He blames the rise of Bitcoin on figures like Elon Musk “behaving stupidly”, which makes the general public perceive that the crypto-currency is credible. Now he puts him in charge… I am so confused … He once called cryptocurrencies a “scam” and said he wasn’t a “fan” of bitcoin.
What has changed … His meds 
Old people Suck…
Bitcoin is only worth what someone else will pay for it, that’s it. That there is a finenite amount of them and that it’s a ledger wrapped by a fancy lock makes no difference. If it becomes the case that people don’t want to buy bitcoin say for a new different currency, it will lose value.
Of course.
You’d rather have a scam like Federal Reserve Notes forced on you by a foreign entity, no idea who they are, they control the value thereof and it’s a crime if you attempt to compete with them.
Brilliant idea.
OK let work this through, you have agreed that the value of a bitcoin is what another will be willing to pay for it. That is the entirety of it intrinsic value.
One dollar value is backed by the full faith of the US Government, that is the belief of the world (as a reserve currency) that a dollar is a store of value, a unit of account and a means of exchange.
Both are simple beliefs, which one is of more use to you?
Right now you think of bitcoin as a store of value, but that value is based on the dollar, as you said bitcoin’s worth over 100,000 dollars. But that can change really really fast, where the dollar over the past 50 years its value has been stable, inflation has hit it, but its no where near as the same volatility as bitcoin.
Bitcoin is not a means of exchange, you cannot go out a buy a beer with your bitcoin.
And its really hard to think of it as a unit of accounting given its volatility, your net worth goes up and down more more then the stock or bond market.
The dollar is backed by absolutely NOTHING!
IT IS ISSUED BY A PRIVATE CENTRAL BANK. THE GOVERNMENT IS IN ITS DEBT FOR 37 TRILLION DOLLARS.
YOU ARE INSOLVENT. BROKE. RUINED.
WAKE UP! WAKE UP! YOURE BEING TAKEN FOR A RIDE, KIDS!
WAKE UP!
bitcoin is backed by nothing….
but that is not a bad thing! like the dollar…
It doesn’t need to be backed by anything. It is a store of value, work produced, recorded.
What is gold backed by?
What is silver backed by?
Nothing. They are a value in themselves.
When you issue currency, that is allegedly backed by something, like gold, silver, minerals, whatever.
think of it this way, do you value each bitcoin you have via the EURO, the Yen, the Rubel, the Peso?
No you placed its value against the dollar, as the dollar is the worlds reserve currency in which you have a unit of account, a unit of value and a unit of exchange.
Currency is WORTHLESS.
IT IS FIAT! BACKED BY NOTHING!
BITCOIN IS A STORE OF VALUE BY ITSELF.
but its not a currency in that you cannot go buy a beer with it, you have to convert it to dollars to do that.
Wrong.
telll where you can buy a beer with a bitcoin…
Go find a bar that accepts Bitcoin.
I make survival and camping knives and sheaths, leather goods, fur goods, etc.
I also do bicycle repair.
I’ll gladly take your Bitcoin.
I have (been involved in bitcoin since 2009). I can shell out 8$ in any bar in any city, trying to find a bar that takes bitcoin is really a lost cause…
I worked at a company that built 3d engines for the engineering market, lots of GPU’s under utilized at night. My boss used them to mine…
I always have wonder that if his bosses realized that these late night mining wealth vastly exceeded the amount of the owners accepted in a buy out 12 years later.
Looks like yer crap outta luck then, eh?
Guess you’ll have to hodl your Satoshis.
Nothing wrong with that.
No, he shared…
It just that I realized then that currency is what you believe its worth, there is no intrinsic value in any of it.
Right now the world use the dollar as the reserve currency. That gives the USA great power. Giving that up would be a great mistake.
No worries there. No one is giving it up.