I have vote, vote back yes friend

Yes friend

Wow this works? I also voted my friend jeje

Me too, jejejejeje, hi from Venezuela my friend. I am following you. Visit my blog please.

No it doesn't but can do many things without in Intrinsic Value !!!

Nice post.hard work and good job.

Neither it is a fiat currency nor it has any intrinsic value. It is just a piece of scam.

Why are you on Steemit if you don't believe in the value of crypto?

Read my last post and you will get your answer.

@suhayb You didn't last a month on Steemit. It takes more time than that to learn about the platform. Build an audience and start to accumulate some steempower. I will be a follower if you ever decide to return.

@haushinka I wouldn't give him the chance. Look what he did in response to my comment:
[IMAGE: https://steemitimages.com/DQmajn8FQmZPD2pTycBf5SVRz19bmmGZfvHkG22tArx2VUm/79430.jpg]

Don't cry like a baby @nicolascage. #Jackass

You went to my profile and flagged all of my posts because you were mad that I asked you a question. I'm sorry I hurt your feelings, but please keep your negativity out this community if you have nothing positive to add.

You are still crying! Relax and take a deep breath.

We are waiting for your videos...

Honestly, as much as I like Bitcoin, I don't think it does have a real value. (Yes you can cashout, use it to trade and whatnot) but the price of it is set by us. What do I mean by that? Normally when you buy stocks you're buying "a part of the company" or whatever it is, therefore those stocks have a real value, whereas for Bitcoin you have a virtual token, that could go down back to 0 if everyone tried to sell it at the same time. (Arrived at a point where all Bitcoin is mined obviously)

I respectfully disagree that Bitcoin has no value. Look at your example, and the similarities between BTC and a stock.
- Owning one BTC is to own 1/21,000,000 of all the BTC that will ever exist, so you do own a measurable part of whatever BTC is. This is like owning a part of a company in a way. The difference is that companies can split stocks, BTC cannot ever have more thant 21,000,000 coins.
- The stocks have a "real value" only as long as its investors say so, if they all try to sell the stock goes to zero. Look at the dot.com bubble and Pets.com.
- Also when you say that Bitcoin could go to $0, that is technically true, but practically I think it is improbable bordering on impossible. Because there are already millions of users world wide, and to some of those people it has a function (giving them financial escape from hyper inflation, and opening up options to transmit value in places where banks do not exist).

I know Bitcoin's value might well drop, but to zero is in my view impossible. It might fall as low as $5,500 and that would be terrible for a lot of investors but again, despite all its limitations it still serves a function to some people, and still other people will hold it because they see it can develop and grow and establish more helpful qualities through ongoing software upgrades (privacy, smart contracts, etc).

Check out this link to learn more:
https://en.wikipedia.org/wiki/Pets.com
"Its high public profile during its brief existence made it one of the more noteworthy failures of the dot-com bubble of the early 2000s. US$300 million of investment capital vanished with the company's failure."

@louisthomas People like Peter Schiff try to put Bitcoin down because they know it could potentially lower the value of USD in the future. It's the same thing as somebody promoting a coin they're heavily invested in!

He's not worried about USD, he's worried about gold--which is the bulk of his holdings.

Register and earn $20 bonus and refer your friends every referred member will earn $20, You also get $20 on new refer, it is upto 7 steps down.
http://pm7.pm/ico/f6bc87aa

I appreciate this video because it list great reason why Bitcoin could be considered Fiat. I agree it move independently, contracts, and economic freedom.
Thanks for the video it was very informative.

Great post. I just discovered you , follow u , upvote resteem. Support need steemers like me. Thanks.

I've just made my first investment last week in Ethereum, @louisthomas were do you think it will be at the end of the year? I don't think it will be much higher than it is now, considering its just dropped from around 11 and a half thousand to just over the 10k mark. ,.....

( this marker is an update 16 hours later its now down to the 8K mark dropping like a stone ) .... ( bitcoin USD... Has also dropped to the 8K mark and that was at 19K at one point haha, i am thinking i should not of bothered :-) until about now...).

