Can governments not step in and put an end to the cryptocurrency madness?

Theophany said:
Tbh gold only has value because we all agree it has value. It's a fairly useless metal.

When this government reaches its logical conclusion tinned goods and can openers will be more valuable than gold. :p
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This is partially true, lots of gold's value as a store of wealth is simply because we assign it value and that is what seems to be happening with Bitcoin too to some extent, it's not necessarily the most useful cryptocurrency out there but it is sort of being used as a store of value.

Gold is pretty well established though and has been for quite some time. It's also at least something nice and shiny.. tangible etc.. humans have clearly been drawn to it for thousands of years. That contributes not just to it's value but it's utility too, it's certainly not useless as a form of jewelry, it doesn't react/corrode... it will last and stay as that shiny precious object. It's also got some utility in electronics etc.. is a fantastic conductor or heat, electricity etc..

Theophany said:
Love Island should be banned, yes.
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No!!!!!!!!
 
Theophany said:
Tbh gold only has value because we all agree it has value. It's a fairly useless metal.
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Of all the places to read such a statement I never thought I'd see it on a forum about computers
You won't mind if I strip all the gold from your PC will you? I'm sure it'll function just swimmingly after the fact
 
Efour said:
So those of you that dig bitcoin, do you just like it because you've made a few thousand quid or you think it's a sustainable currency?

If we crack fusion power or 100% renewable then surely bit coin is going to become worthless? Because other than power use I don't see what else you can base it on in reality, [..]
[..]
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Money doesn't have to be based on anything in reality. Money is just convenient barter tokens, so the only value it has is the value that a person assigns to it. We've developed the idea to pretend that money tokens have an inherently fixed and quantified value but they don't really. That's just a pretence for extra convenience. Bizarre though it sounds, the system usually works. As long as people don't look behind the curtain :)

As an aside, neither fusion nor "100% renewable" will make electricity free.
 
touch said:
I would say the economics is actually mind-blowingly simple.
You buy them when the price is low and sell them when the price is high.
There's nothing special or unique about bitcoin in this regard, the same applies to pretty much anything which can be traded.
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I totally agree with that logic.
Its just something that can be traded, not some new miracle currency. It only has worth because its artificially scarce and people want it. I hope it's just a fad really it's pointless.
 
Angilion said:
:)

As an aside, neither fusion nor "100% renewable" will make electricity free.
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Yeah I appreciate free as in not free but as good as free. Lol that sounded confusing.
Nothing is free. I understand. I'm not hippying the issue. But it could easily get to the point where we can provide power at a nominal price, especially if unlimited and coming at no major production cost.
 
Double post

I did a level economics about 25 years ago... Lol I'm an expert you know.
 
Efour said:
Its just something that can be traded, not some new miracle currency. It only has worth because its artificially scarce and people want it. I hope it's just a fad really it's pointless.
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Again, this is the same as many other things (including GBP) - they only have value because people want them. Bitcoin is no different and no more or less pointless than any other commodity or similar.
 
Efour said:
Its just something that can be traded, not some new miracle currency. It only has worth because its artificially scarce and people want it. I hope it's just a fad really it's pointless.
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Not really accurate though. It has worth because people have decided it has, yes. Yet, it's a system that runs with no corporation behind it. It's reliant on peers to keep the network active, which allows a personless system to transfer BTC from one to another, with immutable transparency. You don't have a bank managing your money, you don't have to request anything from a bank, it sits where it is and moves when you say it does. A bank doesn't reinvest your BTC to make money from it, it's there and yours. Simple as that.
 
randomshenans said:
Not really accurate though. It has worth because people have decided it has, yes. Yet, it's a system that runs with no corporation behind it. It's reliant on peers to keep the network active, which allows a personless system to transfer BTC from one to another, with immutable transparency. You don't have a bank managing your money, you don't have to request anything from a bank, it sits where it is and moves when you say it does. A bank doesn't reinvest your BTC to make money from it, it's there and yours. Simple as that.
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I can't personally trust a currency that doubles in value over a week or 2.
It's a beautiful idea but it's nonsense right now.
Anyone can start an Blockchain currency, dogecoin ffs, and start the cycle again ad infinitum.
 
Efour said:
I can't personally trust a currency that doubles in value over a week or 2.
It's a beautiful idea but it's nonsense right now.
Anyone can start an Blockchain currency, dogecoin ffs, and start the cycle again ad infinitum.
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people have faith in bitcoin though it's like a religion now.

you could be google or MSFT and fail to launch a crypto thats backed by nothing
 
4k4uNuNu said:
One option to conserve energy and stop these greedy miners from making money from our resources could be to give every household/building a certain amount of electricity at a fixed rate, and anything over that goes to really high rates. All properly regulated of course.

Let's see the miners make their silly currency worthwhile when their electricity rate is £5 per kwh. It's probably all heading this way anyway given the population increases and supplies running out.

Love Island should be banned, true. But not because it's a waste of electricity/oil.
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Jesus Christ, are you trolling?
 
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