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102 sats \ 4 replies \ @grayruby 6 Feb \ on: Josh doesn't know where Bitcoin gets its value bitcoin
So if the dollar only has value because you have to pay your taxes with it. Silly. Then it should have absolutely no value to me living in Canada or anyone else outside of the United States. Yet it does.
"A claim on the US government". Gee thanks a claim on an entity that is insolvent and can only perpetuate it self my diluting my claim.
I don't think he is saying only (and I hope I didn't imply that).
My read of the argument is that money has to get "jump-started" with some kind of use-value. Once others want it for money purposes, it's just that: money. But people don't want money just to have money (so the argument goes), and some number of people do want money for the use-value of the money -- and that's what keeps the whole system going round.
I disagree with him that there is no end in bitcoin itself.
EDIT: "jump-started" may not be what he's getting at, either. It may be more like the little pushes that contribute to resonance in a swing.
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Ok so what would be the use value of gold? It's shiny, ornamental? Certainly 5000 years ago it wasn't being used in semi-conductors. It's value was its scarcity, indestructability, fungibility. Bitcoin's use value is similar. Forget claim on an insolvent entity, it is a claim on a virtually indestructible monetary network.
I will mark Josh down as "I have known about bitcoin for a long time and I dismissed it while watching it slowly take over the world and I better double down because I am too proud to admit I might have been wrong". There are millions of Joshes in the world.
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There are millions of Joshes in the world.
They congregate on r/buttcoin
Josh is more articulate than most there. His arguments at least have some basis in Austrian economics. He could position himself as the Buttcoin Overlord.
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Buttcoin is such a sad place. And they used to be so funny...
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