Someone try and refute this

[Anonymous No.11013359]

>Next we are going to dig a whole in the ground and it’ll have value because it costs money
Why is bitcoin valuable again?

[Anonymous No.11013381]

>>11013359
why is the dollar valuable OP? Retards who need a narrative to invest will never make it. Bitcoin didn't need a narrative to pump from 1 dollar to 1200. Nor did it need one to pump from 200 to 19k.

[Anonymous No.11013385]

Because you can in theory use it as a lightweight means of payment. (Of course, in practice it doesn't work at all.)

[Anonymous No.11013409]

>>11013359
dig the hole is stupid arguement

just compared it to gold instead

>gold costs n to mine
>gold has n intrinsic value

[Anonymous No.11013431]

>>11013409
Why’d bcash trolls eat this up? I’m starting to think they want bitcoin to fail

[Anonymous No.11013436]

>>11013409
gold is used in many industries, for example aerospace.
they are actually buying kg of gold and using it to build things

[Anonymous No.11013453]

>>11013359
chimchimerie chimchimerie chim chim cherie,
i sense two faced intentions in the OP

[Anonymous No.11013460]

>>11013359
for currency to have value they have to be divisable and transportable.
this faggot thinking he's clever is everything wrong with the interent today

[Anonymous No.11013476]

>>11013381
this. What makes you think this cycle is any different, it'll keep pumping and dumping for years to come

[Anonymous No.11013481]

>>11013359
Derek is correct.

The notion of "intrinsic value" is logically false.

Justifying it with "labor put into it" doesn't do away with that.

Here's the reasoning:

If Alice owns an apple and Bob owns a banana, and they decide to trade, then it must be true, that for Alice the banana is more valuable than the apple and for Bob that the apple is more valuable than the banana. Or else, they wouldn't have traded in the first place. Not even "equal" value would be enough, because the perceived higher value of the good to be received must discount the uncertainty that comes with the trade (the apple might be rotten etc.)

This is called "Subjective Value Theory" and is one of the pillars of the Austrian School of Economics. You're welcome.

[Anonymous No.11013485]

>>11013436
the industrial value of gold is below that of copper though, it's worse in literally every respect except oxidation resistance, which is why you only use a thin coating of gold over copper usually

[Anonymous No.11013497]

>>11013359
No he's absolutely right, Charlie Lee dropped the ball on this one.

[Anonymous No.11013499]

>>11013385
Except it does, people have been moving millions of dollars around with ease

[Anonymous No.11013530]

>>11013497
What should Charlie have said then?

[Anonymous No.11013578]

>>11013499
>>11013530
>>11013359
yall are fucking retarded the cost to produce a BTC isn't fixed, it's proportional to the amount of hash power in the network

simple counterfactual thought experiment: when BTC traded @ 10 USD, did it cost 4800 USD to produce? If it did, why would anyone maintain the network since the EV of mining was -4790 USD?
(protip: it didn't cost 4800 USD to produce it back then)

if the cost isn't fixed, it's retarded to use production cost as a price floor... if price goes to 10 USD, production cost will normalize to 10 USD.................

[Anonymous No.11013587]

>>11013359
Jesus skelly sheckles is so out of touch. If I'm on a construction site for a skyscraper and I dig a hole. It cost $220,000. Is that hole really worth $220,000? Then next year if digging costs go up and I dig a new hole for a new project and it costs $300,000. Is the new hole only worth $220,000? Why not it is only worth that much because of how much it was worth last year. Help this brainlet out please.
Why is water wet to? Asking for a friend.
Btw both holes only cost $20k and $30k to dig respectively

[Anonymous No.11013600]

>>11013578

>production cost will normalize to 10 USD

mfw you think price guides hashpower

it's the other way around kiddo

[Anonymous No.11013613]

>>11013359
Well anon the gold is proof that a hole was dug in the exact same sense that the Bitcoin is the proof that a hash was mined.

[Anonymous No.11013629]

>>11013359
btc value came first from the fact it was used to buy drugs and child porn then from speculation, it is really worth nothing

[Anonymous No.11013632]

>>11013600

people mine gold because it costs slightly less to mine it, than it does to buy it. same with bitcoin. yfw you are an absolute retard

[Anonymous No.11013636]

>>11013359
there's nothing to refute, it's true.
Mining is a COST

[Anonymous No.11013643]

>>11013600
are you a fucking retard?

[Anonymous No.11013675]

Beating capital flights controls, buying controlled items, beating bank withdrawal limits, etc. etc.
Basically doing anything with money that a state might try to prevent you from doing.

[Anonymous No.11013702]

>>11013587
So in your experiment its really your labor that is the increase in price. If the hole costs actually 20k and 30k then the rest is just profits (unless you aren't including other fees you need to pay). So if someone offered you 15k to dig the hole you wouldn't dig the hole because its not worth the cost of your labor. So the "normal price" is the bare minimum price you are willing to take for the labor costs of digging the hole. Since you are selling your labor (the holes) for waay more than normal price you have significant profits

[Anonymous No.11013738]

>>11013359
>What is a well
>What is a mine
>What is a manhole

Does this stupid fuck think the whole world just ends at the concrete?

[Anonymous No.11013884]

>>11013381
>why is the dollar valuable OP?
- Backed by the US government and military.
- Ability to buy US housing, goods and services, the highest quality stuff.
- Most of the world values their currency with the USD.
One of the dumbest things that you guys keep chanting is "HUR THUR WHY IS USD VALUABLE IF CRYPTO ISNT!!"

