Is Bitcoin in any way valuable?

[DonCoquixote]

In light of the MT. Gox blowup, I wish to start an discussion; is there any real value to Bitcoin?

I will offer my opinion, which I admit, can be wrong.

The idea behind bitcoin is not a terrible one. We DO need some form of currency that is not based in traditional sources, if nothing else because those sources tend to be running out, or at the very least, sources of national strife. There does need to be a way of defining value in other forms, energy, labor, not just geological stuff.

That being said, there is nothing backing or regulating bitcoin. If the UN got involved, maybe there could be something, as they could value currency and have the reach to prevent the shenanigans that every state engages in.

As is now...it is nothing, a con game at best. My hope is that perhaps it could be retooled into an actual tool, something to prevent the wars that will result from gold or petroleum.

[seattledo]

1. No

Republicans love them because of the wasted energy.

[MADem]

2. My position comes from what little reading I've done on the topic, and my gut.

I think they're a cross between a Ponzi scheme and Beanie Babies!

I think in a few years people will put them in the Pet Rock category.

But hey, ya never know. I simply have no intention of being an "early adapter." I don't have money to throw around on that kind of foolishness.

[MrMickeysMom]

3. I see that it has relevance and yet, don't have the expertise to invest as others have

I think the best source for expert opinion is to listen to Max Keiser's guests, who have been discussing the eventual turn to it.

Do you go there?

[Gravitycollapse]

4. The security situation behind cryptocurrency seems to be absolutely horrific.

Is that a denouncement of the currency itself? I really don't have a clue. I still don't understand how a Bitcoin is produced.

One of the reasons why it is so popular, its almost impossible to trace, is also one of the reasons why it is so vulnerable. Cold storage offline seems like a good option. But then it's not really any better than any other currency.

[killbotfactory]

5. As an investment? It's quite risky.

As a way to buy something on the internet and have it remain anonymous, like a cash transaction, it's probably safe. Probably not worth the effort for most things unless you are deeply concerned about privacy or are doing something illegal or highly questionable.

[customerserviceguy]

6. Money is whatever people believe is money

If enough people believe that Bitcoins are money, then they are money to those people. The recent crisis has caused a lot of faith in this fairy-dust 'currency' to evaporate. It's not unlike what happened with the credit default swaps that triggered off the Great Recession.

If some alchemist had figured out how to turn base metals into gold (an impossibility, I readily admit) how much would gold have been worth after that event? Perceived scarcity is but one aspect of 'money'. Faith in the fair transfers of that 'money' is the most important part of continued belief in the currency being passed off as money, and with the shenanigans that Bitcoin has seen, that faith has been seriously shaken, if not utterly destroyed.

[pnwmom]

11. Gold can actually be used for making things, unlike bit coins. n/t

[Adrahil]

24. Absolutely true

Value of currency is based upon agreed upon value. Even the value of gold is based upon our perception of its value.

But one of the problems with Bitcoin is that the way it is being "produced" and managed is bizarre. It's more like a ponzu scheme than a currency. Because only a limited number of bitcoims will be produced, and once a bit coin is "lost" or destroyed, it can never be replaced, there is very little incentive to use it as a currency in the long term, since built in increasing scarcity will encourage holding, not spending. Those people "making money" on bit pin are doing so by treating it as a commodity, not a currency. That's a path doomed to failure.

[Warpy]

7. No.

Bitcoin has always smelled like a classic Ponzi scheme to me, the first investors profiting with later investors paying their profit. The whole thing ticks along nicely until enough new suckers aren't brought in to satisfy the suckers already there. Then they all stampede for the exit.

The collapse of MT Gox would seem to bear that out.

[grahamhgreen]

8. No, their own website says it is backed by nothing. Now is the push to offload to the masses, IMHO..

[pnwmom]

9. Paul Krugman's blog post was titled, "Bitcoin is evil."

I think that sums it up.

There are good points, if you're trying to evade taxes, or deal in illegal goods . . .

[FSogol]

20. +1 n/t

[randome]

10. 'National strife'? Isn't there enough Bitcoin strife going on for you now?

It's a Libertarian wet dream that is getting washed away in the rain. How is it not 'a terrible idea'? Why in God's name would we need a replacement for money? Have you seen how human beings treat money?
[hr][font color="blue"][center]You have to play the game to find out why you're playing the game. -Existenz[/center][/font][hr]

[mythology]

12. Is it inherently valuable? No

But given how much other people are willing to pay for it, yes it has value. Is it perhaps a ponzi scheme? Sure. But that doesn't mean that if you are smart and careful you can't make some money on it.

