Quote from: porc on December 09, 2013, 04:17:04 PM

Quote from: Soulfap on December 09, 2013, 03:58:03 PM

As for bitcoins actual value. 1) There are a ton of people who assume bitcoin has absolutely no intrinsic value, because it is not "directly backed by anything" - 2) However, most of these people are technologically incompetent people who do not realize the true value of information technology and it's respective system. The platform, the system, the blockchain, is what has value. The very core of bitcoin's structure, and it's ever-increasing infrastructural development, is what contains value. Does not the city of New York hold value? Of course it does. Does not Facebook hold value? Of course it does. They are two widely different "businesses", in that one is purely material and the other is not, however both hold value in their own way.

1) No they formulate it incorrectly. They say: Dollar had value (back in the day) because it was backed by gold. And gold has value because it is pretty to look at. So the dollar bill itself has no value (nothing). It derives its value because it is a claim on gold (back in the day it did).

Now bitcoin is like the dollar bill (actually worse because you cant burn it to create heat). It is nothing. I cant do anything with a bitcoin. Now you say well true, but its backed by the miners. Well that does not add value. I cant redeem the miners and sell them can I? Now some bitcoiners will say: Well you can transfer bitcoin cheaply. Well just because I can transfer nothing cheaply (what a waste I have after all transferred NOTHING) does not mean that nothing thus is something. Its still nothing. If the bitcoin arrives at my place I can still not do anything with it can I?

2) The comparison to facebook is totally flawed. I can do stuff with facebook. What can I do with bitcoin? Nothing.

Now i am 100% confident you are an absolute troll. There is no way someone who has the competence to know what bitcoin is, actually makes those assumptions and claims that you do. You can do stuff with facebook, but you can't do anything with bitcoin? Are you seirous? - I'll let you take a breather and come back on this one, because i genuinely don't believe you are completely incompetent.

Edit: Read this: https://bitcointalk.org/index.php?topic=363779.0