Nope, it's still the same question, yet again you've just failed to answer it.
So something is only a BOHA after it's already valued at zero?
You are defining BOHA as "something that has never had any value".
Wolfie's penchant for deflection
I'm not, that is the universally accepted meaning of the phrase. It is derived from the phrase 'full of hot air', which as I'm sure you know means talking a lot without saying anything of value.
To suggest a bag of hot air is anything other than valueless at all times is to suggest the existence of a market where one can sell quantities of heated air?
Not at all. What is of value today may be worthless, and nothing more than a bag of hot air, tomorrow.
Now there's a bubble I'd really like to see pop for the good of the discussion.I could easily argue that you penchant for pendantry is nothing more than hot air. You probably place value on what you say.
No, a bag of hot air is at all times worthless. You spoke of the history of bags of hot air, not of things that became valueless to the point if being worth the equivalent of a bag of hot air. Yet more revisionism.
Ok, for the sake of further fruitless argument, lets accept your definition of BOHA that it relates to something that is worthless at all times. Lets accept that my references to Anglo, Enron etc were not appropriate.
Is there any product, asset or thing, that throughout its existence, being worthless at all times, like bitcoin, that in any way shape or form reflects the price action and history of bitcoin?
If you, or anybody else, cannot think of an example, then perhaps that is because there is no obvious or practical example.
If that is the case, then bitcoin, by this reasoning is different to all other BOHA previous.
For this BOHA, this time is different!
You'd need to be familiar with every item that was ever bestowed value since the dawn of time to be able to categorically say there has never been such a case.
maybe this is just different to everything that went before?
You've a prediction in for $1k per BTC by Dec. 31st....so I guess we don't have long to find out. To go from where it is right now to 1k would mean that it is effectively dead (as the mining industry would be decimated.As I have pointed out, you are using Shortie logic.
Wolfie
As I have pointed out, you are using Shortie logic.
"Bitcoin's volatility is the same as the volatility of things which have intrinsic value.
Therefore Bitcoin has intrinsic value."
It does not follow.
Just as it does not follow
A dog has 4 legs.
That animal there has 4 legs.
Therefore that animal is a dog. ( Why, you might ask, is it purring?)
Brendan
oh dearIt is currently backed by $150bn.
And yet David Marcus (former paypal and coinbase exec that heads up Libra) is bullish on Bitcoin and sees it as Digital Gold. Go figure.oh dear
Wolfie I recommend you read the Facebook White Paper (available on another thread).
It points out that the main diff between its coin and other cryptos is that the others are backed by zilch. Interestingly, it unapologetically refers to its coin having “intrinsic value”. Essentially it is backed by monetary fiat assets. The btc zealots when challenged as to the intrinsic value of the crypto invariably riposte with “fiat has no intrinsic value either”. It was great to read the clear refutation of this argument.
In fact I recommend all to read the FWP. It confirms every view I have formed of crypto’s. Boy, are they BOHAs
At risk of going a tad off topic. It’s three main claims for its own coin are:
1. Send money quickly
2. Security of cryptography
3. Freedom to transmit across borders
I have no personal demand for these services as I find existing banking, regulatory, and political governance systems more than adequate to my needs but I could see a possible demand in, say, Mbandaka.
To give a flavor for the FWP wisdom, it observes that the overwhelming main uses of current crypto’s is for speculation and investment. I have dabbled a tad in its speculative attributes but I can never see it being an attractive investment for me.
will we be doing this all over again in 2020?
Would you consider the bitcoin BOHA to be different to any other BOHA?
Looking forward to it Brendan. :-DAbsolutely. We will be doing this all over again in 2020. It is extraordinary how long a bag of hot air can be kept afloat for.
Of course it's different in many ways.
Golly, good reminder there tecate, yes I did help out the earls with WU, one in Cameroon (which impressed me) the other in Madrid. It was worth the fees but I can see that in the unlikely event of the earls being similarly stranded at some future date, I would appreciate the availability of a Facebook coin.And yet David Marcus (former paypal and coinbase exec that heads up Libra) is bullish on Bitcoin and sees it as Digital Gold. Go figure.
I have no time for Facebook but I see them doing real crypto a solid here (inadvertently of course) - getting movement on regulation and potentially on-boarding people into crypto (actual crypto). As regards you being all happy, so you're going to tell us that you will quite happily use Western Union again with its 7-10% fees (as you told me you did before) when you can have an alternative that costs nothing? Yeah, that's real smart your dukeness.
Google said:If there was a competition between Libra and Bitcoin, Marcus seems to have conceded rather than overselling the facts. Moreover, he mentioned that Bitcoin is a ‘decorrelated asset’; an asset that has no particular utility; however, ubiquitous and limited in nature like Gold.
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