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The Magic Cafe Forum Index » » Not very magical, still... » » Nothing of value (0 Likes) Printer Friendly Version

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landmark
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Inner circle
within a triangle
4565 Posts

Profile of landmark
Thanks. Could you walk me through this:

I would think a Bitcoin is worth nothing unless a) it buys something of worth and possibly b) it can be sold to others.

Without the existence of a, I would guess that b ceases to exist.

So I imagine there are a bunch of things online, let's say cameras, that can be paid for through Bitcoin. If the worth of a Bitcoin increases on the market relative to dollars, then why wouldn't sellers of cameras just raise the Bitcoin price-or even keep it the same--and scarf up the surplus themselves? With ordinary currency there is a lag time, but with digital currency wouldn't everyone be receiving the same update in real time at once?

Hmm... thinking out loud. Then Bitcoin owners would have an incentive to hold onto them as long as the return from their Bitcoin is more than the increase in value of the camera. So camera guy gets no Bitcoin customers. But the laugh is on Bitcoin customers when they have nothing to buy and only each other to trade with. Meanwhile camera guy can still get dollar customers?
"I use my five illusions to create the sense I'm useful to six."



You can read my daily blog at Musings, Memories, and Magic
Dannydoyle
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Eternal Order
18880 Posts

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You should like bitcoin. It is an attempt to take government out of money.
Danny Doyle
<BR>Semper Occultus
<BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell
Jonathan Townsend
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Eternal Order
Ossining, NY
26724 Posts

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Quote:
On Jan 3, 2018, landmark wrote:
... commodities, ... traded.


Let's add the word speculation Smile An ounce of gold is what it is - and was a thousand years ago and very likely will be in the foreseeable future unless we really do get cost efficient nuclear technology to change stuff into gold. Trading within market rules it's a constant value. Outside market rules we could have erosion due to testing and risk of seizure. On one side of the moral compass we have the marginal/differential (supply meets demand...)
And on another side we have (presumably all other things being equal haha) a fundamental unit of trading which is a compliant "person". Compliance as determined by what? Hmmm we have some interesting risk weighting there, no?

Or I could be writing up the false count stuff to send along to JonR, Wesley ... all about cost/benefits - hyperbolic discounting...

Bitcoin, Ethereum... US Greats?
...to all the coins I've dropped here
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