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How Much Should A Bitcoin Be?


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Posted

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Bitcoin reached another milestone today, with the cryptocurrency falling below the $400 per-coin mark. Bitcoin sold for over $1,100 inside of the last 52 weeks.

So here

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Posted

I never understood why they need some currency better being served as currency in Sheldor the mythical country of Sheldon Lee Cooper.

 

I did find it funny though, when I read about the burp that chucked out a h.d.d. with

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Posted

Something is worth what someone is willing to pay for it, as it is said in economics. You can argue about possibilities and projections but the real value is the value at the time someone actually pays for it.

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Posted

A Bitcoin in theory is a piece of data. So again in theory, it shouldn't be worth anything as it isn't something physical, it has no value.

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Posted

A Bitcoin in theory is a piece of data. So again in theory, it shouldn't be worth anything as it isn't something physical, it has no value.

So anything with no physical attribute, especially data and information, should have no value? You just thrashed the whole education system where you pay for knowledge and tutoring with no physical attribute.

Everything has a value.

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Posted

Sorry, meant to add : until it's exchanged for something physical.

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Posted

A BitCoin is worth nothing, but since value is assigned by the buyer... Someone thinks it has value.

 

Maybe someone will give me a really solid explanation as to what problem BitCoin actually solves.

 

So anything with no physical attribute, especially data and information, should have no value? You just thrashed the whole education system where you pay for knowledge and tutoring with no physical attribute.

Everything has a value.

I think what Raa is getting at that a medium of exchange should have some physical value. The Education System isn't a medium of exchange...

 

Now, the majority of currencies are fiat which also lack any physical value grounding, so the limitation fails the test...

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Posted

As stated, the value of it (and anything) is what someone is willing to pay for it. Since we can objectively conclude the value at the current rate; then the value of it is the current value.

 

What should it be worth? The same.

 

what I think it should be worth? about $2.50.

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Posted

How long is a piece of string?

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Posted

How long is a piece of string?

 

They made a whole show about it and it was about 30cm, man they made a big deal out of that.

 

/s

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Posted

Gold has value because we attribute a value to it. We do so because it is shiny, happens to be a good conductor and humans tend to be attached to things they can physically hold.

 

Bitcoins, while not physical, are worth whatever someone is willing to pay for it. The value is whatever an individual will pay for it and there is a maximum amount that can be generated thus solving devaluation by 'printing new money'.

 

The primary problem bitcoin solves? As I understand it, counterfeiting. It can't be counterfeited due to its peer to peer nature if I understand correctly. Your bitcoin wallet may still be stolen I'm guessing but the outright duplication of coins is not possible.

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Posted

Bitcoin is worth what you can buy for it. For me it was worth a lot of steam gift cards, one pizza, two

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Posted

To me personally its value is nothing.

 

To others its worth $400 per bitcoin it seems.

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Posted

They made a whole show about it and it was about 30cm, man they made a big deal out of that.

 

/s

 

Spoilers!

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Posted

The cumulative cost of the Electricity of the devices that helped mine it. 

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Posted

It should be indexed to the price of meth in an area since, exactly like meth, you shouldn't touch it. Not even once!

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Posted

1 Bitcoin = $1, gradually becomes the 'dollar'?.

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Posted

It should be whatever the market sets it at. There are a finite amount of bitcoins in the world, so it solves a lot of issues with inflation. Once all the coins are mined there are no more to be created, so it becomes stable at that time. We're not there yet, so expect it to continue to drop for a while. 

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Posted

how much a dollar should be worth? and how much a euro or other currency should be worth?

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Posted

how much a dollar should be worth? and how much a euro or other currency should be worth?

I understand what you mean; however they aren't really comparable due to there being a finite number of total BitCoins and the infinite number of dollars and euro's. This automatically makes BitCoin a much more stable form of currency.

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Posted

other problem that 'solved' with cryptocurrencies is that each addition into circulation doesn't creates debts for other entities, which is in contrast with virtually all government fiat monies.

 

i said in quotes ( '' ) because other see it as potential threat to their existing monetary system.

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Posted

It should be whatever the market sets it at. There are a finite amount of bitcoins in the world, so it solves a lot of issues with inflation. Once all the coins are mined there are no more to be created, so it becomes stable at that time. We're not there yet, so expect it to continue to drop for a while. 

 

 

It'd not the mining that's making it unstable now. and mining doesn't unstable it anyway, not to this degree. look at the dollar or any other currency, more is made every day yet they're "stable"

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Posted (edited)

I understand what you mean; however they aren't really comparable due to there being a finite number of total BitCoins and the infinite number of dollars and euro's. This automatically makes BitCoin a much more stable form of currency.

 

yes but like other currencies it depends on markets and value; normal currencies are just paper and metal in physical form but the perceived value they hold is much more; crypto currencies like bitcoin share that same principal.

 

edit: spelling.

Edited by Praetor

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Posted

yes but like other currencies it depends on markets and value; normal currencies are just paper and metal in physical form but the perceived value they hold is much more; crypto currencies like bitcoin share that same principal.

 

edit: spelling.

Yes, but they degrade over time due to inflation. This happens because more is constantly being added to the pool. This cannot happen with BitCoin once they are all mined.

 

It'd not the mining that's making it unstable now. and mining doesn't unstable it anyway, not to this degree. look at the dollar or any other currency, more is made every day yet they're "stable"

I'm not arguing that mining makes them unstable, just that the floor hasn't been set yet due to ongoing mining. What I am saying though, is that due to their finite nature they will be more stable without any outside interference. The only reason government currencies are relatively stable is because they are constantly managed (through inflation and rate manipulation) to ensure that they stay that way (that and people still believe they are worth something).

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Posted

A Bitcoin in theory is a piece of data. So again in theory, it shouldn't be worth anything as it isn't something physical, it has no value.

 

95% of the currency you hold in your bank accounts is only data as well, if everyone requested the contents of their bank accounts in cash there would be trouble.

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