arbitrarily decided that the total number of bitcoins is worth as much as the total amount of gold? A metal that has actual physical intrinsic value? WTF?
This technology is real. Use it and then evaluate
Tech is real. Bitcoin is garbage. You wouldnt want to use a bow and arrow if you have a AK 47
Damir Go to hell.
ALMOST ALL CURRENT BITCOIN FOLLOWERS ARE IDIOTS.
Just wait until all the bugs have been worked out in 50yrs time.
@@damir4132 hhhhh
One of CNBC's most valuable videos.
Every defense of cryptocurrencies, like this video, has two arguments which I don't get. First argument is that crypto's utility lies in it's ability to be better currency. (But that means cryptocurrency has no value, other than being currency. We have no real use of it.) Second argument is that Bitcoin is not a fraud because other things are fraud too (in this video it was dollars or Facebook). That claim has 2 problems: one, if other things are fraud, you didn't prove Bitcoin is not a fraud; two, Facebook and everything in digital world has value, we use Facebook, Google, UA-cam for something. Therefore, I see arguments in this video as dodging and lying about Bitcoin. What am I missing?
BTC will actually get more scarce due to owners dying / losing their keys etc.
That's a good point. Would that lost currency ever be let back into the market? It wouldn't.
WOW this video is a great way to introduce Bitcoin to beginners.😊
Good job, beginners. Very cool.
notice how its the extra old people denying it? LOL
Anything can have value! It is what we perceive and apply to the inanimate, in this case a digital window to the world. Understanding that all activity derives from (ECA) emotional cognitive aptitude and how we administer this induction/deduction, we can be observant of self. If one is of narcissistic delusion, that ill intent to gain a foothold whilst another falls, never leaves the mind; and one faces themselves at the last dance. Love to ALL
The Corvus is perched It has already been established in people's minds it's worth money. Start investing in it now. When everyone is in doubt you make your moves, period!
Maybe because they are wiser?
This thing is that there is only 3 other metals that can replace gold (platinum, silver, and palladium). Yes, bitcoin per se is scarce. But there are tens, hundreds, (if not thousands in the future) new cryptocurrencies that can replace bitcoin.
The lack of intrinsic value argument has nothing to with it being digital. Google gives you knowledge. Facebook connects you with friends. Amazon will ship physical goods to your door. Gold is used in semiconductors. If bitcoin's only intrinsic characteristic is store of value, then it has no business trading at 50k...
Exactly. Facebook and everything in digital world has value, we use Facebook, Google for something. Ability to send someone 1000$ via internet cannot be worth 3000$.
It is very vulnerable, new govenment laws can make it go to zero.
It doesn't matter if it has value. If you're on a desert and you got a bag of diamonds, although the diamonds might have great value due to its scarcity,at that spot where you are alone and dehydrated. They have no "intrinsic value". My argument is, the value of those diamonds will only come if there is a stall selling water and a seller wants to exchange diamonds for his supply of water whichever the one is more scarce at that moment. Bitcoin or any other digital currency will fail to succeed unless it has checked the box of "Acceptability" and "Exchangability" . The more and more user if has,the more it will be tradable for real goods and services. Only then will it gain real intrinsic value. Currently,it has got zero value to me as even if I have 100 bitcoin,unless I find a trader,no one in my city will give me a bag of rice for bitcoin that they never heard of.
The real hard problem is to determine the real value of a coin. It’s much easier to determine the value of a business based on its earning potentials.
Scarcity determines how much value something has but It doesn't determine that something has value. Air is abundant but it's still the most valuable resource we have.
Dog POOP is scarce
The "intrinsic value" argument was a trap that I myself fell into during Bitcoin's infancy. I was a big gold and silver believer at that time for this very reason and was doubtful Bitcoin would survive. The flaws in precious metals as a storage of value quickly revealed themselves as I held onto the bullion and watched the price drop. Sure, you can physically touch it and you can't technically print more gold, but the real total supply numbers could not be verified by any one of us. Those numbers are still controlled by centralized institutions. Paper gold and silver ETFs easily manipulated the supply numbers and thus the price artificially fell. This is close to impossible to do with bitcoin because of the power of the public ledger.
Nicely put, man.
Rod Brett you can technically print more gold using particle accelerators to turn base metals into the precious metal. At this point though it would be more cost effective to go to mars to mine it, but in the far future you might be seeing companies spit out gold like it's cheaply made Chinese toys.
If something has intrinsic value and you are able to multiple/generate more of it, it creates wealth to the world.
