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A comment on Buffett bashes Bitcoin as nonproductive, thriving on mystique. Parent comment

Re:Buffett bashes Bitcoin as nonproductive, thriving on myst... by ggggtez on Monday May 07, 2018 @11:51AM (#17013714)
If you ever studied economics, you'd know that scarcity is not intrinsically valluable. It might be a useful feature, but intrinsic value means having a minimum value. Gold can't be created, but it had real usefulness in manufacturing. Besides, you could make a new buttcoin tomorrow, but you can't make a new kind of Atom.

Stop proving that Bitcoin enthusiasts don't understand economics.

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Re:Buffett bashes Bitcoin as nonproductive, thriving on myst... by dchest on Monday May 07, 2018 @12:10PM (#17013874)
Gold can't be created, but it had real usefulness in manufacturing.

Are you saying that the intrinsic value of gold is the price manufacturers of "useful" products from gold are willing to pay for it?

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Re:Buffett bashes Bitcoin as nonproductive, thriving on myst... by trixie_ on Monday May 07, 2018 @12:10PM (#17013876)
Scarcity is absolutely an intrinsic value. Gold has value because it is relatively scarce given the difficulty to mine. In addition to being really shiny which was valued by our ancestors. There are lots of useful rare elements used in manufacturing. In terms of a currency though gold has nothing on bitcoin. Gold is hard to move, hard to validate as authentic, heavy, easy to steal, etc..
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Re:Buffett bashes Bitcoin as nonproductive, thriving on myst... by notahacker on Monday May 07, 2018 @12:27PM (#17014036)
My excrement is several orders of magnitude more scarce than Bitcoins and gold bars alike, but it has no value because nobody wants it.

Scarcity relative to demand pushes up market prices (i.e. extrinsic value) but that's something entirely different...

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Re:Buffett bashes Bitcoin as nonproductive, thriving on myst... by hndamien on Monday May 07, 2018 @08:23PM (#17017704)
Maybe you can work on drumming up demand for your excrement. Fecal transplants are a thing now.
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Re:Buffett bashes Bitcoin as nonproductive, thriving on myst... by bdcravens on Monday May 07, 2018 @12:27PM (#17014037)
> Scarcity is absolutely an intrinsic value

Then what is the number? No, scarcity is an important attribute that contributes to perceived value, but it's not intrinsic. Otherwise any cryptocurrency that is scarce would have intrinsic value, as opposed to the many that are essentially 0.

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Re:Buffett bashes Bitcoin as nonproductive, thriving on myst... by jabits on Monday May 07, 2018 @12:06PM (#17013834)
If you think gold can’t be created, you need to revisit your chemistry and physics books. While not economically feasible yet, with the mastery of fusion energy technologies it one day will be...
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Re:Buffett bashes Bitcoin as nonproductive, thriving on myst... by jhall1468 on Monday May 07, 2018 @12:09PM (#17013870)
It can't be created practically which is the same as can't be created for purposes of this discussion. Talking about creating something using a tool that we haven't even created is futurism.
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Re:Buffett bashes Bitcoin as nonproductive, thriving on myst... by notahacker on Monday May 07, 2018 @12:26PM (#17014026)
And of course as soon as it can be created practically and cheaply, the price of gold will drop to [close to] the cost of manipulating atoms to create new gold.
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Re:Buffett bashes Bitcoin as nonproductive, thriving on myst... by jhall1468 on Monday May 07, 2018 @10:47PM (#17018434)
IF it's ever created practically and cheaply. Despite your comment, it may never be cost effective.
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