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Old 12-05-2013, 03:30 PM   #766
Jaren1
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Quote:
Originally Posted by RastaMon View Post

News flash, the definition of value is what others are willing to exchange X for Y. Be it digital currency, gold, paper, food, whatever...

Bitcoin tops out at 21 million, and that won't be mined for many many years, a long way to go. It's more akin to gold in that there's only ever going to be a fixed amount on Earth. That said, there are already dozens of parallel digital currencies, many of those will come and go, but bitcoin has the fortune of being the first and most widespread.
Yes but things like gold are

A: physically obtainable
B: not being replicated in similar fashions.

The thing with bitcoin or any digital currency is that it isn't alone, it can be replicated in another form. The only thing that adds value to it, is its popularity. So as soon as the crowd moves to something bigger and better, there goes the value with them. That's what I'm getting at.

Someone can't just go and create a different form of gold, that's why it will always have its value. Maybe I'm not making sense or I dont fully understand.
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