[Anonymous No.11013909]

>>11013359
Holes are not fungible, therefore the cost to create them is irrelevant as they're not a liquid asset. Bitcoin is hyper fungible.

[Anonymous No.11013937]

>>11013436
>gold is used in many industries, for example aerospace
>a store of value reaching back approx 2,500 years before industrialisation
>rare elements having modern industrial use cases too
Jesus, either biz is getting dumber or I'm getting smarter

[Anonymous No.11014160]

>>11013600
Why has hashrate continued to climb since Jan. 2018 while price has dropped by more than 70%?

[Anonymous No.11014172]

>>11014160

[Anonymous No.11014183]

>>11013385
Tell that to drug dealers and arms smugglers.

[Anonymous No.11014189]

>>11013359
Yes, if digging the hole could only be done by investing roughly 4800 usd and resulted in some magic little tradeable output

[Anonymous No.11014201]

a hole could potentially be valuable tho

[Anonymous No.11014228]

>>11013884
the truth is you are too much of a brainlet to understand why crypto currencies like bitcoin are more valuable than regular fiat.

[Anonymous No.11014297]

>>11014160
because there aren't enough asics on the market to react to price instantly.

[Anonymous No.11014322]

>>11013359
Cryptocurrencies have value because they allow for permissionless anonymous payments and have a limited supply.

The person you are citing in your OP pic, Derek Magill, is a proponent of Bitcoin Cash. He is therefore not questioning the intrinsic value of crypto, but ridiculing the Marxist notion that something has value just because it costs something to produce.

The fact that someone has spent a lot of time resources and labor on a useless product doesn't make it valuable to other people. What gives Bitcoin (BCH) value is its utility for commerce, with permissionless payments, digital scarcity, and unlimited scaling.

[Anonymous No.11014331]

>>11014322
pic related

[Anonymous No.11014382]

>>11013481
It will make sense after the marxists take over I guess.

[Anonymous No.11014392]

>>11013600
Hashpower guides price? what? thats why the hashpower is going up and up and the price is going down and down since months
Now we are smarter than before.....

[Anonymous No.11014395]

>>11013359
Bitcoin is a means of converting energy into value. It takes a certain type of low time preference mind to understand this but know that Bitcoin is what will lead us to advancing along the Kardashev Scale.

Bitcoin provides the impetus to harness the energy of literally everything including our planet, sun, galaxy, galaxy cluster, etc...

The idea that a human could work at McDonald's for one day and be able to afford hundreds of thousands of Satoshis is absolutely batshit insane and will be seen as such in the future.

You guys, all of you, need to get your hands on some satoshis. Forget bitcoin. Go for satoshis. Just try to get as many satoshis as you possibly can. Listen to me.

[Anonymous No.11014425]

>>11014297
How are people like you manage to get out of bad in the morning....

[Anonymous No.11014549]

>>11014395
sounds like whites law to me. assuming btc goes to one million one satoshi pairing wuth the dollar yeah a mcdees working making a thousand dollars an hour would be nuts.

[Anonymous No.11014634]

>>11014549
>whites law
nice

[Anonymous No.11014649]

Listen I genuinely care about about Anons financial well being. Its hard as shit to get ahead in life now, not just working 9-5 for the rest of your life. The sooner you start saving the sooner you can get ahead in life.

Chainlink is a meme started by 4chan (an infamous trolling board) to lead people to financial ruin. This is NOT A JOKE. Don't let your saved wealth be thrown away over night.

Vitalik Buterin the creator of ethereum said himself the days of making x100 or x1000 are over, that right the guy who created the second most popular crypto said himself those days are over.

Now 4chan is trying to get people to lose even more money after the December/January bloodbath. Smart money already exited the crypto world. Crypto is basically a highly specialized database, companies don't need this. They will just create their own private blockchains. There is no need for crypto chainlink isn't even needed to run the nodes. Think XRP when you think chainlink. The company ripple (smartcontracts) is doing well but the coin XRP(chainlink) isn't even needed for the companies technology.

Considering what Vitalik said "The days of making x100 or x1000 returns are over." Chainlink needs a 399900% increase in price over the next couple of months to reach $1000 this is ludicrous. Don't fall for it, chainlink its a meme to fuck you over.

Consider this for chainlink at current price to reach $1 you need an increase of 700% or a 233% increase every month until EOY.

This is a 4chan meme to siphon money out of the hands of the already vulnerable.

[Anonymous No.11014688]

>>11014649
>Vitalik Buterin the creator of ethereum said himself
STOP

[Anonymous No.11014966]

>>11013436

Industrial use for gold accounts for literally 9%, that means golds utility price should be around 160 USD an oz.

But because gold has social, and cultural value combined with the limit to produce it, it has value.

Bitcoin has a certain degree of social and cultural value, this literally cannot be argued with. There is no way Bitcoin is less culturally relevant than Andy Warhol for example, combine that with an increasingly 'computer-oriented' society, I mean you have kids today spending money on fortnite skins, or grown ass men collecting vintage video games, and it becomes clear Bitcoin can be to the next generation what gold was to past ones.

Finally the difficulty to mine coupled with the demand will increase price. Imagine if we found out there was 10x the supply of gold, or it was 10x easier to extract/produce, the price would crash even if there is a social/cultural demand. Price is a product of production cost and demand.

Things change more drastically than people realise, in 25 years our society and culture could be completely different and value totally different things. We could make production breakthroughs that make physical goods devalue rapidly, in which case the only value retaining things will be real estate (as in locations, like fifth avenue in new york is still gonna be fifth avenue) and things like BTC.