I would be grateful if you would get back to me about this as I am thinking of investing a little more at the end of the week. I've also hit follow maybe you could too as I to like things that are out of this world :-) also thanks for your post so a 100% Up-Vote for you Sir...

hai mr @louisthomas, saya adalah pendatang baru di dunia steamit ACEH INDONESIA, mohon bimbingan dan semoga anda melihat posting saya @junsusukhairi. Itulah harapan saya sebagai pendatang baru dan saya sangat menghargai jika terkadang Anda ingin mampir untuk bahagia melihat jabatan saya. Saya sangat membutuhkan upvote dari Anda dan saya sangat bersyukur dan bersyukur jika Anda memperhatikan saya sebagai pendatang baru di dunia steemit !!!

hi mr @louisthomas, i am a newcomer in the steemit world of ACEH INDONESIA, please guidance and hope you see my post @junsusukhairi. That's my hope as a newcomer and I really appreciate if sometimes you want to stop by to be happy to see my post. I desperately need an upvote from you and I am very grateful and grateful if you notice me as a newcomer to the world of steemit !!!

To answer your question, we must first define what exactly is intrinsic value.

Intrinsic value would mean ignoring the current trading price (I.e supply/demand, hype and speculation), to determine what the underlying value of Bitcoin is.

I personally choose to think that everyone's definition of what constitutes as part of a product's intrinsic value is different. Something that may constitute as an intrinsic value to me, might not appear the same to you.

Having said that, the following are my list of what constitutes as intrinsic value in the case of BTC:
1) Decentralized – Government would not be able to control the prices/production of BTC

2) Limited Quantity – There is only going to be an eventual 21 million BTC that will ever be produced, after which no further BTC can be mined.

3) Easy to transfer/transport – Imagine transporting/transferring gold compared to that of BTC.

4) Permissionless - No need to obtain approval, a transaction would be carried out immediately with a click of a button.

5) Identity – Identity of people who mine their own BTC can theoretically be kept a secret.

This is just my 2 cents on the intrinsic value of BTCs. There may be other points that others would point out, or disagree with me on.

I completely agree, when people complain about bitcoin's lack of Intrinsic Value. But the scale of economies are so large, that simply providing the value of sending transatctions without a central authorizing power is value enough.

I understand it's not the best crypto but even older products can still be used to solve a problem.

For this reason, bitcoin can go to any price point and still be justified by the forces of supply and demand. Yes it will be subject to reduced supply as the competitors take bitcoin's marketshare
>Which has been happening for a really long time btw
But the market is so bullish right now that bitcoin isnt overtaken yet.

Well I like to think about intrinsic cost! So gold has an underlying cost for mining, refining, manufacturing to create the items we have intrinsic value for. So it has cost because of work done then limit of supply creating demand therefor ever increasing value as long as interested.
I agree with your intrinsic value assessment, but you need to include the cost/investment of miners supporting the network.

An Antminer s7 should mine 1BTC worth in a little under 3 months (under the new difficulty). It consumes 1.2kW of electricity. Three months is 2,160 hours.

Multiply 2,160 hours times 1.2kW times the cost of electricity in kWh.

Electricity costs vary widely per kilowatt hour. Country-wide averages are in the range of 8¢ to 41¢, but can be much higher or lower.

Bear in mind, this is not including the costs of the miner itself ($850), Internet, air conditioning (it's a 1200w heater), your time, etc.

Register and earn $20 bonus and refer your friends every referred member will earn $20, You also get $20 on new refer, it is upto 7 steps down.
http://pm7.pm/ico/f6bc87aa

You don't believe that how much you are useful for us because you are giving us cryptocurrency news every day. I love the way you are sharing your knowledge with us.

Keep sharing such news with us. :)

some analysts claim that bitcoin might hit a high of $50000 by December this year .

I think that bitcoin is going to value $1000 to end of march. There are new coins and the competitions is increasing each day. I do not want it to pass, but it is very probable.

Bring them on

Don't listen to shills like peter and joe, and then change how you feel about something! They are paid to influence people into a belief system!

If you are not Noob :p Then Just Upvote & Follow Me
[IMAGE: https://steemitimages.com/DQmbD8YV3xj5JzVk75JAEnrTCGgvetWcspsYGkkhCL84XnL/Screenshot_2018-02-02-01-14-40.png]

louisthomas , you came out of nowhere and you are killing it in Steem with stunning content. This truly shows that when one is dedicated success does not take long to follow.

louisthomas is a straight shooter and I am glad to see that he continues to give solid advice.