But make sure you store your Bitcoins offline in a Bitcoin wallet rather than online such as in a storage site like Mt Gox.

[onehandle]

13. Scam. nt

[elleng]

14. No, and more dangerous because there is no regulation,

and likely won't be any.

[woo me with science]

15. Yes, along the lines of what you wrote...

Whatever Bitcoin's problems or limitations, it teaches us that, as long as we tolerate an economic and monetary system that is inherently corrupt and funnels money from the poor to the rich as part of its very structure, people will keep trying to develop alternatives.

[randome]

25. The BitCoin exchange was robbed! How does that not equate with 'funneling money' somewhere?

It doesn't matter if we use paper money or virtual currency. People will still treat money like an obsession. How could BitCoin in any way, shape or form be somehow better for the poor?
[hr][font color="blue"][center]You have to play the game to find out why you're playing the game. -Existenz[/center][/font][hr]

[woo me with science]

44. You missed the point.

Try reading again. The post was not a defense of exactly how bitcoin works, but an indictment of the predatory system we have now that drives people to try to create alternatives like bitcoin.

[randome]

46. I doubt anyone thinks to protect us from predators when an alternative monetary system is created.

And I fail to see how any currency can be better suited for the poor and not lend itself to abuse.

It's like the Internet striving to be both open to the world and entirely secure. That will never happen, IMO.
[hr][font color="blue"][center]"There is a crack in everything. That's how the light gets in."
Leonard Cohen, Anthem (1992)[/center][/font][hr]

[Marie Marie]

16. Libertarians love them.

That makes them suspect to me but I should state that I simply do not understand them enough have an informed opinion. Still, the whole concept seems shaky to me at best.

[Loudly]

17. If Yahoo closed up shop tomorrow, would e-mail cease to exist and be used?

That's the way the collapse of MtGox was described by one commenter I read.

Bitcoin seems pretty robust despite the apparent attempt to destroy it by stealing enough to undermine confidence in it.

If it was stolen to be spent, then whoever stole it still needs to figure out how to be able to pass it off in commerce as wealth.

Because Bitcoin is all about provenance, and that is something which seems impossible to counterfeit. {The approach has been to corrupt or fool the online wallet holding it.}

So perhaps these stolen Bitcoins were never intended to be "spent" per se.

It might be just an operation by a government or a banker or consortium of such vested interests to nip this Bitcoin menace in the bud through the introduction of fear of loss.

A misbegotten effort to slander Bitcoin, so to speak. To tarnish it in the minds of those who are still struggling to understand what it is.

Or it could just be digital vandalism by hackers, which seems to be an end in itself for those types.

Bragging rights for their own perverse sake.

Which would be a sad irony because they are the ones who best understand its usefulness and could advance the spread of its benefits.

[Blue_Tires]

79. e-mail doesn't have a monetary value, so that analogy doesn't quite work

and your implication that some bank or government is intentionally behind the theft is way out there, unless you have something to back that up...

[Loudly]

82. I would submit that e-mail DOES have monetary value for the service it performs.

It is a means of transmitting a package of information-- text and attachments.

That is worth something, at least relative to a postage stamp.

And this provides us some level of insight into the definition of "value" in a digital age.

[Recursion]

18. Just like gold, as valuable as the buyer is willing (nt)

[Art_from_Ark]

22. No, bitcoins are NOT "just like gold"

What a nonsensical thing to say. Gold has been used as a monetary medium for millennia and has a fully-developed global market where one can easily buy and sell it. It is a tangible asset that has helped many people the world over make it through currency crises. Bitcoin is the exact opposite of gold.

[Recursion]

27. They are 100% like gold. Entirely. Gold is a Ponzi scheme.

It can't be eaten and has few industrial uses. It's as valuable as a buyer is willing to make it, and no more.

[randome]

29. So if there is no difference between dollars and BitCoins, why does BitCoin exist?

[hr][font color="blue"][center]Everything is a satellite to some other thing.[/center][/font][hr]

[Recursion]

30. It doesn't weigh as much, and grows at a predictable rate

But, hell, they even use the metaphor "mining" because that's what it is: "extracting" new specie.

[randome]

31. A plastic debit card doesn't weigh much, either.

I write two checks a month and those are only to my mother and my ex. Everything else is electronic and automated.

