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by throwaway3453
3934 days ago
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I suspect you're being deliberately ignorant to why Bitcoin, a fixed quantity commodity that is immune to counterfeiting, has value. You're confounding physical utility and symbolic value. I don't have a problem with Bitcoin becoming a wild success or another case of Tulip Mania. I do have a problem with your feigned ignorance just so you can maintain your initial position. You're doing yourself a disservice for life. There's no shame in understanding a concept more and discarding misconceptions. |
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A word in your sentence contains the answer to your statement. Commodity. I do not think Bitcoin is a commodity. Commodities are what I can go down to the store and buy - apples, flashlights. Maybe go to another store and buy a bar of gold. All of these things are useful. Precious metals like gold even have properties which allow them to be good currencies (portable, divisible, durable, uniform...) Bitcoins are not like these commodities - they are not consumed! Commodities are.
> You're confounding physical utility and symbolic value
I would not want to conflate the idea of arbitrary utility and the standard price and exchange value of a commodity. Obviously they are different - as someone else alluded to, an apple has more utility to someone who is very hungry than someone who is not.
> There's no shame in understanding a concept more and discarding misconceptions.
As I said earlier - I said right here on HN back when Bitcoin's price was twice what it is now that Bitcoin's price would crash to $0. That is what "maintaining my initial position" is. So far my prediction has been going in the direction I envisaged! Who should be understanding concepts more and discarding misconceptions, me who knew Bitcoins would lose half their value, or those who were hyping it back then?