Saying that the intrinisc value of something is its “worth” is entirely wrong. Old cars don’t have “intrinsic” value, simply because you’ll accept them for services, or because some will become worth a lot of money, 60 years in the future. The intrinisc value is univsersal, and transcends time.
What is the natural value of steel that does not rely on outside factors? With the strict interpretation you have provided, any use of steel would be extrinsic
Steel, though manufactured, once made has value anywhere, at any time. It doesn’t rely on any “backing.” It has numerous applications, always. Something doesn’t have to be “natural” to to have natural/intrinsic properties. Otherwise the argument would be that our paper currency has no intrinsic value because it isn’t natural. That isn’t the argument. The argument is that, though manufactured, the intrinsic value of our paper currency is that of paper. I don’t even understand how this is a debate. Intrinsic and extrinsic are very, very simple concepts.
It is the same as the intrinsic value of any other cryptid. Can’t say anything more than that, because we don’t have a physical specimen with which to determine it’s intrinisc value.
On a serious note, you seem like someone that would be informed on this type of thing. What do you think about cryptocurrency’s future?
I have near zero knowledge of or on cryotocurrency. Until a few months ago when something was posted about blockchain, I didn’t even know anything about the tech side. My view on it mirrors IP’s view, pretty much. I think Bitcoin is a huge bubble, and some people are going to lose big trying to catch the falling knife. I don’t see a world where any cruptocurrency becomes the standard, because it is decentralized, and I can’t see a modern government giving up that control. We don’t live in a world where we base our personal value as it compared to something else, right? We’re not charging $X an hour when the EURO is Y, and $Z when it is W. But that’s where we’d be with crypto currency. Now the worth of someone’s goods and services, being decentralized, is equivalent across borders. That doesn’t work, on any level. So it has a cieling. The question is where and when is that cieling? And since anyone can use the tech to generate, popularity is the biggest driver for “value.” If the US govt minted a crypto currency today that was backed by the US dollar, all other crypto currencies would die. And that is all it would take.
The more I see y’all talk about it, though, the closer I get to thinking I could day trade some of it. I’d just need to be very disciplined. But some of these couple hundred dollar a day swings are hard to pass up. I’m not sure how to go about trading it, though. I don’t think TD Ameritrade offers it. I think I’d want to set a loss amount I’m comfortable losing, and never put in more than that, and just play with that amount, regardless of the returns.
Bitcoin is what it is. The value, to me, isn't in bitcoin, but the Block Chain. A mechanism that "creates" trust between parties that don't trust each other, without the overhead of a middle man, is a valuable thing. The Block Chain is already disrupting segments of various industries, from finance/banking (not bitcoin), supply chain management, audit records, identification management, etc. We're in the infancy of the Block Chain revolution. It's like the cloud. Today Joe Sixpack doesn't know what the hell it is, in 5 years he won't be able to remember life without it. As far as a crypto-currencies go, Etherium is the one with the most real world utility at the moment.
I day trade the various cryptos on GDAX. If you're a fan of trading on technicals then its the perfect test bed to play around in. No 3 day waiting period for funds to settle, and 0-0.25% commissions depending on how you trade. I put in $500 a week ago and have almost doubled up just playing the swings.
I was actually just thinking about the bolded. It would be risky as hell, but why couldn't someone create a start up that does cheap as hell international wires, and do it all through cyrpto currency. All you'd need is someone on the other side to sell the amount put in.
I do this with junk penny stocks which are at least as risky as these crypto currency, so I'm pretty much talking myself into it. It's not like online gambling where I can't ever get the money out, though, is it?
Takes awhile to set up and some of the exchanges are of dubious trustworthiness. Also not all coins are on all exchanges. You could just about sit around checking the news, wait for something positive to come out regarding a particular coin, buy immediately, then sell three hours later for probably 50% or more profit.
