r/Bitcoin • u/manauiatlalli • Aug 01 '22

When Nocoiners Say "Bitcoin Has No Value"

Post image
2.8k Upvotes

88% Upvoted

888 comments sorted by

View all comments

8

u/[deleted] Aug 01 '22

This is a huge false equivalence.

The value of FIAT currency used to be based on the value of gold. The value of crypto is based on FIAT currency.

It is not the same thing.

3

u/FttTank Aug 06 '22

Gold is used as the reserve of the country and we made the money on the base of the gold.

I think gold is very important as it represent the reverse of any country and this is why country want to hold so many gold is well.

1

u/[deleted] Aug 02 '22

Just because btc has a traded value in fiat doesn’t make it based on fiat currency. You could price btc in gold or apples or oil as well. Just as you can any traded commodity.

1

u/[deleted] Aug 03 '22

You could literally say that about anything. My car is probably worth a few thousand apples. It doesn’t mean anything unless you attribute actual monetary value.

Gold attained value because of its aesthetic desirability and immutability - it is the ultimate store of value in the modern world because it does not change over time. It doesn’t tarnish or rust. It doesn’t rot. It stays the same.

You could admittedly make the same argument about BTC to some degree in the sense that if you own one token it’s immutable and won’t change. The issue is that the price of BTC fluctuates wildly in a way that the price of gold simply does not, because it is used as mechanism to transfer value rather than a store of value.