Bitcoin doesn't drive its value from any backing with a physical asset...

she is 17, 18 soon tho

>post textbook example of "users agreeing on the value"

The downsides of installing the internet in the hood are highlighted by this thread.

where does one watch the said scene

Btc is based on the mining and network cost.
glad we could explain it
. Welcome to 2013.

they burned it. it was a spic cartel gang rape in the desert and allegedly made del toro and brolin cry. truly a waste of great talent.

nah dude it totally is. buy more stocks.

Its backed by computational work. The blockchain has inherent value, boomer. You know what happened the last time a currency backed by work took a major hold? I will give you a hint: they went from the worst inflation and economic depression you could imagine, to nearly conquering Europe in like a decade.

It's literally expected future earnings, retard.

bitcoin drives it value from it's hashrate
it's hashrate goes up, because it has value
it's a self supporting protocol made by a genius (NS)
it's real money because mathematical fractals are a part of our reality, they are literally tangible things that you can see with your fucking eyes
google.com/search?sa=X&q=nature fractals&tbm=isch&source=univ&ved=2ahUKEwjI2oqHv-7iAhWWHbkGHUtOAcQQ7Al6BAgDEA0&cshid=1560704994596290

all integers in cryptocurrencies (most of them) create a fractal between it's mining operators and fullnode operators

So, how can I convert my bitcoin back to this 'hashrate'?

Same way you convert your McChicken back to labor and the components

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OP is not fag this time. Bitcoin has no intrinsic value itself or it's not backed by anything useful to which I could convert it. Basically FIAT but it's at least a bit better version of traditional FIAT since there's no single entity fully controlling it or its supply. Buy gold faggots.

Then Gold is fiat too because we all agree it has value

>Bitcoin doesn't drive its value from any backing with a physical asset

Nigg do you know how much electricity has been used

10 years+ in and brainlets still haven't bothered to understand the btc white paper.
They'll fomo into facebook coin I guess, and I'm ok with that.

I was always under the impression that was the cost of btc not the value. I could never make the logical connections for the cost of making it=to what it is valued, a single US penny costs more then it is valued, maybe that is what muddies the waters in my head?

If they burnt it, how do you know?

The price of physical assets is not derived from their molecular weight either.
By your definition almost every asset is fiat. Which is not inherently wrong.

> a little bit of stock = partial ownership
boomer detected

Which, the price of which, is negotiated between buyer and seller.

all value is subjective. There is no "muh intrinsic value". Its all via a process of users agreeing on value.

Exactly. Retarded 18 yo boomers literally think "I have a utility for this" means "everyone through all space and time values it the same"

So how does this make bitcoin not a fiat currency?

Chickens don't drive their value from any backing with a physical asset, but solely from that users all love eggs. This, by definition, makes it a fiat currency.

Prove me wrong.

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>knowing definitions of financial products make you a boomer in Jow Forums

You actually gave an example of nonfiat asset
Chickens are valued by their meat / or lifetime egg production minus the feeding cost.

Fiat doesnt mean "price is discovered by a market of buying and selling"

Fiat means "created by decree". Meaning person orders its arbitrary creation.

Bitcoin, like gold, corn, computers, etc requires actual effort, time, and financial investment to create.

You are deluded.
muh I'm co-owner of facebook
you do not have even a tiny bit of control over fb itself. It's a boomer ponzi.
You could actually argue, that by buying fb stock Zuck become the owner of YOU.
Fb overlords gain control over you by the means of your savings not vice versa.
If Zuck decide, he can dump or FUD before congress or start a new company and you end up on the street

There is a physical nature to the storage of the ledger, which holds the commodity asset itself. Nobody is forcing you to believe it has value.

You are not smart. Stop posting.

GO AWAY KARL!
Just because its expensive to maintain doesnt set the market value.
Spending millions on building a house doesnt mean you will always be able to sell it for said cost.

Yes that is LITERALLY what a stock is. Of course if you share ownership with a million other people the amount of direct control you have is small but you are literally a co-owner.

> This, by definition, makes it a currency

I corrected it for you faggot, go learn the history of money instead of watching porn, ok?

its worthless
buy BSV