Asklemmy

It had the same value a stock without a dividend has.

the only tangible value I personally see in Bitcoin, because it's not really being used as legitimate currency, is for criminals.

Please, factual answers only.

In 2021, 0.15% of known cryptocurrency transactions conducted were involved in illicit activities like cybercrime, money laundering and terrorism financing

Bitcoin doesn't even attract criminals as it's traceable. You can easily tell who bought what and traded what. Since all the exchanges are KYC, no criminal worth their salt would use Bitcoin. Instead, they would rather use Monero. The only people buying and selling Bitcoin are people who want to gamble on it getting higher

Just like anything else, it's worth what people are willing to pay for it vs what people are willing to buy it for.

Currently bitcoin is just a digital commodity with a finite supply which makes it a good store of value if people continue to use it.

The thing is, there's nothing preventing bitcoin from tanking and becoming essentially worthless besides people buying it because the price is low.

If in a hypothetical future the bitcoin price becomes stable then it will become a valuable commodity. It's value is wholly derived from it's users and nothing else.

It's not very convinent for governments or large institutions to hold it in it's current form since it's too easy to steal without leaving a trace. For government use there is going to be needed some development to allow for government or Central banks to have complete control over the currency without giving that control away which I think might be possible. In that case settling international transactions in bitcoin as opposed to the dollar for BRICS countries might be an option which doesn't use the US dollar.

All the other uses IMO are pretty much fluff such as paying in bitcoin.

My views on it are the same as the DPRK. A tool used by capitalists that can help fight against capitalism.

not even fiat (heh) is worth anything if we don't accept it as store of value, let alone an electronic register on a digital ledger.

Bitcoin specifically? No. It's a janky prototype that should have been superseded a long time ago.

Crypto in general? Probably something. It's good for buying and selling illegal things.

The US dollar actually is tied to something of value: it's the format the us government will take their taxes in or else they will increasingly use their powers as a monopoly on fhe legitimate use of force until you give them what you owe

Crypto is only worth what others will pay for it. Which is why I don't own it

The real answer is: It depends how you define value.

Can you make money with Bitcoin? Yes. Are you likely to make money? No Is the technology useful applicable? Yes Is it being used and applied ethically and for the good of people? No. Is it a 'store of value'? No, it's more like an extremely volatile stock or a lottery ticket. Can you use it like money? Yes Is there any reason to use it like money? Not really, not even among other cryptocurrencies.

Depending on which of these aspects of Bitcoin matter to you it will be more or valuable.

TL;DR: It's worth whatever a greater fool is willing to pay for it.

Bitcoin is a cult, therefore it's invaluable to the cult members. In reality they're all multi-level marketing pyramid schemes which is what the stock market has degenerated into as well. The former just has more overtly obnoxious shady unethical proponents. It's easier to succumb to greed, selfishness, and seclude oneself from the rest of society by simply buying something that confirms one's fallacy riddled beliefs than it is to question oneself and actively improving society with all of Earths inhabitants, ecosystems, and posterity in mind. Technologically humankind has made great strides, but mentally the majority still thinks like cavemen.

Crypto Cult Science

“Money corrupts; bitcoin corrupts absolutely. Disregarding all of bitcoin's shortcomings, a financial instrument that brings out the worst in people—greed—won't change the world for the better.” —https://www.arscyni.cc/file/crypto_cult_science.html

In the same way that MLM and Ponzi schemes are worth something.

How profitable it is is directly proportional to how willing you are to fuck over everyone around you. To how much of an asshole you are.

Cryptocurrencies don't rely on a central entity and is the Lemmy equivalent to Reddit compared to the fiat currency. I like it and I like the technology but

• Good luck at having a proper stable economy using only crypto. Cryptobros hate central banks but their policies ensure that a loaf of bread doesn't cost 3 times as much the next day. I'd rather have a central trusted authority than not having one
• Bitcoin by itself sucks. It was the first crypto so it's the most common but it's slow, heavy and costly to operate and to transact on

So you know how fiat currency is backed by nothing more than the fact the government says it's valuable and we all agree to that? Crypto is sort of like that except without the government bit

Bitcoin has massive value as a tool to transfer money, anonymously, and through borders effortlessly. Its extremely valuable for money laundering, scamming, stealing, and dodging tariffs or raising money (see how much crypto is stolen by north Korea)

I don't think bitcoin provides much value in itself. Its basically an asset that is hard to make more of, like money or gold, which are also valuable because of this and that gold and specific currencies are relatively widely used.

bitcoin's supposed added value over money is private digital transactions across the globe in a private way, so that you can send money whoever you want, but it's not practically private, and has so large operating costs (even just the transaction fee) that it's not really better than bank transactions.

so in short: its value is in its scarcity, and that you can speculate on it. the other possible advantages are not realized.

since the value is in speculation, the dollar limit is when investors start selling enough of it so that others will do the same out of fear. which is who knows how much. but it's probably more related to other factors than the dollar value.

No

At its core, it represents an irreversible proof of digital existance. Blockchain is the only technology that can do this, and it makes it more valuable than you’d think.

Bitcoin itself has first mover advantage, and that keeps it on top. It’s hard to point to any particular feature of bitcoin that warrants this first place position, aside from pure decentralization of holdings.

The irreversibility of blockchain transactions is very underrated to most of us, but think about it… no bank or government, even with military involvement, can reverse a transaction or seize assets. For most of us in nations with sophisticated financial infrastructure and govt, this doesn’t sound like a big deal, but for the majority of the world, this is a huge deal.

It also represents freedom from fiat. Since the beginning of currency govts have used it as a means to extract wealth from the populace. Printing, confiscating, and controlling as it pleases them. We’ve historically used gold to hedge against this, and there’s even instances in history where govts have devalued and confiscated gold as a means of supporting itself. Bitcoin brings all the freedom of gold, with all the benefits of the digital world.