Msg. 11861 of 18626 (This msg. is a reply to
11857 by
capt_nemo)
Jump:
Bitcoin has 'value' only for as long as folks think it
has value. If folks think it has lost its value, it
will prove to be worthless.
Like the dollar. It has value because folks believe
it has value. As long as we can take dollars to the
store and 'acquire' stuff with them the dollar will
continue to have value.
Of course, with inflation our dollars continue to have
slightly less value every year . . .
In this article, I’m updating an analysis I wrote six years ago. It still holds up. For those who don’t want to slog through the entire article, my thesis is that Bitcoin’s value obtains from its underlying technology, which is an open-source ledger that keeps track of ownership rights and permits the transfer of these rights. Bitcoin managed to bundle its unit of account with a payment system that lives on the ledger. That’s its innovation and why it obtained a value and that value continues to rise.
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