Re: BITCOIN IS IN A BUBBLE !!! The true value of Bitcoin is somewhere near ZERO
It seems you have much to learn about crypto.
Of course you can create any number of currencies. Doesn't mean those currencies will have anything resembling security, decentralisation or censorship resistance, though. You can only guarantee such qualities through having a large number of independent users securing the chain. Bitcoin has this. Other currencies do not. Don't fall for the hype around "blockchain". A blockchain without independent users securing it is nothing more than a database. Databases are not a new concept and are not the future of money.
Kind of undermines your own first point, doesn't it? Surely all those other cryptocurrencies out there are going to have the same issue? Fiat currencies can also diminish in value to the point where they become practically worthless. Doesn't mean people won't use them while they do still have value. Aside from that, many would argue that while Bitcoin is certainly volatile, it is not a "bubble".
Backing generally requires trust in a third party. Who is going to be responsible for holding this gold or other asset? How do you know for certain they hold as much gold as they claim? And are you not concerned about the power over the network this entity holding the assets would have? They would effectively be a central authority who could block or reverse your transactions if they choose to. What kind of cryptocurrency is that? I'll tell you: A shit one. Centralised and useless.
The value does not come from the energy expended. It comes from the freedom and empowerment provided to users. Peer-to-peer permissionless payments with no middlemen standing in the way. There is undeniably value in such a system because you couldn't have those qualities before Bitcoin existed. Again, all your talk of centralised entities having control over centralised databases and requiring trust simply cannot compete with Bitcoin. It's an altogether different proposition. You're comparing things that are not the same.
Appear, then immediately get piled on top of by various governmental bodies and corporate lobbyists, because they're easy targets for legislation. If it has a head office in a particular jurisdiction, it will never be a truly global currency. There's always going to be someone in power dictating terms. So let's see if Libra actually gets off the starting line before we decide how much competition it's going to offer. Also, good luck finding Libra on any exchange to trade with if it does ever launch. That shit will never leave Facebook's own private servers. It will sit in its little walled garden, entirely cut off from the rest of the crypto community. Libra is categorically not a cryptocurrency in the way we define them. It's a corporate private ledger.
Except that many users do store wealth in Bitcoin and have done for years now. Not everyone sees it as a get-rich-quick scheme. I got involved in 2013 and knew from the offset that I was going looooonnnng. I plan to hold on to most of my Bitcoin until I reach retirement age and that probably won't be for three or four decades to come.
In short, you have no clue what you're talking about and we've heard all this nonsense before, dozens of times. You need a new spiel.
1. The Blockchain is the future of money, YES 
But Bitcoin is NOT the blockchain, an infinite number of crypto currencies can be created to use the blockchain.
But Bitcoin is NOT the blockchain, an infinite number of crypto currencies can be created to use the blockchain.Of course you can create any number of currencies. Doesn't mean those currencies will have anything resembling security, decentralisation or censorship resistance, though. You can only guarantee such qualities through having a large number of independent users securing the chain. Bitcoin has this. Other currencies do not. Don't fall for the hype around "blockchain". A blockchain without independent users securing it is nothing more than a database. Databases are not a new concept and are not the future of money.
2. Bitcoin is just Digits on a screen, it is not on the elemental chart. The only value Bitcoin has is what some greater fool will pay for it. Once the bubble bursts, and there are no buyers, bitcoin's value becomes zero.
Kind of undermines your own first point, doesn't it? Surely all those other cryptocurrencies out there are going to have the same issue? Fiat currencies can also diminish in value to the point where they become practically worthless. Doesn't mean people won't use them while they do still have value. Aside from that, many would argue that while Bitcoin is certainly volatile, it is not a "bubble".
3. The future of cryptocurrency is most likely to be one backed by gold, or some other real asset. A crypto backed by NOTHING is not any better than a fiat currency backed by nothing.
Backing generally requires trust in a third party. Who is going to be responsible for holding this gold or other asset? How do you know for certain they hold as much gold as they claim? And are you not concerned about the power over the network this entity holding the assets would have? They would effectively be a central authority who could block or reverse your transactions if they choose to. What kind of cryptocurrency is that? I'll tell you: A shit one. Centralised and useless.
4. It makes no difference how much effort and energy is required to create a bitcoin. There are a lot of bad investments throughout history where a lot of labor and energy have resulted in bankruptcy and the creation of NOTHING. The world does not value labor, or wasted computation power, it values CREATION OF WEALTH. Bitcoin itself is no more wealth than printing a bunch of worthless dollars.
The value does not come from the energy expended. It comes from the freedom and empowerment provided to users. Peer-to-peer permissionless payments with no middlemen standing in the way. There is undeniably value in such a system because you couldn't have those qualities before Bitcoin existed. Again, all your talk of centralised entities having control over centralised databases and requiring trust simply cannot compete with Bitcoin. It's an altogether different proposition. You're comparing things that are not the same.
5. LibraCoin will be MAJOR competition for Bitcoin. Libra Coin will fulfill the promise of quick, easy, cheap transactions that bitcoin never could. Transacting in bitcoin is very expensive, and it never lived up to its original potential, so they just kept changing the narrative. LibraCoin is just the first of many challengers that will appear in the coming years.
Appear, then immediately get piled on top of by various governmental bodies and corporate lobbyists, because they're easy targets for legislation. If it has a head office in a particular jurisdiction, it will never be a truly global currency. There's always going to be someone in power dictating terms. So let's see if Libra actually gets off the starting line before we decide how much competition it's going to offer. Also, good luck finding Libra on any exchange to trade with if it does ever launch. That shit will never leave Facebook's own private servers. It will sit in its little walled garden, entirely cut off from the rest of the crypto community. Libra is categorically not a cryptocurrency in the way we define them. It's a corporate private ledger.
6. Bitcoin is NOT a store of value, it a speculative investment. No one is buying bitcoin to act as a savings account, the price of bitcoin can swing thousands of dollars in minutes. GET REAL, everyone is buying bitcoin in the hopes it will go to 1,000,000 USD. There is no such thing as a free lunch, the greater the reward, the greater the risk. If Bitcoin can Skyrocket, it can go to zero just as quickly.
Never invest without considering all the possibilities. Throughout History, those that are the most blindly convinced of a get rich quick scheme are the ones that are most likely to get wiped out.
Never invest without considering all the possibilities. Throughout History, those that are the most blindly convinced of a get rich quick scheme are the ones that are most likely to get wiped out.
Except that many users do store wealth in Bitcoin and have done for years now. Not everyone sees it as a get-rich-quick scheme. I got involved in 2013 and knew from the offset that I was going looooonnnng. I plan to hold on to most of my Bitcoin until I reach retirement age and that probably won't be for three or four decades to come.
In short, you have no clue what you're talking about and we've heard all this nonsense before, dozens of times. You need a new spiel.