This style of commenting is considered spam. We can all see that you've already been warned. We can all see that you continue this spamming practice. Please refrain from this type of commenting as it diminishes the overall quality and authenticity of our platform. @steemflagrewards

"This style of commenting is considered spam"

what a pile of crap to say, the comment where perfectly fine, and call it spam is just wrong on so many levels.

You are mistaken. It happens. Please notice the following images and then also click on the users name and click on the comment tab of that same user and observe the comments they've made.

[IMAGE: https://steemitimages.com/DQmcYjYwzakbUPdJ9EfwipotqubjHCtk88ZyxjnYGMTVJ1D/1517762339690.jpeg]

and this:

[IMAGE: https://steemitimages.com/DQmZ81ujU48JpKt3ebvyiQEBEhuMpVZzGrYHfxWREiUd5wH/1517762249252.jpeg]

@libertynews how would you suggest we fight spam?
How would you diminish the practice of spamming and how would you discourage the activity?

@steemflagrewards @SteemCleaners @spaminator

No it isn't. It's much better!!!!!!
And YES it has VALUE!!!!

They are degrading it because they have seen the power of it and they are just jealous, nothing else but bitcoin will keep rising in the future

Bitcoin's price is specualtion just like any other fiat that doesn't have anything to back it up with. The difference with bitcoin vs fiat is that the value is in the freedom to send it to whoever, whereas fiat needs banks or transportation to be moved :) And that is why cryptos will take over completely in the future.

We're in a healthy correction and I look forward to the next impulse. Here's my update on bitcoin:

IMPORTANT COIN UPDATES - BTC, XVG, TRON https://steemit.com/bitcoin/@benkalashnikov/important-coin-updates-btc-xvg-tron

[IMAGE: https://steemitimages.com/DQmT75F6iXSdH6nBBqTea7zhpqQimLvNa8huHMYppPwnNZj/Screen%20Shot%202018-02-01%20at%2020.35.45.png]

Fiat is backed up by the fact that a territorial monopoly of violence demands taxes to be paid in it. Also, a monopoly of violence can decree that certain type of economic units have accounting obligation in the fiat backed up by said monopoly of violence. And a monopoly of violence can and often will refuse to help enforce the repayment of a debt if the repayment is attempted in the backed up fiat. The value of fiat follows from those three facts.

A monopoly of violence is capable of single-handedly giving anything value by demanding the same thing, say pebbles of a certain color, in return for not beating you to pulp. This is the fundamental connection between money and violence. Typically monopolies of violence have demanded things that have been somewhat valued in the first place in return for remaining non-violent for the time being thus boosting their value significantly. Such things include gold or salt.

Very true, i agree with your logic here!

Register and earn $20 bonus and refer your friends every referred member will earn $20, You also get $20 on new refer, it is upto 7 steps down.
http://pm7.pm/ico/f6bc87aa

Clearly on its face since it is not issued by a government it is not fiat currency. On the other hand it is clearly not a commodity, it's not a physical thing with intrinsic value. You can't eat a bitcoin or smoke it or make anything out of it. so what we have left is "representative currency"

">Representative money is any medium of exchange that represents something of value, but has little or no value of its own (intrinsic value). However, unlike some forms of fiat money (which may not have anything of value backing it), to be a genuine representative money, there must always be something valuable supporting the face value represented."

https://ehttps://en.wikipedia.org/wiki/Representative_moneyn.wikipedia.org/wiki/Representative_money

bitcoin has all the valuable electricity that was used to mine it to give it value but you can't get that electricity back if you turn in your bitcoin.

I never feel comfortable with the intrinsic value argument. I wouldn't say gold has massive "intrinsic value". Yeah, it conducts electricity and is shiny and pretty, but it's main value is in its utility and limited quantity, and bitcoin has both of those, AND adds the value of being able to send it across the world quickly (although not always inexpensively, unfortunately).

Yeah, dollars used to represent gold. But gold doesn't represent anything, you can't trade it in to get back the electricity and gas you used to mine it either. Yet still it holds value.

makes a great paper weight, excellent conductor, that sort of thing like you said it has "utility" and thus intrinsic value. Makes great jewelry and art. Good for making teeth out of. you can't do any of those things with a bitcoin.

yeah but i really don't think those things give it it's main value. Rocks make good paperweights too. Gold's #1 value to humans is it's usefulness as money. That's it's primary utility, which is an intrinsic value too, and far above all its other uses. And Bitcoin has that same primary value in spades.

what other uses does bitcoin have?

