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A comment on Global Demand for Bitcoin Shifts Wildly in Response to Regulation. Parent comment

Re:Global Demand for Bitcoin Shifts Wildly in Response to Re... by joosters on Friday October 13, 2017 @12:25AM (#15463273)
Price can be based both on utility and speculation, so shiny metals may have higher prices than their industrial usage would imply. It doesn’t have to be just one or the other.

A store of value is, of course, useful, but that doesn’t mean that it should gain a high price. Is there a shortage of value storage, or are there already plenty of ways to store value?

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Re:Global Demand for Bitcoin Shifts Wildly in Response to Re... by colordrops on Friday October 13, 2017 @01:06AM (#15463397)
Doesn't bitcoin match that definition? It is not only a store of value but also provides forms of utility that wasn't there before distributed consensus was solved.
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Re:Global Demand for Bitcoin Shifts Wildly in Response to Re... by nosuchthing on Friday October 13, 2017 @02:03AM (#15463555)
It doesn't store value, it's a network protocol and a database.

It's not rare, and the supply was minted for substantially minimal energy/capital input. Satoshi designed an economic model for Bitcoin to reward himself and the small pool of users who ran the software. Anyone buying a Bitcoin for more than it cost to produce it in 2009-2014 is hoping they'll find a greater fool to sell their coin to.

Is litecoin a store of value? Monero a store of value too? Maybe 42 coin is more valuable because there's only 42 instead of "21 million"... oops the network forked and now there's twice... wait four times... wait the network forked again... oh dear.

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Re:Global Demand for Bitcoin Shifts Wildly in Response to Re... by oreo81 on Friday October 13, 2017 @02:47PM (#15468287)
Are you saying a database doesn't have value? For many companies, their database is their largest asset.
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Re:Global Demand for Bitcoin Shifts Wildly in Response to Re... by colordrops on Friday October 13, 2017 @07:03AM (#15464571)
> It doesn't store value, it's a network protocol and a database. It's not rare, and the supply was minted for substantially minimal energy/capital input.

I don't agree with any of that.

I suppose the internet is really just a bunch of 1s and 0s and not of any value either using that reasoning.

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