"Cryptcurrency has no intrinsic value." Uh, neither does paper...

Posted by $ blarman 4 months, 2 weeks ago to Economics
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Hilarious that this guy who's supposed to be an economist - at Britain's Central Bank no less - wants to argue not to invest in Bitcoin et al because "they have no intrinsic value."

Uh, neither does the British Pound Sterling, the US Dollar, or any other currency in the world right now. They're all ephemeral. Talk about your red herring...
SOURCE URL: https://www.theblaze.com/news/uks-top-central-banker-warns-cryptocurrency-investors-be-prepared-to-lose-all-your-money


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  • Posted by $ AJAshinoff 4 months, 1 week ago
    Yes, but you can hold paper money in your hand, hide it in a book or under your bed or bury it, or you can wipe your as with it. All cryptocurrency is smoke and mirrors. All cryptocurrancy can be filtered out through a myriad of routers, switches and firewalls (none of which you control). In otherwords, someone else determines if the bits and bytes have value AND whether you are even allowed to see or access it.
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    • Posted by 2112 4 months, 1 week ago
      You can also wallpaper with it, wipe with it, insulate a home with. it. Paper currency, fiat, I suppose, carries more value to you because you can see it. You have faith in the material good? With toilette paper average over a dollar a roll, perhaps we should start trading on the TP foundation.
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    • Posted by $ 4 months, 1 week ago
      All true, but isn't the value of money (even gold and silver) based largely on whether or not someone else values it for trade? Don't get me wrong, I'd rather have something tangible. Just pointing out that one man's treasure is another man's garbage and vice-versa. Every monetary system begins with two people agreeing to use a currency of some type in lieu of payment in goods (barter). You are basically trading in an idea one way or the other...
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  • Posted by $ Raider_StClaire 4 months ago
    I can see the writing on the wall. The world will eventually be going to digital $. However if anyone thinks that the banking elites will allow any digital currency but their own may be dreaming. Maybe I'll stick to hard metal. They may try and devalue it but I'll take my chances. However that doesn't mean that I won't play the roulette wheel called the Market with the money I'm willing to lose just in the off chance I win a little.
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    • Posted by $ 4 months ago
      That's precisely what the New World Order wants: everything to be in digital currency controlled by a central bank. They want to eliminate any choice in the matter because if they control the money supply and have visibility into every account - they can literally control everything.
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  • Posted by mccannon01 4 months, 1 week ago
    IMHO, any of these currencies are only worth what a bunch of people believe they are worth. Most currencies today are digital because they are held and accessed through a computer data base. Bank accounts, brokerage accounts, etc. are all in digital form. An online transaction is just that, whether the digital denomination is dollars, yen, or bitcoin. Bitcoin is worth more dollars now than before because a bunch of people (speculators?) have made it so and rest just go along with the game. It's all belief in the end unless something tangible is backing it up like gold, silver, or a Cabbage Patch doll.
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  • Posted by Lucky 4 months, 1 week ago
    Further, the value of the metal in metal coins is a fraction of what it says on the face.

    Lower down in the article:
    Despite Bailey's objections, the Bank of England said in April that it would "join forces with the U.K. Treasury to consider creating its own central bank digital currency," Fortune reported.
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    • Posted by $ 4 months, 1 week ago
      Much of a coin's (non) value results from it being made of a lesser metal rather than gold or silver. +1

      I'll be interested to see if anyone actually buys a cryptocurrency issued by a central bank out of choice. (You can bet that such a bank will seek to make such a currency legal tender in their respective nation!)
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