Posted by paul on December 12, 2017 at 23:56:27 from (66.60.223.229):
In Reply to: Bitcoin questions posted by jocco on December 12, 2017 at 12:16:22:
Nothing backs up bitcoin, just have to believe it is worthwhile. Same as the USA dollar, same as gold.
It's value is based on its rarity. They are produced by completing mathematical equations. The easy equations get used up fast, then it becomes harder and harder to finish an equation until all possible equations are completed. Probably never get the last few equations done. So there is a limited amount of bitcoins, and they are harder and harder to get. This is much like real mining, gold.
Where they are different: unlike real mining they live on the internet or in a hard drive you own. You can't hold them physically. Unlike USA dollars, you can't just print more to adjust the money supply.
So, they are adversised like currency, but they are more of an investment thing not really money.
Gold is rare because it is gold, hard to find. Even now with all out technology we haven't found a cheap way to make more of it.
Bitcoins are rare because they were designed to be rare. A problem is any of these electronic currencies are exciting and inflate rapidly when they are young; they get more stable and boring once they get near the end. This means hip young investors will be chasing after the newest popular currency and dropping out of the older ones.
Already there are 10-100 other electronic currencies out there you can mine much easier than bitcoin. Which one will become popular, and escalate in value faster than the others? It will be a mob crowd deal, fad of the year.......
Lot of money can be made or lost, as all of these roller coaster up and down in value.
Governments will not be interested, as you can't just print more of them. Governments have found it is poor policy to have a gold or silver standard, or backing, to their currency. It handcuffs them from manipulating their currency. So no govt is going to seriously get on board any of these.
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