...what other uses does it need to have? It does what nothing else can do. That's major intrinsic value.

Gold can't be sent through electrical wires, because it's physical. Bitcoin HAS to be purely digital to do what it does better than gold.

What other uses does a pizza have? Pizza is useful as food when you're hungry. You don't need it for anything else. it has intrinsic value in that it is food. Bitcoin has intrinsic value in that is the first, most proven, purely digital, completely decentralized money. That is value! That is valuable! That is a trait that is needed, that is not fulfilled by any other product. Why do I need it to ALSO be used to fill teeth and make jewelry? I don't personally care that it doesn't have a secondary use.

what is the intrinsic value of a desk lamp? Do use it for anything other than light so you can see? is it not useful or valuable, just because it can't be used for much else? It's utility value is that it makes light. Bitcoin's utility value is that it is money that is not controlled by the govenment, or any one group for that matter, that you don't have to carry in your pocket, yet can still send across the planet quickly.

Bitcoin's intrinsic value is the most secure, futuristic, efficient (with LN), and for the first time true global payment system and store of value of the world.

Great news thanks for sharing

As I predicted in my previous post, the markets dive and the bit get hit pretty hard.

image

Now for us Steem fans, this situation is an opportunity to examine the real power of the Steem as a standalone crypto coin.
as for now the Steem holds on quite well.
As long as the steem falls less than the bit we are in a good place.

We'll keep monitoring the markets

Upvote and follow for more analysis

It be the truth that anything you put value in has an intrinsic value due to this action. That is how the bankers have made a fortune from lies. :) Peace

Just started following you. Great post. Community, please consider my blog. I currently have 70,000+
followers on Youtube, Twitter, and here combined where my goal is to help improve the crypto community.
I provide free TA on request, make high accuracy calls, and focus on improving YOUR trading game in a concise and educational manner.
https://steemit.com/bitcoin/@philakonecrypto/bitcoin-btc-feb-1-in-depth-fundamental-and-technical-analysis
[IMAGE: https://steemitimages.com/DQmXuhtCiaa97fEk8YUU5YjdMQayAkeMRZ5qFgcKdfLJBwm/image.png]

Bitcoin pull back to support: https://steemit.com/cryptocurrency/@tradingroom/btc-usd-a-nice-pullback-to-support

Very informative! Appreciate the perspective. Feel free to check my analysis out here.

Where are the HODL'ers?! It seems that everyone is preaching HODL, HODL, HODL. Yet, the price keeps going down, down, down.

it is going down do to the non HODL'ers ;)

LTC: https://steemit.com/cryptocurrency/@tradingroom/ltc-litecoin-now-at-usd140-pullback-to-the-78-fibonacci

Speculation speculation speculation

Of course Bitcoin has no intrinsic value. It is worse than fiat money. Fiat money is at least backed by confidence in the government and you can actually hold them and see them. I watched this entire video and not a single one of those 22 supposed intrinsic values are intrinsic value. Peter is actually factually correct and the bitcoin pumpers are the ones who are lying, at least about intrinsic value.

i think since they have put in contracts for bitcoin this increases fraud therefore will devalue the currency, however every year at Christmas to make people rich and spend more the price will go up because they want people richer to spend goods. they will also do it sometime in the middle of the year for the summer.

Doesn't the word fiat directly imply that a currency is imposed by decree? No one is commanding that we use bitcoin. And as far as backing, nothing backs gold either. It backs itself by having qualities we desire: mainly limited quantity and fungibility. Bitcoin has utility more similar to gold in these regards.

Difficult Economic Concept...Explained Simply, Well done.

I happen to agree with you, I can easily see the price of Bitcoin rise to $100,000 per coin. Even though I am on the side of :

>Bitcoin doesn't have the amount of intrinsic value to warrant that price, but I agree it has some intrinsic value.

The key here everyone is that everything is denoted in USD. The value of USD will continue to fall and the politicians will say they did a great job rising the prices of assets...especially the Stock Market
>If the stock market was measured in terms of DJIA/BTC, It wouldnt be having such a good few years.

im fucked lost 80% please donate by views lol

In 2011 I started to take BTC across my network, I liked it but hated it.

I read the whitepaper and saw one name Koblitz curve theory that's NSA.

