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RE: What is Intrinsic Value?
Your advocating a cryprocurrency backed by metals, therefore you clearly see metals are no match for crypto in everyday use. The flaw in your argument is that crypto is backed by cryptography, backing it with metals is a pointless exercise in my opinion but if you like the extra reassurance these cryptos are available.
Of course value also comes from supply and demand I don't really understand the point your making there? If your saying there is no limited supply of a given cryptocurrency that would be wrong, If your saying their is no demand for cryptocurrency that would be wrong. I didn't go into detail about supply and demand contributing to intrinsic value as I thought this was obvious.
Greetings @gamma-rat, I was talking about value - intrinsic and perceived :)
My reply was in response to your article, above, in which you state, “The convenience of lightning fast transactions around the globe of course has value in comparison to moving lumps of metal physically around. “ I was stating that there was no need to cart it around, it would have its own tokens that could be traded digitally, using blockchain technology, like any cryptocurrency. Value is a subjective notion. There is intrinsic value – that relates to the object itself and would include its utility and perceived value. There is also relative value – is the object valuable in relation to other objects. This gives a standard against which it can be measured and appraised. I am not anti-cryptocurrency, but I do believe that some values have been inflated by their perceived scarcity and difficulty to produce, or “mine”. I watched a fascinating video yesterday, posted by @marketanalysis, and I will post a link to it. In it, Charles Hoskinson suggested that Ethereum was an early-stage project. So many of these new ICOs are emergent ideas. We are pricing ideas – not functioning entities. I also think that this bubble needs to deflate slowly so as not to adversely affect the entire cryptoverse. My worry is that Bitcoin is overinflated because it has been used to finance ICOs, so many Bitcoin owners have amassed enormous fortunes through financing ICOs and this has given them an inflated view of its value, as well as a desire to shore up this value, because their wealth relies on Bitcoin’s continued pre-eminence. The first ICO I bought into accepted Litecoin. In what way does this threaten Bitcoin’s value? I am not anti-cryptocurrency. The main reason Bitcoin has acquired value is because Bitcoin holders have used it to finance ICOs that have made them wealthy beyond their wildest dreams and they can’t send their money back to fiat without having to pay enormous taxes. We have already this morning news that The Wolf of Wall Street is throwing in his 10 cents worth. But his arguments are barely noteworthy.
The link to the video I discuss, here: https://steemit.com/bitcoin/@marketanalysis/video-roger-ver-max-keiser-charles-hoskinson-on-nexus-conference-2017#@katyclark/re-marketanalysis-video-roger-ver-max-keiser-charles-hoskinson-on-nexus-conference-2017-20170927t071223941z
Interestingly, I have earned more fiat speculating in the gold space than in the crypto space over the same time frame (two months), in a ratio of 3:4.
I think that comment says more about your inability to trade crypto than proving your point. Almost everyone in crypto knew for instance that WTC would go up and it went up 800% in the last month. Im not anti gold either Im simply pro-maths and pro-profit.
I don't see myself as a trader :)
Its irrelevant wether your a trader or not, you have stated you made more speculating on PMs than on Crypto in the last two months. This is absolutely no indication that the gold market is more profitable it is simply an indication that you personally have not profited from crypto. Wether gold is more profitable than crypto over the last two months isn't up for discussion the proof is there for all to see in the figures. If your not capitalising on that then thats your choice and i wish you all the best but your experience is by far and away the exception not the rule :)
Its irrelevant wether your a trader or not, you have stated you made more speculating on PMs than on Crypto in the last two months. This is absolutely no indication that the gold market is more profitable it is simply an indication that you personally have not profited from crypto. Wether gold is more profitable than crypto over the last two months isn't up for discussion the proof is there for all to see in the figures. If your not capitalising on that then thats your choice and i wish you all the best but your experience is by far and away the exception not the rule :)
And your point is? I think you've lost sight of the original discussion thread.
This from someone who thinks ideas have no value 🤣
Your style within this interchange was exactly what I thought. Steemit promotes friendly discussion, but you are more interested in an adversarial style - and you went off-point.