BITCOIN: Question of the month - does it have any value?
People certainly think that Bitcoin has value! How do I know? Because there is incontrovertible evidence that in recent days people have gone greedy for it. However there is expert opinion (which shall remain nameless) that Bitcoin is NOTHING and has no value at all. I'm really amused by this opinion because it flies in the face of evidence.
The chart shown in this screencast is the evidence of BTCUSD running a very hot RSI again! Billions have been spent buying this thing that is called 'nothing' by the good and great.
Arguments for Bitcoin being 'nothing' is that it is 'thin air'. Oops that must mean that when I transfer fiat money wirelessly I'm transferring 'nothing' too - cuz I certainly do not transfer metal or paper money when I use my credit or debit card.
A few months ago I even showed that it is now possible to transfer solid Gold electronically - which now makes Gold to be 'thin air' - if this so-called expert out there (nobody on Tradingview) is correct.
What many a guru out there fails to understand is that the value of anything is what people are willing to attach to it. But some people then argue that a) BTC is nothing and b) it has no intrinsic value. Of course most of the people who chunter about 'intrinsic value' cannot define what they mean. All value is represented by how much people are willing to exchange for some 'thing'. The 'thing' certainly does not need to be physically tangible in the hand. Why? How? Because most (fiat) money in the world is not held in the hands - these days.
A measure of value is also how much effort, labour or service one may be willing to exchange to acquire 'the thing'. There was a time when money did not exist. That did not mean that nothing on earth had value! Way back then, value in physical form may have been represented in food items e.g. sacks of potatoes, livestock, water etc. So - if you lived back in that time, you might be willing to exchange so many hours of work for potatoes. You might then trade your potatoes for something else you wanted to acquire from somebody else.
Even stocks/shares are 'thin air'. The piece of paper stating your ownership is only proof of promise and a record. To trade the stock you gotta do that via a broker etc - and that activity is electronic, in the vast majority of cases.
'Value' and some 'things' exist only in the mind. BTC is the result of a mathematical equation and its value exists as 'thin air' in the minds of people - as does all value.
Today Bitcoin is a vehicle of value for something. It doesn't matter if it is made out of thin air.
The chart shown in this screencast is the evidence of BTCUSD running a very hot RSI again! Billions have been spent buying this thing that is called 'nothing' by the good and great.
Arguments for Bitcoin being 'nothing' is that it is 'thin air'. Oops that must mean that when I transfer fiat money wirelessly I'm transferring 'nothing' too - cuz I certainly do not transfer metal or paper money when I use my credit or debit card.
A few months ago I even showed that it is now possible to transfer solid Gold electronically - which now makes Gold to be 'thin air' - if this so-called expert out there (nobody on Tradingview) is correct.
What many a guru out there fails to understand is that the value of anything is what people are willing to attach to it. But some people then argue that a) BTC is nothing and b) it has no intrinsic value. Of course most of the people who chunter about 'intrinsic value' cannot define what they mean. All value is represented by how much people are willing to exchange for some 'thing'. The 'thing' certainly does not need to be physically tangible in the hand. Why? How? Because most (fiat) money in the world is not held in the hands - these days.
A measure of value is also how much effort, labour or service one may be willing to exchange to acquire 'the thing'. There was a time when money did not exist. That did not mean that nothing on earth had value! Way back then, value in physical form may have been represented in food items e.g. sacks of potatoes, livestock, water etc. So - if you lived back in that time, you might be willing to exchange so many hours of work for potatoes. You might then trade your potatoes for something else you wanted to acquire from somebody else.
Even stocks/shares are 'thin air'. The piece of paper stating your ownership is only proof of promise and a record. To trade the stock you gotta do that via a broker etc - and that activity is electronic, in the vast majority of cases.
'Value' and some 'things' exist only in the mind. BTC is the result of a mathematical equation and its value exists as 'thin air' in the minds of people - as does all value.
Today Bitcoin is a vehicle of value for something. It doesn't matter if it is made out of thin air.
Comment:
Butterfly wings? LOL. 🦋😎😅
Comment:
Comment:
Ethereum sometimes leads the cryptomarkets that's why I posted 15 min time frame above. See BTC on a 5 min time frame. The butterfly's wings refers to the concept borrowed from Chaos Theory.
FED balance sheet 42% of GDP @ 2020-01-26. Does money have value anymore? [Different perspective on the virus youtu.be/NjTdvALChwk ]
