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Does the FUD you just wrote invalidate the utility I suggested? If, maybe, someday etc. Bitcoin could be worthless. This is very true but money, of any kind, is

Does the FUD you just wrote invalidate the utility I suggested? If, maybe, someday etc. Bitcoin could be worthless. This is very true but money, of any kind, is only worth what people believe it’s worth. And in case you didn’t know, cash is also used for illegal activity...

MBCook 9y ago
I'm trying to suggest that it isn't a proven store of value. Just because something has value today doesn't mean it will tomorrow. Gold has centuries of history behind it, Rolex has maybe 100 years. Cash is thousands of years old. Bitcoin has had a high value for a couple of years. I'm not trying to suggest it's Beanie Babies or Pokémon cards. Obviously those were never useful as real currency and bitcoin can buy things today. But I don't think it's fair to compare it to gold or cash. And you're right, cash is used for illegal activity. But a HUGE chunk of it's use is for normal legal activity. There's no real way to know, but I'd be very interested to find out what percentage of bitcoin use is for legal activity. It's a very popular on the dark web because it's so much harder to trace than the normal credit card. They are legal stores on the "normal" internet that take it, but do they process a lot of transactions compared to the illegal stuff? Calling something FUD usually means that you think someone is mounting some sort of propaganda campaign against someone/something. That's not me, but the literal meaning fits. I'm afraid people will convert money they can't afford to lose into bitcoin even though we don't know how stable it is long term. I'm uncertain that it can continue to be used as transaction volumes increase. I doubt it's as impenetrable as people think because the US government (among others) is capable of throwing a LOT of computer power at getting enough hashing to manipulate the block chain.
- omarchowdhury 9y ago
  According to a report by J.P. Morgan Chase, just 0.0002% of Overstock’s revenue last year were conducted in Bitcoin. Overstock announced BTC support 3 years ago, in 2014. Source: http://www.businessinsider.com/merchants-arent-accepting-bitcoin-2017-7 http://www.businessinsider.com/merchants-arent-accepting-bit...

MBCook 9y ago

I'm trying to suggest that it isn't a proven store of value. Just because something has value today doesn't mean it will tomorrow. Gold has centuries of history behind it, Rolex has maybe 100 years. Cash is thousands of years old. Bitcoin has had a high value for a couple of years. I'm not trying to suggest it's Beanie Babies or Pokémon cards. Obviously those were never useful as real currency and bitcoin can buy things today. But I don't think it's fair to compare it to gold or cash. And you're right, cash is used for illegal activity. But a HUGE chunk of it's use is for normal legal activity. There's no real way to know, but I'd be very interested to find out what percentage of bitcoin use is for legal activity. It's a very popular on the dark web because it's so much harder to trace than the normal credit card. They are legal stores on the "normal" internet that take it, but do they process a lot of transactions compared to the illegal stuff? Calling something FUD usually means that you think someone is mounting some sort of propaganda campaign against someone/something. That's not me, but the literal meaning fits. I'm afraid people will convert money they can't afford to lose into bitcoin even though we don't know how stable it is long term. I'm uncertain that it can continue to be used as transaction volumes increase. I doubt it's as impenetrable as people think because the US government (among others) is capable of throwing a LOT of computer power at getting enough hashing to manipulate the block chain.

omarchowdhury 9y ago
According to a report by J.P. Morgan Chase, just 0.0002% of Overstock’s revenue last year were conducted in Bitcoin. Overstock announced BTC support 3 years ago, in 2014. Source: http://www.businessinsider.com/merchants-arent-accepting-bitcoin-2017-7 http://www.businessinsider.com/merchants-arent-accepting-bit...