For example: Most of us think that great luxury car definitely has intrinsic value. If you have luxury car and then someone comes up with an idea that can create 6 billion similar cars just snapping fingers, you don't lose any wealth. That just means that there is more wealth in the world in general and everyone else has that car too.
Same with gold. Many people think it has intrinsic value and enjoy gold jewelry etc. If there would be a way to generate huge amounts of gold by snapping a finger, everyone would be able to have gold jewelry, clocks with gold, electronics with gold plating etc. Multiplying gold doesn't take it away from you it would just create more wealth to the world. Maybe it would lose its status symbolic effect but creating more gold out of thin air doesn't make anyone to have less wealth.
If bitcoin really has real fundamental intrinsic value, it would be super great to the world to create trillions of bitcoins to everyone. If bitcoin really is wealth, the world as a whole would have more wealth if there would be more bitcoins.
Of course bitcoin is really not wealth in any way. World having 0 or trillion bitcoins makes absolutely no difference to amount of total wealth in the world because bitcoins fundamental value is 0.
@@maxmolberg6290 I agree, when push comes to shove, Gold isn’t based on having faith that everyone else will use it, gold is based on the fact you can actually do something valuable with it beyond using it as a store of value. Bitcoin is just Monopoly money that you can’t print, which might still be very good. We’ll see.
@@maxmolberg6290 you kinda did lose wealth in both of those examples.
The crypto technology has value, but any specific crypto currency does not have any value at all. Any govt can start a new crypto currency and sync it with its currency. No need to use bitcoin, ether or any other existing crypto currency.
The amount of money it takes to actually mine 1 bitcoin has to give it some sort of value
The first software to solve the byzantine generals problem and apply it to currency also has value you could say
Kram I can.
@@hxacalifornia2286 You maybe can hack some stupid ass stock exchange, or some access data from people who are stupid enough to save their passwords on excel sheets, but in general it seems impossible to "hack bitcoin"
The "ADA" - Cardano is the best currency to invest. Its value will increase a lot.
This aged like a fine wine
Lol wish I got in earlier
I invested over 3 weeks ago when it plunged to 1.86$ CAD LOL definetely down
Good video great job explaining
Zero utility. This is bitcoins Achilles’ tendon
Who could have guessed that you couldn’t create utility out of thin air.
I like the way that an earlier comment put it. That it's basically a Swiss Bank you can put in you pocket. A way to keep your money out of the governments reach. A way to avoid inflationary government spending.
@@ultimatematty except too volatile for store of value. Why not gold? And are we really obsessed with that? How about lets create wealth? Gold is so boring, dont need to reinvent it. Even gold at least has some use though.
@GodGoldGuns you must have misunderstood me, I agree with you.
2:27 he is learing us about the future
The problem with Bitcoin is it's dam expensive, slow and there are hundreds of other cryptos that are better and another 10 thousand in the works that will be better. The comparison to gold is insane, we can't create an element with gold's properties but we can create many more cryptos with better properties than Bitcoins.
Another thing. More than half of the value of gold is in jewelry. Another 10% is for industrial use. The remaining amount is as an investment or store of value. News flash: you can't wear bitcoin on your neck. So, stop comparing it to the TOTAL value of gold!
2:47, banknotes have no intrinsic value, but the economy it represents has intrinsic value. My question is, which economy does Bitcoin represent?
the global economy
@@yancyribbens8949 no
2 steps forward 1 step backward ! I have completely converted my money into Bitcoin. Usa Dollar have 20 trillion debt and a racist president. Stock market is in bubble and will burst before Trump leaves office. This time there is no bailout like 2008. Dollar is declining. Check forex exchanges.
Do ur research . I am analyst from 10 years and seeing a drastic downfall for US $.
proof the president is racist?
Honest question here, I’m still not convinced of Bitcoin’s utility. But assuming it is an efficient ledger and means of transactions, what makes a ledger in itself valuable? In my mind the ledger isn’t worth much historically in a transaction, would it not be the equivalent of a bank statement showing that a transaction took place?
Say I transfer $1,000,000 from my account to John’s account. The $1,000,000 is what has value correct? Not the ledger of the transaction.
This has kept me up the past few nights. I can’t rationalize or think of any reason a ledger in itself would be equivalent in price to any of the goods and services it records.
Also, why would it matter how many Bitcoin there are? If it’s a ledger why does it matter how many shitoshis are involved? What’s the difference between the data stored on on shitoshi vs a million?
Pardon the ignorance but I truly don’t understand.
You are right in your thinking. Giving bitcoin huge fundamental value is like giving cheque huge fundamental value in the 50s.
Bitcoin is just purely a speculative zero-value asset. Only way you can generate wealth with it is by someone else losing equal amount of wealth you gained. Aka someone buying it from you with bigger amount of wealth than what you paid for it.
