[56friends]

I mean, not to defend Bitcoin, but if you have invested at $60 and sold at $60K - it has provided tremendous value. Most people are going to lose money on this “investment”, but just saying that it provides no value at all is a tired argument.

[woodruffw]

This is nihilistic value: the “value” of Bitcoin seems to be latent not in its productive capacity, but in its ability to extract value from other people. Which is to say that it has the same value that a credit card skimmer does, and that that is not a useful definition of “value.”

[56friends]

It’s a good argument. I don’t fully agree we should limit the definition of value to only its (subjectively) productive quality. It’s like gambling - I personally don’t see value in it but, hey, many people love it so they get something from it.

[pritambaral]

I'm not sure if that argument is any good, since everything you say holds equally well with every pyramid scheme in history.

[56friends]

Bitcoin is obviously not a pyramid scheme [0]. Criticizing things you disagree with requires a bit more skill than just using labels that don’t apply.

[0] https://en.m.wikipedia.org/wiki/Pyramid_scheme

[pritambaral]

I said nothing about Bitcoin, only about your argument. Responding to an argument requires reading it first, which is a bit more skilled than just knee-jerk reactions.