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How Much Should A Bitcoin Be?

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#1 Turk.

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Posted 11 April 2014 - 05:12

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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’s the question: How much should a Bitcoin be? What is its real value?

Reference




#2 leesmithg

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Posted 11 April 2014 - 05:27

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 £4,000,000,000 worth of them.



#3 basques

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Posted 11 April 2014 - 05:41

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.



#4 Raa

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Posted 11 April 2014 - 05:41

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.



#5 basques

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Posted 11 April 2014 - 05:51

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.



#6 Raa

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Posted 11 April 2014 - 06:27

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



#7 +LogicalApex

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Posted 11 April 2014 - 06:39

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...



#8 astropheed

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Posted 11 April 2014 - 06:42

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.



#9 +MikeChipshop

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Posted 11 April 2014 - 06:50

How long is a piece of string?



#10 astropheed

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Posted 11 April 2014 - 06:55

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



#11 Squirrelington

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Posted 11 April 2014 - 06:59

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.



#12 Bamsebjørn

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Posted 11 April 2014 - 07:02

Bitcoin is worth what you can buy for it. For me it was worth a lot of steam gift cards, one pizza, two €50 iTunes gift cards and a €50 Google Play gift card. I was lucky to buy low and spend high, but I never made money using bitcoins... only goods.



#13 GotBored

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Posted 11 April 2014 - 07:07

To me personally its value is nothing.

 

To others its worth $400 per bitcoin it seems.



#14 +MikeChipshop

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Posted 11 April 2014 - 07:09

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

 

/s

 

Spoilers!



#15 +ChuckFinley

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Posted 11 April 2014 - 07:29

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