I simply don't see the point of 'mining' a new currency that is prone to fail as spectacularly as Mt. GOX. It has no guarantees, no government-mandated insurance to protect it.

If we're lucky, Rand Paul had substantial holdings in Mt. GOX. That's the only positive outcome of BitCoins that I can see.

On edit: I hope you didn't.
[hr][font color="blue"][center]No squirrels were harmed in the making of this post. Yet.[/center][/font][hr]

[Adrahil]

41. Because there is a sucker born every minute? NT

[randome]

42. The people flocking to BitCoin are the greedy ones hoping to 'get away' with something.

No taxes, no oversight. Part of the Conservative dream of a frictionless economy. It's amazing! It's trendy! It's BitCoin!

It's money, same as it always is.
[hr][font color="blue"][center]“If you're not committed to anything, you're just taking up space.”
Gregory Peck, Mirage (1965)[/center][/font][hr]

[Adrahil]

43. Yup.... that's how scams usually work.

Take a look at the Nigerian "prince" scams. Almost all of them rely the "mark" being greedy and want to get rich quick. As in any ponzi scheme, some of the marks are allowed to make money, but that's just to suck MORE suckers in for the really big score. Mt. Gox just decided that they had fleeced as many as they could.

[Art_from_Ark]

32. What utter nonsense

Last edited Sat Mar 1, 2014, 10:22 AM - Edit history (1)

Gold has been a monetary medium longer than any other commodity or currency. It's ridiculous to claim that being edible or having industrial uses is necessary for being a monetary medium. Geez, if that was the case, then iron and rice would be the world's currency Gold's value is based on a number of factors which are assessed by a well-established global market, and dealers the world over refer to that market price when setting their buy and sell prices.

[DonCoquixote]

48. I agree with you, but there is a caveat

Why can't Iron and Rice be as valuable? I am not saying make it as much as Gold, but the idea of putting x amount of desired good instead of gold is an idea that perhaps can be salvaged.

[tblue37]

64. At one time Roman legionnaires were paid in salt, and our word "salary" reflects that

fact. Rice or iron could be used as currency, if people agreed to accept them. In a post-apocalyptic world, rice, iron--or potable WATER--might be currency of highest value!

[jmowreader]

57. The few industrial uses it has are huge

Jewelry and electronics are not niche industries.

[Recursion]

77. Compared to copper or platinum?

It's one of the least useful transition metals. Actually that's one of the reasons it's been gravitated to as a unit of account.

[jmowreader]

81. I don't think I've ever seen a platinum-plated connector

Gold-plated connectors, I've seen a shitload of.

[FSogol]

19. You realize that whenever you use non-US money for anything, you are weakening the US economy, right

Bitcoin has a value in ponzi-scheme type of way. You can make money if you are near the top of the scheme.

I'm sure the purveyors of child porn, sex trafficking, drug money laundering, and other black market activities love a "form of currency that is not based in traditional sources."

Me? I'll stick with US currency.

[Lancero]

33. Guess what currency...

The purveyors of child porn, sex trafficking, drug money laundering, and other black market activities used before Bitcoin?

US currency.

[randome]

40. Guess what currency those groups would prefer to use?

BitCoin.
[hr][font color="blue"][center]If you don't give yourself the same benefit of a doubt you'd give anyone else, you're cheating someone.[/center][/font][hr]

[FSogol]

47. Which the US govt trackes down and prosecutes. Guess what Bitcoin has zero interest in doing?

Last edited Sat Mar 1, 2014, 11:47 AM - Edit history (1)

[gerogie2]

21. The only thing that creates value in bitcoin is speculation

The reason that the price has risen on bitcoin making it more valuable for now is just the same speculation that drives a stock or bond higher. People are willing to buy it because they think it will go up in value. Just like any investment as more people buy less the value will fall.
The fact that bitcoin has no insurance or government regulation can mean at any time the value will collapse and those still owning bitcoins will lose most of their investment.
Also because of drug buying with bitcoin it is possible that a government will outlaw it or seize exchanges.

I wouldn't purchase or invest in bitcoin unless I could afford to lose that money.

[sendero]

23. I really don't know...

.... but I wonder how anyone could take seriously a cybercurrency that is traded on a site named Magic The Gathering Online Exchange?

