/leftypol/ - Leftist Politically Incorrect

it's an extremely ephemeral and insecure store of value that's only useful for quick, private payments

It's not a commodity and as such LTV doesn't explain its price.
>No real use value, just a medium of exchange, as such has no subjective valuation by people, just its current quantity of represented value in trade
>Isn't consumed, so price theoretically should drop to zero over time as more is produced and supply approaches infinity

Other than that, it's pure bubble speculation. Just like dollars or euros aren't real, they are just made up, so too is bitcoin not real. It's a giant Ponzi scheme, you try to recruit people into being bitcoin suckers to drive up the price so you can profit.
Every cryptobro should have played RuneScape so they would know what a pump and dump is.

>>677018
Also this.
The very thing that makes crypto cool (pure security) makes it shit for normal use because you can't stop thieves or frauds easily. A central authority being able to rectify problems and ensure its use according to consistent rules is a value of a currency.

Other than that, bitcoin is likely madenby the CIA, just like TOR, as a way to easily and covertly transfer funds to their assets. Every new flavour of crypto only makes this easier. NFTs are basically a giant drugmoney laundering scheme.

>>677018
>store of value
It's a fucking speculative commodity. It doesn't "store" shit until you actually manage to cash out.

>>677135
>It doesn't "store" shit until you actually manage to cash out.
that is… how stores of value work
did you think i meant a physical container or something

it's gambling

>>676940
>something that derives its value from constant capital (in the form of mining rigs), but what about the halvings?
There is nothing magic about mining. It is just a way to distribute the coins between people who continuously contribute to the network for the first 100 years instead of just whoever happened to be around at the beginning. The reason for the halving is because there is a hard limit on how many bitcoins will ever exist, so mining produces fewer and fewer new coins as the limit approaches. After that the network will be well established and nodes can live from transaction fees alone.

>In that case, the bitcoin bubble would be about to burst but it's price shouldn't go back to 0 while there are people mining them, right?
Again, nothing to do with mining. The reason people use bitcoin is that the value can't be inflated away by fiat money printing and transactions cannot be censored by government/corporate interests. As long as bitcoin can do those two things then it will always be worth something. And because the supply of coins is fixed, as long as demand doesn't decrease then value can't decrease either.

>>676940
After the wallstreet bros crashed the global financial system, many technical people considered said financial system as a minefield, best to be avoided. Bitcoin was the hope for an alternative system for commerce. But you still can't use it to buy commodities, it just became another financial asset, what Marx dubbed as fictional capital. It has exchange value for the same reason stocks have exchange value.

>I think marxism can explain cryptocurrencies as something that derives its value from constant capital
No, Marx is very clear that value is derived from labor not capital.

>>677583
>you still can't use it to buy commodities
https://www.bitrefill.com/
https://cryptwerk.com/
The only thing you can't pay with bitcoin is taxes, which is how governments force people to use their fiat money.

>>677511
it is now
but there was a point of time where you can pay for dumb shit and miner the damn thing

>>677616
>there was a point of time where you can pay for dumb shit
From almost the start you could use it to buy darknet hosting, stolen credit cards, drugs, guns etc.

>it is now
So what's your point?

>>677583
But machinery and such transfer value.