There are lots of people nowadays who think everyone buying cryptocurrencies will eventually be able to buy ferraris its just crazy. Complitely delusional. This is a zero-sum game people transferring their wealth into bitcoins and back to actual wealth. Total insanity.
"But assuming it is an efficient ledger and means of transactions, what makes a ledger in itself valuable?"
And btw buying bitcoin doesn't mean that you invest to some techology or that ledger system. You are just buying a piece of code which exist in that ledger system. It doesn't generate any revenue ever.
If you believe in blockchain technology it would make much more sense to buy some company which actually tries to create business around using that technology. That way you could possibly get some profit with your investment.
@@maxmolberg6290 Exactly. Set of all investors together are always in loss because of the miners' fee and investors in those set can only make money if other investors lose the same amount of money. Most importantly, most people don't buy cryptocurrency because of it's supposed utility (easier transactions). They buy it as speculation. Then they try to convince other people that cryptocurency has utility, so they can make money from their speculation. After all, ability to send someone 1000$ via internet cannot be worth 3000$.
YOU GUYS DON'T MENTION HOW THIS COULD HELP POOR NATIONS; WHILE ANYONE WITHOUT A BANK ACCOUNT CAN PARTICIPATE.
rikschmitz Well, if you live in a poor country and spend 20-40 dollar to transact bitcoin you may change idea
Cox4 future isn’t in the current state of bitcoin. The future is no fees with lightning fast speed.
rikschmitz Yeah, but off chain scalability solution may not be the best if your objective is to have a decentralized currency. Furthermore one to one transactions wouldn't benefit a lot from the lightning network.
DAG implementation seems a more interesting solution but IOTA has its shady centralization and transaction problems too.
I dont understand why the btc haters are so mad. If u dont believe in or like btc then move on. Why sit here and bash it? Cleary just mad you missed the boat and havent made millions by investing 7 yrs ago so now ur just gonna bash it. Just stop. You sound like 7 yr olds.
Bitcoin is only superior in exchanging wealth, it however is not superior in basic day to day transactions because of its volatility... a merchant might have made $300 in an hour, & the next day they might not be able to pay their employees 😅🤣
So if I take monopoly money and me and my friends trust in it so we can buy it. Of course not because it is illegal. Duh.
Stonks
Who is satisfied with the explanation concerning the "utility" of Bitcoin. I don't understand how it has utility --- I don't think anyone else does either.
The utility is the ability for me to send you a payment across the internet without a middle man (such as a bank). This was made possible by solving the byzantine generals problem, a computer science problem previously thought unsolvable.
@@yancyribbens8949 OK, let's say I need to send you 1000 $ across the internet without a middle man/bank. Cryptocurrency can do that for me. How does that justify crypto's increase in value? Utility of cryptocurrency is always the same. How can ability to send you 1000 $ across the internet be worth 3000 $?
Tech companies have revenue. Case ended.
Exactly.
Money saved is money earned.
What kind of joke is this? Ben Yu did not back her claim. He only talked about gold and how valuable gold is.
Great point! I should have bought 10,000 cell phones back in the 1990's because over time it was guaranteed more people would use cell phones! I should have hoarded 10,000 of the best 1998 cell phones available at the time and sold all 10,000 this year, 2018. I would have made a great profit!
@Hakim Habib Obviously it is sarcasm. You cannot simply do that because technological advancement makes earlier assets obsolete and void of utility. So yeah you were right to be hopeful. There are so many examples of this beyond cell phones and beyond what is to be cyrptocurrency.
@Hakim Habib But they didn't realize you were being sarcastic buddy haha
wow, CNBC put out something useful for a change. when the necessary infrastructure for bitcoin is setup in less than 10 years, its game over.
The intrinsic value of a countries fiat currency is based on the G.D.P. DIVIDED BY THE POPULATION ETC. This is the difference between a Fiat sovereign currency and Gold or Bitcoin. Gold is a fake currency. It's value is in it's industrial use. The fake value of Bitcoin and gold are based on what people are willing to pay to own it. Fiat, sovereign currencies are based on a countries G.D.P.
100% accurate. Should be called conspiracy coin. If anyone can make a crypto coin then what's the difference between bitcoin and any other crypto?
this was the most sensible video
Yeah but gold is Indestructible and it has always been an economic law that precious metals and stones and land and cattle and so on things that are physical assets And without gold and silver and platinum And rhodium you can’t have things like phones any kind of technology you wouldn’t be able to have new electric cars without precious metals so up your ass with a digital cash
Aluminium & Silver is more useful then
Became a bitcoin fanatic when I couldn’t withdraw my sports bet winnings with my bank account. Bovada offered a bitcoin withdrawal, their rep guided me on the phone through the process of creating a wallet and transferring to my bank account and it was so easy. I thought it would be complicated but it’s literally copy and paste.