Bitcoin may well be a viable idea. But it has been compromised by this site. As yet, explanations of what has happened are pretty circumspect. We've heard that there was a flaw in the transaction processing that allowed fake transactions to steal bitcoin. Really? ALL OF THEM?

I find this story suspect. Unless and until we know what actually happened to the BCs deposited there, it is hard to assess the overall viability of the whole thing IMHO.

I'm sure some of you are aware that Bitcoin is but one of many similar currencies vying for acceptance. Dogecoin, Litecoin, many others have somewhat different applications but they are IMHO all fighting for a spot at the top eventually.

I think this sort of currency as a medium of exchange is here to stay. Which version will win is as yet unknown. I don't think it will be bitcoin or any other currency with such a meltdown.

[Art_from_Ark]

38. Kitco used to have a link to Bitcoin exchanges

That link has since been removed from Kitco's site. I think that means that Kitco is acknowledging that there was nothing to Bitcoin. The other copycat pseudo-currencies are, in all probability, going to meet the same fate as Bitcoin.

[CK_John]

26. Until it has an Army to enforce it's debts it is a wantabe imitation of the "quarter".

[Kilgore]

28. Every Bitcoin Needs........

to come with a firewall & antivirus!!

[BlueStreak]

34. Bitcoin is a scam. But let's talk about the real problems.

The problem is a banking industry that is completely out of control. Most people use very little cash these days. That means the bulk of the consumer economy is passing through credit and debit cards. And the banks have monopolized that to the degree that they can keep cranking up the fees to merchants and there is nothing most of them can do about it. Banks are now grabbing something like 5% of every consumer dollar spent. That's a huge drain on our national productivity.

The argument behind Paypal, Bitcoin and other alternative payment systems (and Mondex before them) is that using technology we should be able to do these transactions for less than 1%, maybe less than 0.1%. It is a valid goal. The problem is that con artists stepped in and found there were millions of suckers lining up to hand them their money, no questions asked.

No look at Paypal. Most of the Paypal transactions now run through credit cards, so in practice Paypal is not a low cost system. It is actually a HIGHER cost system because you get the bank fees PLUS Paypal fees.

We need a better solution. But we can't have something that is so easy for crooks to exploit.

[randome]

35. Crooks will always exploit the monetary system, no matter how it's based.

Last edited Sat Mar 1, 2014, 10:30 AM - Edit history (1)

[hr][font color="blue"][center]Sometimes it seems like the only purpose in life is to keep your car from touching another's.[/center][/font][hr]

[DanTex]

36. We already have a currency "not based on traditional sources".

That would be the US Dollar. It is not based on gold or petroleum. It is fiat money. It has no inherent value. Incidentally, gold doesn't have too much inherent value either. It has some, but most of the value of gold is also due to the fact that it is in limited supply, and people think it is valuable. But the industrial uses for gold don't justify it's current market price.

The answer to your question is that bitcoins are valuable if people think they are valuable. Same as any other currency. If it catches on, and becomes a currency in wide use, then it will be very valuable. If not, then it will be worthless. It probably won't, so it's probably worthless, but who knows.

But it's not exactly a con game. The supply of bitcoins is limited mathematically. This is one thing that libertarians like about it. There is no federal reserve determining how many bitcoins there are.

[quaker bill]

37. THey are every bit worth the paper they are printed on

oops

[KharmaTrain]

39. As Valuable As Casino Chips...

...for those who want to play the bitcoin game it will always have value. That amount is based on the old capitalistic concept of supply and demand...those who hold the coins in value will pay a premium for them. How large that number of people is will give the coin any overall value...the more who hold them the more they're in demand and worth. However, I don't see that happening. Especially in light of the MT.Gox mess.

Bitcoin has been like gambling...hedging against the rest of the world economy and creating some utopian system that would replace the existing monetary system when Mad Max rules the planet...

[TBF]

45. The idea of virtual currency

has been discussed for a long time. Even when I was in high school in the dark ages ATM cards were just being released and my economics teacher opined about how at some point we might not even have currency anymore. That was 30 years ago or so ...

Eventually I think it may well be the case - particularly if they come up with a currency that can be used internationally (as you suggest - likely organized via the UN). It would simplify matters for the global capitalists and they of course would drive it as they do everything else ...

