Comments by "Piccalilli Pit" (@piccalillipit9211) on "People are claiming Bitcoin is the new gold It isn’t" video.

  1. NO there you go - answered the question for you The value of gold is the number of human hours it takes to mine and refine 1 gram - it is a TOKEN of human labour and the only thing that has any real value is human labour
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  2.  @frmcf  SORRY SORRY SORRY - YOU are so close to understanding this - computing power has ZERO value. As soon as there are enough GPU's and free power it will cost nothing to mine a bitcoin. And what are you paying for in the power??? The elctrons?>? NO - You are paying for the HUMAN LABOUR involved in the process. the only thing that gives ANYTHING intrinsic value is HUMAN LABOUR. Bitcoin is intrinsically worthless. Its called the labour theory of value. If you have 2 completely automated production lines, they dig up minerals with robots and they turn them into cars - how much will the cars sell for??? I can tell you - $1 each, cos there is ZERO cost of production and they will compete each other down to $1 unless they collude. computational power has zero value - you want proof - give me the cost of a 20 year old CPU that would have cost $100k - its $10
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  3. The value of gold is the number of human hours it takes to mine and refine 1 gram - it is a TOKEN of human labour and the only thing that has any real value is human labour. My savings are in physical gold coins in a physical safe built into my wall
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  4.  @methonyHolmes-e8p  I can answer - Ironically it would be good for Bitcoin, it would provide a base floor that says "it costs this much to make a bitcoin" The value of gold is the number of human hours it takes to mine and refine 1 gram - it is a TOKEN of human labour and the only thing that has any real value is human labour. The cost of mining a bitcoin is the value of labour in making the GPU's and the energy. The worst thing for bitcoin is the cost of GPU's and energy to plummet to near zero as that means it is INTRINSICALLY entirely worthless. Also every bitcoin would soon be mined out. At the moment it is only SOCIALLY entirely worthless.
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