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Gem 14-11-2020 06:21 AM

The Bitcoin Representation
 
Full disclosure and disclaimer: I own Bitcoin and this thread is not for financial advice.

An objective financial analysis of Bitcoin based on accepted economic metrics reveals that Bitcoin's value as an asset is incredibly high. This is verified by analyses conducted by leading investment firms Fidelity, Ark Invest, Grayscale and others who conservatively value 1 Bitcoin at USD100K, at least. I thought these guys are nuts, but I started to do a deep dive into it, and as I went down the crypto rabbit hole, I realised Bitcoin is priceless.

Of course I then bought my Bitcoin.

What follows is my rationale for why 1 Bitcoin is worth not just the already incredible valuation of say 100K, but millions upon millions of dollars to long term hodlers.

On the surface, Bitcoin's asset value comes from the fact that it is scarce - there will only ever be 21M coins; it is transportable - you have an online wallet on your phone; and it can't be confiscated by officials - it is decentalised blockchain ledger code. Those fundamentals make Bitcoin a safe store of value and is how they arrive at over 100K valuation. However, there is something that standard analytics do not account for - and that is what Bitcoin represents. It's representional value is akin to a great work of art such as the Mona Lisa or a Van Gogh, and it is that symbolic status and cultural significance that makes Bitcoin incalculable in dollar terms.

Is there a symbol that captures in itself the essence of the digital age? Think about it. What article of ownership exists now that captures the culture of the digital revolution. What single reference of ownership expresses that feeling, holds the emotion of it... words can not express that captured essence which I yearn so to express.

Bitcoin. Not the 'money of the internet' as it is called, but the encapsulated meaning of the era in its most apt ownable form.

The similarities between Bitcoin and priceless art is uncanny, not in form, but in function. Priceless art begins with the story of the artist - or it is preserved form an ancient era. The 'artist' who created Bitcoin is known only by his username, Satoshi Nakamoto. This so perfectly represents internet culture. The 'real person' remains unknown since we use pseudonyms to protect our identities. This shroud gives Bitcoin an air of mystery, and long into the future people will still be asking 'who was Satoshi Nakamoto?'. He will be remembered (and already is) as a genius because his accomplishment was so truly remarkable; and as a revolutionary who subverted something so fundamental it only exists in realms of ideology. It becomes so apparent as the world transitions to digital currency that Satoshi's legend will be eternalised. Because he is unknown, he will be remembered as myth and the story of the man behind the creation promises to be among history's most compelling.

This is where the intangible value case for Bitcoin lies. It has the most intruiging backstory, it represents an era, it re-conceives money and it revolutionises ideology. It's really something, and since diving down this rabbit hole, I feel as if I own something so spectacular that only the wildest of imaginations could comprehend its intrinsic underlying worth.

ant 14-11-2020 09:38 AM

Hello Gem,: )

The devils advocate here,you have one foot in the door.

Don't you see the attachment?

I am is in two minds.

And in that and commiserations,

I am sorry.

Gem 27-11-2020 09:17 AM

Here is a short documentary that captures the dream, the imaginable potential, the way it evolves without being controlled

https://www.youtube.com/watch?v=DA49Dh1-NPY

PsyKeys 04-12-2020 04:57 AM

It's possible, you have a deep perception, mine is quite shallow given how little I know about the inner workings of bitcoin, but perhaps not shallow, taken that I have some knowledge about the world, institutions and people. Bitcoin creates a more integral security for money. But bitcoin is still too young, its in a pool of potential. And the way it works side by side with computational power, is to source and route computational power to produce tech based solutions to businesses. I'm with it because I think that a lot of institutions of fields are too dense and information rich, i.e. law. And so we need tech based databases (libraries) and a.i. to be able to search for solutions faster.. It's funny cuz its like, the invention of the calculator. We no longer preform everything by hand and memory and the force of attention, or to wait for ideas, mistakes and epiphanies. But P probably does not = to NP. A.i. driven law for example would still be 2 computers against each other with the spirit of the opposing lawyers. If you imagine computation as calculations and pathways to solve problems of the "what if" which is by or within the means of current legislation unchanging, then it may even make cases longer than usual. P=NP is about how fast you can solve problems. I think while bitcoin is hard to decrypt it will always remains possible to decrypt. It would just need to be super complex. As far as Im aware mining bitcoin helps create solutions towards its integrity? Oh yes, because the transactions are not even recorded after the calculation is made to produce the encryption, or rather the calculation (algorithm is complex). So what I'm learning and realizing now is that, we want our currency to be unpredictable. Because its by observation that people corrupt things. Ah. Privacy.

Problems that arise are within tradition and businesses.