[DonCoquixote]

49. Virtual

My idea would be that whatever it is would be backed by x amount of goods. Let's say, The Un makes a currency, called the UNO. You could have it be worth x amunt of good, be it food, labor, energy, etc. In some ways, that would be better, because labor itself can be admitted to have a value, beyond the mere idea of wages, since wages can be too easily manipulated with Guns and/or lawyers. It could also pave the way towards a standard wage. After all, a lot of people are rotting for the fall of the Dollar, but what is to keep China Or Russia or Brazil or any would be new kid on the throne from abusing their power?

The bad side is what you pointed out. Just like every manufacturer has some office in Bentonville, Arkansas (Walmart home) so would all the thieves flock to the UN, especially since the UN is not exactly known for being free of corruption.

[SomethingFishy]

50. There are 2 things of actual value on this planet.

If you strip away all the bullshit, all the technology, and all the advancements, the things that are left that are of value are...

Food and water.

If the shit ever hits the fan, the richest person on the planet will be the guy with the food and water.

[Blue_Tires]

80. Add to that land/living space and breathable air...

[OregonBlue]

51. Because it's not regulated, you have no security. Mt. Gox proves that. They are now

declaring bankruptcy. Poof the fake money is gone and there is no recourse. No paper trail. No way to recoup your losses.

[Democracyinkind]

52. People do not understand what money or currency is.

It is exactly as with gold and dollars: The value is derived from what people believe about it (and therefore are willing to trade for it).
The notion that gold or dollars - as opposed to bitcoins - are backed by something in addition to their institutional frame is appealing but ludicrous.
All currency and money is essentially equal. All of it becomes worthless eventually - it's our ahistorical nature that leads us to believe otherwise.

[OilemFirchen]

61. No.

The value of the dollar is based on monetary policy. A dollar is a dollar is a dollar.

[Democracyinkind]

66. Just as the bitcoins' value is. The only difference lies in who makes the monetary policy.

A dollar is not a dollar is not a dollar. Today's dollar is not tomorrow's dollar, yesterday's dollar is not todays dollar.

The essential difference is not monetary policy, but the fact that that monetary policy is backed by an army in the case of the dollar.

The monetary policy of bitcoins is determined by algorithms.

[OilemFirchen]

70. What is the Bitcoin "monetary policy"?

You're talking about its market value, I presume. And yes, the market value of a dollar likewise fluctuates, though not as frequently. I'll concede that without getting pedantic about semantics...

[Democracyinkind]

71. Bitcoins' monetary policy is the algorithm that fixes the rate at which new bitcoins are "mined"

Just as the FED determines the rate at which new dolars are created (well, the FED and the big banks, actually).

[OilemFirchen]

73. I see.

Policy as defined by brute strength, luck and, predictably, theft. Where's the "monetary" component in this?

[Democracyinkind]

74. The algorithm - the creation of new bitcoins - is NOT influenced by any of the factors you listed.

The value of bitcoins, though, is influenced by all of the factors you mentioned.

Go to the original post that I made. You are arguing that the instutuional frame of bitcoins is different, a point that I made myself in that very post.

Whether or not monetary policy is best set by private interests as opposed to algorithms is a point that the future will decide. There are good arguments for and against both.

[DesMoinesDem]

53. The undesputable answer is yes, they are valuable.

You can trade one bitcoin right now for $570. But maybe you think the dollar doesn't have any value either because like nearly all currency, the dollar is not backed by anything. It used to be back by gold, but it is not any longer. If that is the case you can take your bitcoin to hundreds of different retailers and exchange it for products that they sell. So yes, bitcoin is valuable. Your belief that somehow the UN 'could value currency' is bizarre.

[OilemFirchen]

55. This is hilarious.

Bitcoins are valued based upon fiat currency. The only way to enter the bitcoin "market" is with fiat currency.

BTW, the dollar is backed by the U.S. Treasury. What's the treasury backing bitcoins? Per your valuation... the U.S. dollar. What happens to your bitcoin if the dollar halves in value?

[DesMoinesDem]

56. Wow. Ignorance just oozes from your post.

The dollar is backed by the Treasury? What the hell does that mean? Can I trade my dollars for a part of the treasury? The dollars is backed by NOTHING. It is a fiat currency. The ignorance in this thread of not only bitcoin, but currency in general is alarming.

[OilemFirchen]

58. And the crowd roars!

Yes, you can "trade" your dollars for a part of the Treasury. You can buy a bond or a T-Bill. But there's no need, because your dollar already is a "part of the Treasury". It may be difficult to wrap your brain around this, but dollars are backed by the Treasury in the form of bonds, and bonds are redeemable in dollars.