Then I did some research and found out many parts of the paper were from an earlier NSA paper about creating a virtual bank.

Then I found out Satoshi Nakamot who no one has ever seen means Center of Intelligence in Japanese.

Now since I've had my fair share of dealings with NSA that used my Adoni Prime Spiral theory to back door all the keys they released to NSA sponsored NiST I realized it was the typical humor of the spooks to show off they created it by pointing to the CIA.

After all SAIC the company that made billions in the IPO of NETSOL the original domain name company is nothing but ex NSA and CIA big shots.

So in 2014 I wrote my book on why I call BTC the NSA coin.

CIA PROJECT BITCOIN

Then when I saw the poor public was still buying that junk and it was worth 20K almost I issued a bashing of BTC all over Twitter took control of the top spots for a few day for crypto and bitcoin searches and all I said was it will be 10K in DAY no more than a couple of weeks.

BINGO 10.8K in 48 hours of my tweets.

Now I'm saying it will be 5K

https://kryptous.com/bitcoin-crash-to-5k-says-dr-sol-adoni-the-prophet-of-crypto/

The exchanges have unravel themselves from the slow expensive TX coin now and the mess will crash most crypto it might even hurt steem value some.

But STEEM is the future of crypto for now

It's the ONLY COIN I AM BULLISH ON

STEEMIT BABY

Bitcoin has no value since it produces nothing and now wastes the daily energy it takes for the whole country of Ireland in one day.

Go buy a cup of coffee with it, pay 25 bucks in TX fees and wait hours.

Why anyone is still talking about BTC in the great community that is the future of crypto that being STEEMIT is beyond me.

So if you want to challenge any of my statements go ahead, it's gonna be $5k real soon since it's worthless and does nothing but give the NSA info as to what every wallet owns and every transaction that ever touched that walled.

Anonymous?

No way, try to exit and see all the ID you have to give up.

Bitcoin is broken coin, it's not a currency it will never scale to run the world and it is junk.

Lightning is not even bitcoin it's junk run off chain.

haha

I hear they got a great section here on STEEM, that's the only coin anyone needs to invest in.

It's going 10X real fast.

Then 100X

It will be a 100 Billion market cap in no time.

Bitcoin it's got a spot in crypto museums this used to be worth something, but now they're just a footnote not worth much.

STEEMIT BABY

Since it controled by the banker now. My opinion BTC turning international fiat money.

Of course Bitcoin is not a fiat currency . And yes the 21 points are things to like about Bitcoin. However, none of these points bestows intrinsic value on Bitcoin.
Gold is (usually) a mediocre investment at best. It is too volatile to be a great store of value....although .....its price is a lot less wild than that of Bitcoin . But gold has intrinsic value...mostly because billions of people think it does. It is nice that intelligent, well educated and sophisticated people believe Bitcoin has value . If the working person in India starts buying BTC instead of (or at least as well as) gold, then BTC will be “real”. It will be an interesting thing to watch. I remain Crypto agnostic. I own a bit of Crypto. I own a bit of gold and silver. Wealth- producing equities are better than both.

Like the topic. Check out my article on Bitcoin's Intrinsic value. "What Backs Bitcoin. Bitcoin's intrinsic Value."

bitcoin might be treated as asset class like gold. please follow me @meernay

One of the most powerful and powerful secrets to success in investing in digital currencies is the ability to Hodl, which means sticking to your currencies and not bow to the fear of losing and selling at such a difficult

https://media1.tenor.com/images/c3945f792ed51579afd24d984808aaea/tenor.gif?itemid=10571522

No,it is not fiat money. It's value is like a roller coastal!

Bitcoin still 500k this year then? hehe

Register and earn $20 bonus and refer your friends every referred member will earn $20, You also get $20 on new refer, it is upto 7 steps down.
http://pm7.pm/ico/f6bc87aa

At the end of the day the only real $$ is your God given human resource that's traded for fiat currencies in the form of labor. Next to that are natural God made material like Gold/Silver...all man made currencies eventually fade

Got my vote...

Read my opinion on the sahttps://steemit.com/bitcoin/@cryptogeek001/top-two-reasons-why-bitcoin-can-t-replace-fiat-currenciesme topic.

We collectively decide when things have value. And due to the internet being the way it is, I feel as if it can only become more valuable for as long as it exists.