OK you're right. It's not a stock, , it's not debt instruments, it's not real estate, Oh I remember it's cyber Money. it's not back by anything of real value or any government. I already pointed out that the exchange training on three years ago went bankrupt and lost millions upon millions. Forbes magazine said it's a big security threat to world are you going to go to when you just cannot cash it? So you have an asset to this traded on So you have an asset to this traded on some exchanges you have never heard of. It is ripe for the picking for fraud and Hackers. Hackers already successfully attacked hundreds of millions of this asset. And if governments can prove criminals are using this Currensy to finance their activities it'll get shot down in an instant. So please explain to me why this is such a great asset
------------- Jdesey said: "So please explain to me why this is such a great asset" ------------- To Jdesey: While Suntrader is right: do some in depth research. You will be confused by the many different explanations (bitcoin has many use cases for as many users). To help you on the right track, you have to understand one single thing: "it's a LEDGER"! Plain and simple a Ledger. But one of a very special kind, something that didn't exists before with an usefulness that no other kind of Ledger can offer. Now, why would you ask is a Ledger so much worth? Well, that's because in our daily life everything of worth and value, it's ownership is written down in a Ledger. Think of your car, your house, your marriage, your bank-account, etc. All those assets are written in paper/electronic Ledgers and "safe guarded" by a Notary, a company or Government. But all those assets can be (and will be in future) written in the bitcoin Ledger (or Blockchain of any kind), simply because its a much better Ledger. Why would you ask, is that bitcoin Ledger so much better than the paper ledger at your Notary? That's because of its unique features: this Ledger is immutable and irreversible forever! And it's decentralized, which means that there's no single point of failure and nobody has the central authority to confiscate your assets (which happened during the War when Notaries stole houses from Judes). How is it done this immutability and irreversibility? For this we have thousands of Accountants all over the world, safeguarding and accounting the decentralized Ledger. We call them Miners, but in real they are our accountants. With an ingeniously decentralized algorithm it's impossible to cheat (this has been proven for the past 8 years). And for this work each 10 minutes one miner is rewarded a new full page in the Ledger. This new page is currently worth: 12.5 bitcoins. Or better said: this ledger-page has 12.5 full rows for writing down some ownership of an asset. Or you can divide that page in 1,250 million rows (as there are that many satoshies per page). These ledger-rows are very useful so there is a market where supply and demand determines what its worth. Actually these ledger-rows became a currency on their own. Most rows aren't used for Asset registration yet, but became a currency-asset of their own. Currently one full ledger-page is worth about $30,000. It's up to you to decide if that's a fair price, but the market thinks it is. It's unique, it's very useful (or will be in future) and it's rare. One word for people who say it's not rare, because you can make so many copies. Yes indeed. But it's not the copy that counts: it's the number of users and use cases, and more importantly: it's the number of accountants that work on the Ledger to keep it safe, immutable and irreversible. In this, bitcoin excels. The bitcoin-ledger has incredibly much Hashing-power which technologically cannot be switched to any other crypto-ledger. Nevertheless, other Ledgers like Ethereum and Dash are valuable in their own feature set.
Ok Hoi,, all good points. I still feel the security risk and the no-name exchange are just a fiasco wasting to happen. Already Bitcoin ws hacked to the tune of $450 MILLION dollars. All those investors lost it all when the previous exchange went under. I am still shocked that I am the ONLY person on this forum to speak out against this asset. But, whatever.
Be aware that those Exchange hacks have nothing to do with the security of Bitcoin itself. You simply should not give the ownership of your Bitcoins to an exchange. Just the same as you shouldn't give your dollars to a Bank (which were frequently robbed in the early years, and can still go bust today). Be also aware, that crypto-currency technology is just in its early days. Many new innovations will be implemented, as well as decentralized-Exchanges (which don't hold your Bitcoin, and cannot be robbed or hacked). Just be open minded and you will see how this technology will change your life as well.
Also keep in mind the trillions of dollars of debt the U.S. and EuroZone countries and Japan and .... and ... all have on their lopsided balance sheets. Confidence in currencies can be shattered overnight.
%% Mr JD; I dont really KNOW why dave ramsey nicknames it ''bit con'' ?? LOL Is that just me, or does anybody else think it strange the bit con terminals let you take money in but NO money OUT ??LOL Partial disclosure i never have put money in bit con ;so i am just noting what fake news NPR reported !! However Dave ramsey almost never MISSES; except his broadbrush against State Farm...... Spell checker not used.........
Simply, because people are buying it. That is it. Anything else is pure unadultered BS, because there is nothing unique about bitcoin. But people THINK there is, so they are buying it or holding it and that gives it value. By the way the stock analogy is a valid one, bitcoin is like a stock/company that doesn't make money but full of promises and occasionally dilutes its sharepool with new shares. Like Tesla for example...
%% I would rather overpay for TTulips+ sunflowers; that way if/when we WAY overpay, @ least we/mad crowds + birds could enjoy the sight LOL I did not mind paying overpaying $2oo+ for JNPR; but the Market Makers let me out let me out, anytime..... LOL-LOL
And traditional money is "worth" something only ... because people believe it in and accept it for trade. Promises, promises. All around. Some accept and adept to change, others cower.