Quote:
Originally Posted by ShopCat
I just don't understand your argument I guess. So do you consider gold a mlm system? It meets the same criteria. Is volatility the crossover? 2-3% vs 200% acceptable vs unacceptable? I'm just trying to grasp the mindset and viewpoint. To me, bitcoin has utility because I have used it to purchase goods. It also has a lot of utility in countries with less stable governments for the same reason, millions of dollars are exchanged pier to pier every day worldwide in real physical good purchases to live, eat ect. Not in your neck of the woods does not mean it doesn't happen and no utility to you does not equal no utility to all.
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Again, the comparison to gold is a distraction from the discussion - this isn't a discussion about gold nor a comparison between the two.
Bitcoin has very little utility for 99.99% of the world's population (drug dealers and sex traffickers aside). If you've used Bitcoin to pay for (legal) stuff, then I'm just guessing that you're in the very, very small minority.
Just curious - what have you actually bought with Bitcoin and was that transaction within the past 12-24 months? Oh, and using an exchange like Coinbase for trading with other people with a Coinbase account doesn't count - that's the same thing as PayPal for Bitcoin - one is not actually "using" Bitcoin at that point, they are basically just trading "Coinbase credits" based upon the value of Bitcoin as an index - much like one's "funds" at PayPal aren't dollars and they don't really exist (one reason I don't leave any funds on account at PayPal).
-Wayne