Post
Topic
Board Bitcoin Discussion
Re: Why is Bitcoin the Dumbest Thing Ever Invented
by
cryptodevil
on 12/06/2024, 09:22:29 UTC
to an extent what you say is true. bitcoin only has value because everyone agrees it has value. or enough people agree. unlike something like gold that has intrinsic value because it has physical uses.

I'll roll the dice on you perhaps having the mental capacity to understand what is being said to you:

Bitcoin has value because it requires time and energy to produce. Work. Back when it cost a miner $50 to create 1 Bitcoin then Bitcoin would generally be sold by miners for more than $50 to ensure they covered their costs. Now it costs tens of thousands to produce 1 Bitcoin so miners won't sell for less than tens of thousands.

You're mistaken in thinking that gold is any different. Just because there are areas of production that can utilise the properties of gold that is not the basis for it's initial market price. Gold has scarecity and a cost of production, too. Gold miners won't sell for less than it costs them to mine it out of the ground and as those costs increase so does the price of gold. It's use in industry is just a pull factor on the price against the availability of the metal for purchase. The push price, that which is the fundamental basis for it's introduction onto the market in the first place is the cost borne by the miner to produce it out of the ground.