Gem 04-12-2020 10:11 AM

Quote:

Originally Posted by PsyKeys
It's possible, you have a deep perception, mine is quite shallow given how little I know about the inner workings of bitcoin, but perhaps not shallow, taken that I have some knowledge about the world, institutions and people. Bitcoin creates a more integral security for money. But bitcoin is still too young, its in a pool of potential. And the way it works side by side with computational power, is to source and route computational power to produce tech based solutions to businesses. I'm with it because I think that a lot of institutions of fields are too dense and information rich, i.e. law. And so we need tech based databases (libraries) and a.i. to be able to search for solutions faster.. It's funny cuz its like, the invention of the calculator. We no longer preform everything by hand and memory and the force of attention, or to wait for ideas, mistakes and epiphanies. But P probably does not = to NP. A.i. driven law for example would still be 2 computers against each other with the spirit of the opposing lawyers. If you imagine computation as calculations and pathways to solve problems of the "what if" which is by or within the means of current legislation unchanging, then it may even make cases longer than usual. P=NP is about how fast you can solve problems. I think while bitcoin is hard to decrypt it will always remains possible to decrypt. It would just need to be super complex. As far as Im aware mining bitcoin helps create solutions towards its integrity? Oh yes, because the transactions are not even recorded after the calculation is made to produce the encryption, or rather the calculation (algorithm is complex). So what I'm learning and realizing now is that, we want our currency to be unpredictable. Because its by observation that people corrupt things. Ah. Privacy.

Problems that arise are within tradition and businesses.





I'm not an expert on cryptography and have limited understanding of cryptocurrency markets, but since diving down the Bitcoin rabbithole, I've entered the wonderland of Satoshi's vision - and there is no coming back.

Gem 05-12-2020 01:34 AM

This video covers the diverse concept of Bitcoin and the blockchain.

https://www.youtube.com/watch?v=eGx4FWS7zE4

It is not how we have imagined money up until now. It is an innovation so profound that we haven't begun to conceive of the uses it has. Bitcoin is a primitive blockchain, but it spawned advances in the tech that are capable of fulfilling the vision. Bitcoin was the genesis that represents the crypto ecosystem, and has become the Gold of that environment. As the governments of the world release their blockchain currencies, Bitcoin will be recognised as the origin coin, and no matter what the officials say, everyone will know Satoshi was the visionary and Bitcoin will be a 'collectible' of priceless value.

This is my thesis, which started as an investment thesis, but as I started to understand the meaning, the history, the legend of Satoshi in context with the coming digital world, I could see quite clearly that owning 1 bitcoin today will literally be a treasure by the end of the century. Hence I wish to open wallets for each of my nieces and nephews so that they wil have Bitcoin and prosper.

Gem 17-12-2020 04:40 AM

In celebration of decentralised value, Bitcoin reached all time highs last night.


Of course I have gone deep into the value case for the coin and understand the traditional value case in financial terms, but I have also developed a more abstract theory about the priceless value of Bitcoin as a symbol of cultural meaning, a meaning which is only becoming deeper, and even when a coin is worth 100K, it will continue to become more profound and eventually reach a priceless status.


I'm just here to post this documentary as a celebration of last night's record Bitcoin breaking price.


https://www.youtube.com/watch?v=wQei15AF4Tw

Gem 21-01-2021 07:27 AM

It is imaginary in that you can't sense it. It emerges from computer code as an imaginary abstraction.

It has no object of value or beauty. Its is a function, but not a thing which functions. It is a function without a form, yet generates a sense of ownership and value.



It has proven that value is not intrinsic to material, but a conceptual and emotional artifact. It effectively captures the very essence of value - the underlying function than generates value itself.


It gains value and loses value - spiking up and crashing down - but the underlying function of value generation is so concise that over time is increasingly treasured at a phenomenal rate - regardless of it being entirely unnecessary, let alone completely intangible.

FallingLeaves 23-01-2021 11:03 PM

Quote:

Originally Posted by Gem
It is imaginary in that you can't sense it. It emerges from computer code as an imaginary abstraction.

It has no object of value or beauty. Its is a function, but not a thing which functions. It is a function without a form, yet generates a sense of ownership and value.



It has proven that value is not intrinsic to material, but a conceptual and emotional artifact. It effectively captures the very essence of value - the underlying function than generates value itself.


It gains value and loses value - spiking up and crashing down - but the underlying function of value generation is so concise that over time is increasingly treasured at a phenomenal rate - regardless of it being entirely unnecessary, let alone completely intangible.



one could say exactly the same thing about gold and silver, and yet one doesn't.

Gem 27-01-2021 12:02 AM

Quote:

Originally Posted by FallingLeaves
one could say exactly the same thing about gold and silver, and yet one doesn't.


It is pretty much the same as gold and silver, but only different in how it represents the virtual world in a digital age. The metals have form and are tangible, whereas the Bitcoin is only represented by a brand symbol, having no substance, shape, colour, tempreature, texture.

Hence I think Bitcoin is of purely philosophical value, and although value is somewhat arbitrary, there are ingredients such as scarcity or rarity in relation to desire or need that go into making something valuable. That is abstractly translated into dollar terms, the number of which objectively measure the supply:demand ratio. We do not only buy metals or Bitcoins because it is desired so much today, but because we think it will desired even more than it is now in the future, and hence be more expensive if we were ever to sell it.

That's true for what we think of as 'assets', but whereas metals offer something to own, Bitcoin translates the philosophical elements of ownership into an algorithm and captures it in immutable mathematical code.


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