[ars_technician]

>To answer your ramblings: you are wrong, currencies have to be compared to other currencies to estimate their worth. The Euro is compared to the US dollar. The Japanese Yen is compared to the British Pound. Etc. So it is normal to compare Bitcoin to other currencies.

No it's not. As a user of a currency, you should have to compare it to other currencies to know how much it's worth. You know how much it's worth by what goods and services it buys you. Don't believe me? Next time ask someone on the street how many Japanese Yen a USD is worth. Unless they frequent Japan or trade currencies, they will have no clue.

The fact that a value of bitcoin has to be derived from an exchange rate means it's not a good currency yet, it's just a speculative financial investment.

[mrb]

Yes it is. Ask any forex trader how they evaluate the worth of a currency. Exchange rates. This idea that Bitcoin's exchange rate should not be looked at to evaluate its worth is ludicrous.

(What you can buy with a currency is merely an indirect derivative of exchange rates, in a modern economy running on global trade.)

[fat0wl]

ask any forex trader how many of them work in a medium without basic protections against market manipulation...

You have a cargo cult mentality. If a little kid puts on his dad's pants, is he now his dad?

If I told you that each word in the dictionary was now worth $700/USD would you respect the dictionary as a viable form of currency because it has "an exchange rate"? Not unless you could use it to buy things at the supermarket -- that's what the commenter above you was pointing out. Any currency that buys you 1 apple on Monday vs 100 apples on Friday is not a successful currency at all. Bitcoin is going to crash before it reaches a point where it's viable as a transactional currency. Right now those exchange rates just mean "the current value you rubes think these coins hold!!"

Anyway I just recommend people get a job instead of playing with these stupid digital coins. Even if you're on the winning end, do you want your legacy to the world to be that you took advantage of a global ponzi scheme? Try to cure cancer instead.

[mrb]

You have no idea what you are talking about. Many financial traders do work in markets with zero protections against market manipulation: commodities!

A commodity is, for example, fruits, textiles, metals, etc, all of which are traded on financial exchanges around the world.

[fat0wl]

All the things you just listed have intrinsic value.

[Ellipsis753]

If I could sell you the dictionary for millions I would stop complaining.

[ars_technician]

>Ask any forex trader

Are you dense? That's the problem. The majority of a currency's users SHOULDN'T BE TRADERS.

[fat0wl]

ugh thank goddddddd. finally someone who gets me.

another way i've thought about this -- say i tell you a bicycle is worth $1,000. you would laugh and say "hell no" but then if the next day you saw someone buying a bicycle for $1,200 then later that week 3,000 you might think "god damn i gotta get me on of them bicycles. the darn things multiply their value all the time". then you look out your window & realize..... nobody is riding bicycles, it's just the big price stickers at the stores are changing so much that people BELIEVE there is a demand when they can see with their own eyes that bicycles have not taken the commuter world by storm. they are just sitting in people's garages and occasionally some are bought/sold because now they're considered value stores. but when are they ever gonna get used as bicycles...

and since bitcoiners say "but you can use it as moneyyyy" let's add in that "some stores start accepting bicycles as payment for things like food, assuming that they in turn can later sell those bicycles since obviously they will never depreciate in value, right?"

o and let's not forget like half the bicycle supply is sitting in warehouses owned by the bicycle manufacturers, who buy and sell them to themselves to create the illusion of greater transaction volume :)