저자: 미상 · 외국인
요약 보기
결론: 영상은 비트코인에 본질적 가치(intrinsic value)는 없다는 비판에 일부 타당성이 있다고 인정하면서도, 효용·투기적 가치와 이점 때문에 매수·보유 의견은 유지한다는 입장이다. 제이미 다이먼(JP모건 CEO)이 비트코인은 본질적 가치가 없다고 한 발언에 대체로 동의한다고 시작한다. 다만 다이먼의 다른 발언에는 동의하지 않는다고 덧붙인다. 가치 개념 정리: 본질적 가치는 소유만으로 쓸모가 있는 것(밀, 금의 치과 재료·보석 등)을 말한다. 집·예술품·주식·법정화폐는 본질적 가치가 약하고 투기적 가치나 효용적 가치가 큰 편이라고 설명한다. 본질적 가치가 없다고 해서 가치가 전혀 없는 것은 아니라는 입장이다. 주식: 본질적 가치는 현금흐름으로 볼 수 있으며 배당이 없는 성장주 등은 예외라고 짚는다. 주식은 장기적으로 인플레이션을 방어하는 효용이 있고 변동성은 크다. 법정화폐(달러): 자체로는 본질적 가치가 없고, 널리 수용되는 교환 네트워크라는 효용 때문에 가치가 있다고 본다. 비트코인: 법정화폐보다는 주식과 유사한 경쟁재로 본다. 국경 간 이전이 쉽고 전 세계적으로 수용되며 인플레이션 방어 성격이 있다. 반면 일상 결제에서 법정화폐만큼 쉽게 교환되지 않고(라이트닝 네트워크 등 개선 진행 중), 자가보관 시 제3자 위험이 줄어든다. 지수와의 상관관계가 낮아 분산투자 효과가 있고, 적대적 규제 환경에 대한 헤지 수단이 될 수 있다. 결론적으로 비트코인의 존재 이유는 본질적 가치가 아니라 효용적 가치에 있으며, 발행자는 이를 근거로 보유 의견을 유지한다. 언급 종목 중 구체적 가격 방향 예측이나 목표가는 없다. 출연자 전망: 명시적 가격 예측 발언 없음(장기적 보유 관점만 제시).
다듬은 글
the Bitcoin has no intrinsic value that's what Jamie dimon is saying the CEO of JP Morgan and I tend to agree with this surprisingly right he does say other things that I do not agree with but that Bitcoin has no intrinsic value does make a lot of sense actually now this is a very fundamental discussion right almost a philosophical discussion but it is I think very important to look at the critics of Bitcoin and look at their points and look at how valid are those points potentially and the point of Bitcoin not having intrinsic value I think does have some Merit to it it does not change my opinion though on whether or not to buy and hold Bitcoin more on that later so what is intrinsic value I think intrinsic value means it has value in itself it has value Beyond just being exchanged to something okay so you have value simply just by owning it you have utility from just owning it or from using it for something so for example if you have let's say wheat okay you've got a farm you you grow wheat then you use maybe that wheat to exchange it for some other good you have intrinsic value in that wheat right you can turn this into food you also have intrinsic value even in things like gold right you could use that gold and place it into teeth to repair your teeth you could also if you regard this as intrinsic um do some jewelry with it right sell the jewelry and people just love to wear jewelry so there's maybe some kind of intrinsic value in this as well now with Bitcoin it's not necessarily true right Bitcoin does not really have intrinsic value what can you really do with it you can't grow food with it you can't live in it right with a house you can live in it you also can't put it on a wall like with art but this is where where I think the differentiation of what kind of value and asset has is important there is on the one hand the intrinsic value right and people say when something doesn't have intrinsic value it doesn't have any value at all but I tend to disagree with this there's also speculative and utilitarian value and that's I think where Bitcoin shines so all of these assets or most of those assets that I was talking about they have both components actually when you buy a house right you don't just buy it for the utility of living in it you also buy it maybe as a retirement vehicle right you you're okay you're willing to pay so much for that house to get this huge mortgage on it because you expect it to appreciate you expect the value to go up thus you have some kind of speculative value in it as well right if the house was to completely collapse all the houses are so poorly built that they all completely collapse after 20 years or maybe that's a law after 20 years you have to to completely demolish your house how much would houses really be worth they will be worth much less right even if you maybe only have the intention to live in it for 20 years the book will still be worth much less because you don't anticipate this to appreciate so you've got the speculative utility value and you've got the intrinsic value and when we have something like let's say for example art has a huge component of speculative value because how much value do you really have from art hanging on your wall okay there's not that much value maybe you can like show off and you can tell oh I've got a big art collection Etc but the the value itself the intrinsic value of a piece of art isn't millions of dollars as some of these art pieces are sometimes sold for so most of that is also simply just uh speculation hoping for somebody else to buy it afterwards for more now what about things like stocks this is now where it becomes a bit more complicated right do stocks have intrinsic value you can't grow anything you can't you can't eat any stock right nowadays you often have it just in your brokerage ground as well you don't even you can't even touch it right it's just a record in some database similar to bitcoin so what's the intrinsic value of stocks the idea is that intrinsic value of stocks is their cash flow so we could now open a whole other can of worms of all the stocks that don't pay cash flow right growth stocks or Berkshire Hathaway or so that never pay any dividends but let's not open that let's assume that all stocks actually do have cash flow and the cash flow determines the intrinsic value right you hold the stock you've got the value in holding the stock because it gives you some kind of passive income right that will be the