Same guy with the super long posts above, fell asleep before answering some of these
so there have been about 7-9 arguments against Bitcoin circulating around since 2014, and they have all been btfo for about as long
Newcomers to the industry however still get swept up in these notions especially if they don't have the inclination to go seek out the relevant counterarguments or indeed even know where to look in the first place as this is a fairly new industry
>>13224448Bitcoin is fundamentally not a fiat currency
and to be clear, currency does not always equal money, they are two separate definitions
the word fiat comes from Latin meaning "may it be"
a fiat currency is a currency that is sanctioned by the govt as money
and where does the value of any money come from? [Ex. Gold, silver, giant stones, beads, precious gems, have all been used as money]
You might answer, as you have implied,
>[it has] an inherent use case! the way wheat, lumber and all the metals have.however this is not where the actual value of the money comes from
what is the usecase of precious gems? or these big stone things in pic related that were used as money? or even gold?
I'll give you my answer, their primary usecase is AS money.
Their value to humans comes foremostly from the consensus of their worth.
Now some might object to that by saying,
>but the usecase of gold, silver, precious metals and gems is in jewelry! or in the case of precious metals, industrial useage and computersHowever, the marketcap (or, overall measure of the size of an industry) of these usecases is far lower than the total marketcap of their trading value
the primary usecase of precious metals is as a speculative money, often a hedge against fiat money's ability to be printed at will.
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