Quote from: kryptqnick on July 18, 2019, 02:43:56 PM

Quote from: Bitcoinqubit on July 09, 2019, 04:59:57 PM

1. the main' value of bitcoin is it peer to peer and put out the middle man like banks/governmnets/paypal and bunch other from the chain,
and we can send and receive money directly... this kind of tech bring huge value to human kind relative* because everything is relative and peer to peer money(denetralized tech) have huge value compare to cenetralized money eco system.

2. bitcoin and other low supply crypto is store of value like gold and diamonds but have much more less supply, and compare to gold and diamonds which is must to convert to some other value(fiat cash) in order to buy clothes,cars,houses and other which mean the selling rate of gold and diamond always will grow in some sort of level because its store of value and not accepeted as cash anywhere...

selling rate == this is what make market movements in crypto , which mean if the selling rate is high so *x* lose value.

now bitcoin/crypto (low supply) its store of value like gold/diamonds and cash in the same time which mean soon the selling rate of crytpo will fall drastically because it will accepeted everywhere and people will not convert crypto to paper money they will buy directly and this kind of effect when the selling rate fall because of adaption its surge the price per coin without even demand grow, simple because selling rate fell

bitcoin/crypto == store of value + cash

...

I am not sure these are the main points. Starting with #2, Bitcoin is has limited supply, that's true, but how do you compare it with gold or diamonds? After all, Bitcoin is divisible into Satoshis, and it's not like you can determine what's more scarce by weighing it in this situation. As for #1, while it's true that this was the whole point of Bitcoin, it's not what we actually see in practice. Wallet providers are in a way intermediaries as well, not to mention the exchanges. It's decentralized, true, and perhaps it reduces the amount of intermediaries, but the way we, the majority, use Bitcoin, is still not without someone in the middle.

you wrong there is mathematical equation to see that bitcoin supply is so small relative to gold and diamonds.

this is the main points op is right .

and this is why crypto dont need to be backed by anything because it has its own huge values like op mention:

--its peer to peer
--its cash and store of value compare to gold/diamonds which is only store of value.
--its has so huge low supply compare to precious metal there is equation to see this huge difference , this equation used for other interesting things.
--from security point of view its much more secure then centralized money.

i didnt get your point but this is the main point of crypto.

and why fiat money need to be backed by something like gold because it has no value and have huge middle chain like banks,paypal and other big companies, and even worse

its have unlimited supply because its printed non stop by governments and criminals, the supply only grow ask someone in economics and this is why smart people store value in diamonds and gold and other things.

crypto coin that backed by gold or other things is scam because its not need to be backed by anything its have its own huge values, to much.

op forget to mention this...