argument of stocks but this is really intrinsic is it kind of value in itself that it generates cash flow you still would have to convert the cash flow into something this is then where we get into Fiat thus Fiat does a dollar bill have intrinsic value can you use it by itself the answer is no right you have to swap it for something you don't necessarily have speculative value right you're not anticipating the value of your dollar bills to increase at least the most part of the world right some people they might be changing exchanging their local currency into dollars because I think the dollars might appreciate versus their local currency but most people they simply just hold dollars for another reason and that's the utility reason if the reason that you can exchange it for something else in the future right that's the Assumption it's very liquid you can exchange it basically for anything for any goods and services so there's no real intrinsic value but there's still a value it's different value it's the value of its utility and the utility in this case is the big Network that you can swap for that you can exchange your Fiat for into something else the big acceptance of fear now Bitcoin in that regard is similar to stocks and to Fiat you can't really do anything with it you can't eat it but there is some kind of belief in it but it's obviously not as big as for fear right everybody believes in Fiat so to speak right everybody accepts Fiat a lot of people sell their time for Fiat with Bitcoin not necessarily it's only a small number of people that actually do it but why is Bitcoin still preferred by this core Believers of people over Fiat and over stocks it's because of its inherent utilitarian properties that are different to Fiat and that are different to stocks but that are still there right so we Fiat you've got the big utility even though there's no intrinsic value the fear you've got the big utility of exchanging it with everything with stocks you've got the big utility that over the long term it doesn't depreciate versus the inflation right it keeps the purchasing power versus inflation maybe even increases with it so that's the advantage of stocks it does have obviously the downside of its volatility right stocks are very volatile but over the long term inflation can't do much to it Fiat is not as volatile but at least you can change it with everything now what's so good with Bitcoin with Bitcoin you've got the advantage that it's globally accepted and that you can easily move it across borders and that it's also protected against inflation so I've got the advantage of stocks in the form that it doesn't depreciate right over the very long term you've got the disadvantage that you can't swap it as easily as Fiat right people work on this with the lightning network but who knows where this in the end goes right it's not necessarily the reason why people buy Bitcoin nowadays it's rather to hold it in a similar pattern to stocks but the advantage of our stocks is you can transfer them easier across countries you can transfer also larger amounts easier across countries and you have less of a third party risk ideally if you do self-custody right if you hold Bitcoin obviously on binance or FTX that's a different story if you hold stocks there are still some kind of insurance in there and you're hoping that the company isn't frauding you but still in the end you have to trust your broker that nothing shady is going on with Bitcoin you hold this in your own wallet you move any amount you want to another country you can transfer it to any person in the world for relatively cheaply if that person happens to also be a bitcoiner so those are the the main advantages it's kind of like I see Bitcoin less as a competitor to Fiat I see Bitcoin more as a competitor to stocks because you've got a similar kind of volatility you've got a similar attribute of trying to park your money the advantages of it is it's not as highly correlated as say an individual stock to an index so you've got less correlation you can easily diversify and you have somewhat of a safety of keeping it even if some crazy regulation goes on right who knows right maybe the world becomes so hostile against people that have some wealth that stock portfolios might be taxed heavily you can't do this with Bitcoin you've got some kind of a hatch against very hostile regulatory environments now is this something worth to you who knows right maybe you are not traveling around uh different countries all the time but the fact that it does have some utility to some people gifts in my opinion the reason for its existence that's why it has value it doesn't have intrinsic value it has utilitarian value because it has some properties other assets don't and that that's where I kind of agree so you see Jamie Diamond saying it doesn't have intrinsic value all fine but it does have some other kind of value as to Fiat and S do stocks right stocks are basically a derivative of Fiat so I found this if you found this interesting right feel free to again give this a thumbs up feel free to subscribe in case you haven't yet feel free to share of course as well right this channel is not growing in these current times so any kind of new viewers are of course also very much appreciated and see you in the next video as well bye
Comments 0