Quote from: franky1 on Today at 05:33:54 AM

this is where again value and price need to be realised as different measures.

golds bottom line value is ~$900. no one wants to sell below this because the cost of mining gold is higher then this. and years of buying gold has raised its current owners acquisition costs to also be over $900

same with bitcoin its bottomline support value is about $30k.

the premium (point no one wants to buy above) is gold:$2.5k and bitcoin $70k

the PRICE. of gold sits somewhere in the middle of $0.9k-$2.5k.. and yea the volatility of the ups and downs within this window where the price bounces up and down is the market sway of emotion.
but thats not to say gold has no underlying value either economic value or utility value

the PRICE. of bitcoin sits somewhere in the middle of $30k-$70k.. and yea the volatility of the ups and downs within this window where the PRICE bounces up and down is the market sway of emotion.
but thats not to say bitcoin has no underlying value either economic value or utility value

bitcoin has more utility than many crapcoins(utility) and also because its PoW instead of PoS, bitcoin has economic value.

i would agree your assertions of pure emotional sway of markets and things going to zero apply more to crap-PoS coins. but bitcoin is different to those. for many many reasons

what you need to realise is.. the store of VALUE (value) is not the current $43k. its store of VALUE (value) is $30k+
where at the moment the extra $13k is yes speculative emotional premium, speculating the store of VALUE(value) will eventually reach more then their early purchase of $43k

stop imagining the PRICE as an equal VALUE line. and realise there are differences.

EG milk, each week it can go up and down in price at a retail store.. in the UK we have it going from £1-£1.50($1.37-$2.06)
what is deemed as value to an end users is when its near to the £1($1.37). and when its premium its nearer the £1.50($2.06)
this by itself, this swing in current retail prices regularly is not enough to call milk a pyramid, your thinking: because a farmer sold it for £0.40 to a pasteurising factory, who sold it for £0.47 to a distribution centre/wholesaler who sold it for £0.57 to a retailer. who sold it to a customer for £1-£1.50

a pyramid is where when things are sold at the bottom the money moves up the levels.
EG customer pays retailer who then pays wholesaler who then pays pasteuriser who then pays farmer(in backward reward)
a pyramid is also from top down. 1 recruit 3 who recruits 9 who recruits 27
there is no 1 3 9 27 split of different people who benefit from a sale.

with anything sold in retail. its just money between buyer to seller.
and also, art is an asset..
art is not a commodity. nor a pyramid

seems. you are not yet willing to consider things.
you want to call bitcoin a pyramid (backward paying reward program scam)
you want to call bitcoin a ponzi (share investment treasury scam)
you want to call bitcoin a commodity (raw material used to make products)
you want to call bitcoin flaky art (asset)

can you atleast make your mind up on one?

But pow is not a production cost, you can mine exactly the same amount of bitcoin at the exact same rate with two rasperry pi for 3 cents a month. Its a proof of work used to solve the byzantine général problem, fondamently bitcoin cost nothing to produce. Therefore it has no bouton value.

Currently clearly its more like a cheap pop star or flacky art rather than gold that has been used a store of value since antiquity.