You also need to understand the concept of fiat currency. Fiat currency has no value in and of itself, it's merely a token which "represents" legal tender. The reason that your dollar has value is that it's redeemable for goods and services, because it has a measurable and consistent value... because it's backed by the Treasury.

So, back to the gist of the issue. Your bitcoin is backed by the dollar (or euro, or pound, or whatever - all of which are valued relative to the U.S. dollar). Accordingly, in order to get into the market you have to use actual currency and, short of the diminishing vendors who'll accept your bitcoin as payment for a good or service, the only way to redeem your bitcoin is by payment in actual currency.

You're the one who said it: The value of a bitcoin is X dollars. IOW, your "alternative" to fiat currency is valued against fiat currency. Get it?

[DesMoinesDem]

59. Wow. You can't be serious.

Dollars are backed by bonds, which you redeem for dollars so... dollars are backed by dollars. You actually just wrote that. LOL.

Bitcoins are backed by dollars, and euro, and pounds...because you can exchange them. You actually just wrote that. LOL

Bitcoins are like any other currency. You can get them by buying them on an exchange, or trading goods and services for them. Or, in the case of bitcoin, you can mine them.

"You're the one who said it: The value of a bitcoin is X dollars. IOW, your "alternative" to fiat currency is valued against fiat currency. Get it?"

Yes, I was showing the value of the currency relative to another currency. It is no different than me saying 1 dollar is worth 100 yen. That doesn't mean that the dollar is backed by yen, and it in no way diminishes the value of the dollar. That is just it's exchange rate, which proves it has value if you believe the currency it is exchanged with also has value.

You literally have no idea what you are talking about.

[OilemFirchen]

62. Not only serious, but correct.

The treasury backs dollars with bonds which are redeemable in dollars. Don't like it? Take it up with the Treasury Department. Don't understand it? Take a class.

What's funny is that I've never seen the "value" of bitcoins expressed in anything but fiat currency. No one has, to the best of my knowledge, ever stated that a bitcoin is worth eight mules and a haircut. You simply cannot escape established currencies.

BTW, I can counterfeit dollars. Better yet, I can steal plates from the mint and print "legitimate" currency. I'll call it "dollar mining" for your benefit. Only difference between dollar mining and bitcoin mining is that one, thankfully, is illegal.

[DesMoinesDem]

63. I can't argue with ignorance like yours.

Dollars are backed by government debt that is redeemable in dollars.

[OilemFirchen]

68. The U.S. dollar is backed by debt, redeemable in dollars.

Who the fuck doesn't know this by now?

Done here.

[DesMoinesDem]

69. Totally. Dollars are backed by dollars

Which are backed by dollars....which are backed by dollars...which are backed by dollars. Makes perfect sense... if you have no understanding of currency at all.

[OilemFirchen]

72. Oh, FFS.

Modern Monetary Theory (MMT), also known as neochartalism, is a descriptive economic theory that details the procedures and consequences of using government-issued tokens as the unit of money, i.e., fiat money.

MMT aims to describe and analyze modern economies in which the national currency is fiat money, established and created exclusively by the government. In MMT, money enters circulation through government spending. Taxation and its Legal Tender power to discharge debt establish the fiat money as currency, giving it value by creating demand for it in the form of a private tax obligation that must be met using the government's currency.

http://en.wikipedia.org/wiki/Fiat_money

[DesMoinesDem]

78. I know what fiat money it.

And you have made it clear that you don't understand WHATSOEVER anything about money. But I have enjoyed the laugh. Dollars are backed by dollars. I'll never forget that.

[oldhippie]

60. Trying to discuss sophisticated financial concepts on DU .....

... is not generally satisfying.

[kestrel91316]

54. Not anymore, from what I hear..............

[usa liberal]

65. you can sell it. or buy it

with real money

so you better believe it's valuable

the question is will it be as valuable a year from now?

if you think so then buy yourself some bitcoin now and cash out later lol

[sakabatou]

67. No, it has no real backing from anyone

[Orrex]

75. Unlike dollars, when all of society collapses, you can't wipe your ass with Bitcoins

So no. Bitcoin is not in any way valuable, except to the people who traded on the credulousness of the scam's victims.

[Sarah Ibarruri]

76. What exactly is a bitcoin? nt

[bemildred]

83. It's a bet, plain and simple. You bet there will be another sucker comes along. nt