Ohh good, you found the password.*
*This is a bitcoin joke… it’s value will fluctuate accordingly.
EDIT: I did not start this thread - it was split from another topic because people want to talk about cryptocurrency. I could care less about it except to say that Bruce Sterling and many other authors predicted the rise of these things many many years ago.
Can someone create vB code which will output the current value of Bitcoin? It doesn’t have to be fancy, a random number generator would produce the desired comedic effect.
$0
I don’t think you understand what value means.
Bitcoin doesn’t really have any “value”
hmmmmmmmmm, I don’t know about you, but 17k is pretty valuable to me
the monetary worth of something
a fair return or equivalent in goods, services, or money for something exchanged
If I had 1 bitcoin, I could find a good number of people to give me 17287 US dollars in exchange for putting that bitcoin in their virtual wallet instead of mine. With a little more trouble, I could probably find someone to give me ~14 oz of gold instead, or 162700 nylock nuts from McMaster-Carr. Bitcoin has value because it can be exchanged for goods and services, the same as the US dollar, gold, or commodities.
It’s value exists only in getting other people to buy into it, that’s why bitcoinbros push it so hard.
Edit: unless btc is backed by some authority (eg. The us government) it will only be a pump and dump scheme, it’s value is all hype, btc investors want people to be hyped about it so other will go in and buy some.
This isn’t even mentioning the irs problems you can run into
You know it’s Chief Delphi when a normal thread about new products being released turns into a debate about Bitcoin.
off-season CD
I’m excited for those new products though; I know I will be mashing ctrl-r tomorrow.
I’ll just leave this history lesson here.
While the US Dollar (and as I understand it, most national currencies) now have value by fiat rather than being tied to a specific commodity such as gold, sliver, crude oil, pork bellies, or flax, these currencies at least carry an assurance that they are (in the U.S. at least, and I presume analogs elsewhere) “legal currency for all debts, both public and private”. If I have a fistful of dollars, I can AT A VERY MINIMUM use them to pay my taxes and mortgage, and can expect to be able to buy food and other commodities within the U.S. from people who have to pay taxes and mortgage. Bitcoin, on the other hand, does not have the inherent stability of tulip bulbs.
Please, tell me more about your life 400 years ago.
Will we be able to purchase from Vex using Bitcoins now?
My former coaching partner just paid off her truck loan with the zero value currency that is being discussed here. Bubble or no, I’ll leave that to economists rather than yahoos in CD.
Sure!
many bitcoin skeptics have knocked the virtual currency for its lack of “intrinsic value”, including world-class investors like Berkshire Hathaway Inc.'s (NYSE:BRK.B
) Warren Buffett (who called Bitcoin a “mirage”) and J.P. Morgan Chase & Co.'s (NYSE:JPM) Jamie Dimon, and venerated economists like former Federal Reserve Chairman Alan Greenspan and Nobel laureate Paul Krugman (“Bitcoin is evil”).
Having (obnoxiously, sorry) made my point, it is true that a similar point could be made in bitcoin’s favor with some more quick googling (although when I tried all I could find (from an established news site) was https://www.bloomberg.com/news/articles/2017-12-12/deutsche-bank-economist-hooper-says-bitcoin-isn-t-going-anywhere )
I think one big issue with the bitcoin bubble debate is that there is no real way to price bitcoin.
I mean, you can try, and google links show people have.
For example, this one does: https://www.luno.com/blog/en/post/how-bitcoin-price-determined … but in the end it boils down to “because there’s demand (and supply) for it!” Which, I mean, is true, but the question is why there is demand for it. For example, the oil price is determined by the demand for oil, but the demand for oil is based on super concrete needs for oil (like cars, electricity, planes, etc.) which is firmly grounded and unlikely to change easily. Demand for bitcoin, on the other hand comes from… libertarian post apocalyptic doomsday preppers??? (And also, speculative investors I guess, and just a touch of illegal use).
This article: https://www.investopedia.com/articles/investing/050914/easy-way-measure-bitcoins-fair-market-value-doityourself-guide.asp also tries and does a much better job, but at the end of the article it makes this important note:
Under the assumptions we used above, Bitcoin may seem as if it is close to fairly priced today.
But what if we think the monetary base will reach $2 trillion in ten years and investors prove willing to settle for annual returns of 30%? Suddenly BTC’s current fair market value skyrockets to $7,250! Conversely, if we think the monetary base will reach just $500 billion in ten years and investors only touch Bitcoin when they expect an 80% annual return, the current fair value would plummet to $70.
The Bottom Line
If you’re a risk-tolerant Bitcoin believer, today’s prices are probably enticing. If you’re a more conservative skeptic, you will likely steer clear of an asset class that looks as if it is in a speculative bubble. But either way, you only need to make two basic assumptions to come up with your own fair market value for Bitcoin: its future monetary base, and your risk-adjusted rate of return. Good luck!Under the assumptions we used above, Bitcoin may seem as if it is close to fairly priced today.
So again, we really can’t make very good price estimates on bitcoin.
Unable to make price estimates on bitcoin, any price on bitcoin becomes a reasonable price (especially when you’ve got a lot of money riding on it being a reasonable price).
Congratulations for your former coaching partner, they seem to be making a much better use of their time than my current use of writing overly long BTC bubble posts to make me feel better at having missed out.
Having said that, just because it’s a bubble doesn’t mean you can’t make money out of it. By definition, a bubble rises extremely fast; the worry with bubbles isn’t that you can’t make a lot of money from it but that it also might suddenly disappear.
…How else am I supposed to spend my summer holiday???
(Also, sorry for diverting the thread again. I guess the answer to my question of spending the summer holiday will be re-freshing VEXpro a lot.)
Car dealerships and financing companies are accepting btc for loans now? Ya right.and if your friend used profits from btc to pay off a truck loan, which could very easily be over $10k, the IRS is probably going to be very interested in finding out weather or not everything is being reported correctly.
Since you don’t know my ethical friend, I’ll limit the ceiling on my offence at your statement to that of your level of ignorance. She is well aware of how taxes work, as am I. She, like me, is a single parent teacher of limited means, and she bought a few dozen coins years ago to hold and see what would happen. She got lucky, and I celebrate with her and don’t begrudge her a moment of ease, whether because of a bubble or no.
This thread was split off from the VEXmas thread in some attempt to keep that thread vaguely civil and on-topic. I can’t replace the OP of this thread with a post created later than it, so the explanation has to go here. Sorry for the confusion and inconvenience.
I did a thing. I like how now I’m the owner of this subject… me and my dumb jokes…
Wait wait wait
You created a thing … well, a virtual thing … and then after its creation, and several people opined about it, you established its worth and reason for existence?
Dude that Is So Meta, Even This Acronym