No, it’s not finite when everybody can create their own crypto currency
So then why does the USD have value? It’s definitely has no limited supply.
Because it’s backed by the U.S. Government. Why do you think our land is safe here? We have the U.S. Military protecting it.
Bitcoin will not replace the dollar.
HumbledByGreatness It won't but bitcoin will be worth more and used in society.
so does bitcoin retain value in a hypothetical situation where the national infrastructure collapses and all the electricity grids and telecom networks are down?
Even if the grid is still up, if the dollar collapses, it's only worth what others will give them for it i.e. goods and services. Cryptotards seem to think that if all fiat collapses, they will hold all the wealth in the world and everyone will be desperate to give them stuff and work for them for their crypto, so they will be all-powerful.
I believe the first valuation model that calculated the bitcoin price to be in the $300,000 range if it had the same market cap as gold is wrong. You didnt account for the fact that tons of bitcoin are lost forever and that a large amount are being held and wont be on exchanges. As demand increases the supply could possible decrease as well because people would be putting there Bitcoin aside. Therefore buying pressure would be very high.
How do we know that the bitcoin bubble will crash? There are 3 posibilities:
1. Price will become so high that speculators will stop buying it, and only a few speculators will still have enough money to buy it, the lack of demand cause the price crash.
2. Price becomes so high, that shitcoin suppliers or "miners" will overflow the market, leading to a price crash.
3. Bitcoin falls in price, and shitcoiners will hold their shitcoin, waiting for another increase in the price in order to sell it. The lack of demand will cause the price crash
Possibility 4: governments introduce their own crytocurrencies. They offer a btc exchange rate of their own choosing. Like 1 bitcoin will be 1 dollar.
Bitcoin is going to change the world as it is today. The world never had a free currency as bitcoin, it will boost global trade.
Bitcoin is a commodity (property) not a currency by decree of the people in power in the U.S. with the largest military force. Just saying.
I have a question: why is Bitcoin compared to Facebook, Google or Netflix? I mean those companies found a way to generate cashflows, whereas Bitcoin is not.
2:08 "the code it's build on is open-source, meaning it's available for anyone to look at, scrutinize and **even modify** ."
that last one is very much **false** .
yes, you can download bitcoin code and modify it as you wish, you can even propose a change to it, but.. noone will accept it, no node will run it, and thus bitcoin will remain unchanged.
it is extremely hard to modify bitcoin's code because it has been designed to naturally resist any change to it . successful changes take years to be implemented (segwit, taproot, etc.).
Another problem is, if Bitcoin has higher and higher value, why would I want to buy anything by spending it? I just use old fashion U.S. dollar to buy goods/services, keep my Bitcoin, so it worth more later. If everybody think like me, nobody is going use Bitcoin to conduct transactions.
But everybody doesn't think like you, AthenaSaints. :)
Limited supply of nothing!
Even if btc goes to 1 million it’s still worthless
The utility of dollars have nothing to do with the "trust people put in them." You pay taxes with dollars - so they keep you out of trouble when the government demands you hand them over. It isn't even necessary for you to personally owe taxes, it only matters that large number of people need them to pay their taxes. No-one needs bitcoin. Period. Full Stop.
You need to read the history of taxes
Same way fiat currency has value, it's mostly digital, no most in circulation is created at the bank level and multiplied by 10. Not to mention these centralised bank just "printing money" into oblivion.
Freedom = bitcoin
Actually. Bitcoin can 'fork' an unlimited number of times. Sure, there's a "cap" but not really 'scarcity'. Secondly, it doesn't matter if bitcoin has utility on an absolute basis. What matters is it's relative utility compared to it's competitors. And let me fill you in, that isn't gold, it's fiat currency. If bitcoin is cheaper and more efficient than the USD than it has utility, if it isn't, then it has no utility.
Ok this video really explained a lot! I will be sharing this. I thought I understood bitcoin before but now I really get it! I like videos like this that breaks down complex stuff for people who need it! 😊 #bitcoin #btc #blockchain #tothemoon
Those investing in bitcoin and other good cryptos will do very well in long term!
This. Buy now and leave it alone.
ALMOST ALL CURRENT BITCOIN FOLLOWERS ARE IDIOTS.
Just wait until all the bugs have been worked out in 50yrs time.
@@rond5936 Under 5 years before quantum tech can hack btc wallets.
