OceanSlim's avatar
OceanSlim oceanslim@happytavern.co 2 years ago
The value of BTC is not derived from fiat. This is incorrect. A commodity does not have to be physical. Value is subjective. Gold has very little real utility. This is exactly what makes it good money. We only use about 10% of newly mined gold in industry. 90% of golds value is it's monetary premium. 100% of Bitcoins value is it's monetary premium. This is a strength, not a weakness.
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Replies (3)

OceanSlim's avatar
OceanSlim oceanslim@happytavern.co 2 years ago
Why are you linking fiat to Bitcoin for no reason? Fiat is going to zero against Bitcoin. As the value of fiat declines, the value of Bitcoin goes up. It is not fiat, it is a commodity. If fiat goes to zero, gold doesn't go to zero. WTF are you talking about? Bitcoin is a commodity just like anything else. The only use it has is money. It competes with other money, they lose it wins.
a source familiar with the matter's avatar
a source familiar with the matter 2 years ago
It's not a commodity, it's a currency. The whole "Bitcoin is a commodity" thing is a psyop, as is calling it a coin, calling the accountants miners, images of gold coins, etc Define commodity - I suspect it will either be a uniform material or some incredibly complex definition that includes all the uniform materials + Bitcoin but excludes the other cryptos
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