A phone has no value if you’re the only one in the world ... exactly.
All the talking heads spouting “no intrinsic value” , Buffet, Greenspan etc, ALL have banking interests.. the finite amount of BTC alone gives it more intrinsic value than the euro or the dollar that are being printed into infinitude
What use is the scarcity if the coin can just be forked?
Did the grandpa said "Baby boomer" lmfao
I still dont get the core of where the value of bitcoin comes from. Paper bills were once representation of gold value. Sure gold is mined and has limited supply and same as bitcoin. But when I think about why gold was used as a currency in the first place, its because people wanted it cause its pretty and could be made into valuable jewelry or etc. Lets say both gold and bitcoin lost all their representation of currency. Gold will still be wanted because gold in its core has wide range of usage but bitcoin will literally have no usage cause in its core its just a piece of data. That is where I am having a hard time understanding the real value of bitcoins.
CNBC has a cryptoboner.
Key words at the end: “may have utility as a superior way to store and exchange wealth”.
Good job! 👍
Saying Facebook and Google are built on "digital trust" is truly idiotic. They're valued based on the fact that they earn a shitload of money and are cash flow machines. Regardless of what you think about Bitcoin, that statement really makes no sense at all.
Hype is not considered value...
Having Bitcoin is all well and good until the government pulls up and says you have to pay taxes in usd. What are you gonna do then?
the trust that people place on sovereign fiat currency is based on that countries GDP; unemployment rate; bond yield rate; etc. Block chain technology is where people should be focussing investments.
Can't believe i liked a CNBC video.
Just scarcity isnt enough to add real value, its like if i said ¨i have this drawing, and ill never draw anything else¨ that doesnt make it valuable, because the drawing has no use. And its the same for bitcoin it has no use, and therefore it doesnt have real value.
I gotta give CNBC (MSM) a bit of credit. They did measure BTC on a log scale, which is the only way to measure BTC
What stops someone to make Citcoin just like Bitcoin ? Citcoin has all attributes of Bitcoin.
@ERNESERNES Thank you. I thought the code for Bitcoin was opensource. Literally they can run the exact code and if they did it wouldn't it be identical?
Anyone else recognise Ben as the guy who got his car stolen in Nas's video?
Even Gold has value because people support it and governments back it. If either of it is not true, it won’t be same. You cannot compare it with digital companies which generate real revenue.
Gold value come from govt backing & people trust....that's it.
BTC is on its way to gain trust & govt regulations.
3:10, why is Bitcoin no different than Facebook and Google. Facebook and Google generate cashflow through efficiency use of capital to innovate, to push technology forward, so they have great value for certain people. When does Bitcoin actually innovate? Is Bitcoin going to build the next generation computer? or build self driving cars?
Bitcoin is going to build the next generation of wealth. It was the first to solve transacting peer to peer without a middle man. Lookup the byzantine generals problem on wiki for an interesting read.
AthenaSaints don't use Facebook as some sort of tech company. Outside of social media Facebook has done very little in the way of actual prodcuts.
"If people buy it more than they sell it the price will rise" wtf are you saying?? for each buyer of bitcoin there is a seller...
gonzalo samaniego the amount of bitcoin dummy
Bitcoin should not be increasing/decreasing in value in the first place. It should be rock solid stable. It going to astronomical value produces no products or services.
Exactly it needs to be stable to be a viable currency but even then a third party is needed because as a payment platform it's too slow
Interesting video but I can't stand that voice. The overdramatic inflection sounds like a whiny eight year old and the lisp doesn't help.
Bitcoin may be 'scarce' but it competes with other cryptocurrencies which are abundant.
This is bt far the best video out of all out there explained.. bitcoin for dummies if you can't understand this then you need help.
Such digital currencies importance had acknowledged by many forex brokers like hotforex, fxprimus, etc and they had added bitcoin commodity paired with USD and EUR etc.
Well...if someone from CNBS says Bitcoin has value, then surely you must believe it.
I'm gonna run out and buy that stock now!!!
Those prices seem cheap in retrospect. $60,000 this weekend.
Having no intrinsic value, it is just another fiat currency. It is not real money.
Dummy
@@summerbreeze5115 Am I really? Prove that it is real then.
@@matthewpering8091 fiat currency is centralised
And BTC need not have "intrinsic value"
Demand is enough...which will grow overtime....aslo govt regulations can also help in its adoption.
Just Wait & watch.....
And aslo happy staying poor :)
@@summerbreeze5115 Sure... Gov't already tells us that the fiat currency we use now is real. But the fact is, the only thing that gives these things value is the people's belief in them. And that faith can die very quickly, since it is based in fantasy.