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Is it possible that the concept of "money" has been upgraded? That cryptocurrencies are simply better as a store of value than dollars, for reasons A through Z?

Is it possible that the concept of "money" has been upgraded? That cryptocurrencies are simply better as a store of value than dollars, for reasons A through Z? For example, people don't like the costs and regulations associated with fiat currencies - therefore, crypto is better for them. It's like trying to ban alcohol or drugs - people still like them, so you can never ban them, no matter what the government wants. So crypto will never be banned (longterm). It's still such early days in this area, if you are curious at all, buy some BTC and ETH and sit on it.

matt4077 9y ago
> Is it concept of "money" has been upgraded? That sentence alone nicely illustrates why people loath bitcoin enthusiasts. > people don't like the costs and regulations associated with fiat currencies I have a savings account. It doesn't cost anything. The only regulation that matters to me is that it is insured against loss and theft. > trying to ban alcohol or drugs - people still like them, so you can never ban them Illegal drugs are banned. Hence illegal. > no matter what the government wants. Governments don't "want" things. People do–and elect governments to do it. The overwhelming majority is against legalising heroin. If you believe you can run a mainstream currency with the power requirements of a small country without and not be subject to government regulation, you are delusional. Look: Nobody is currently using Bitcoin as a "store of value". Nobody but drug dealers is currently using Bitcoin as a transactional currency. The only reason anybody is buying bitcoin is speculation, or, if you will, FOMO. With transaction costs in the double digits, and a security story worse than leaving a bag of money on a public bus, Bitcoin has zero underlying value as anything but the air in a bubble.
- seibelj 9y ago
  Illegal drugs are banned, but anyone who wants them can still get them. The point is, what the government wants and what society wants don't need to be synced. Your argument has been said when Bitcoin was $1, $10, $100, $100, $10,000. You will keep saying it at $100,000. And no one cares - the only way you can be proven right is if / when BTC goes to $0. And if it never does, you can keep saying the same old arguments, waiting patiently forever until it happens.
bryananderson 9y ago
But the costs associated with Bitcoin transactions are massive compared to credit cards, and as far as regulations, Bitcoin’s policy-making is quite centralized within a few groups (big mining pool operators, mega-exchanges, Core developers). On top of that, the throughput is orders of magnitude less than the credit card networks. And it’s not all that anonymous, either. The blockchain is a revolutionary technology, and I think one way or another it’ll change the world. But Bitcoin? I’m just not seeing it. The first implementation of a revolutionary technology does not often look like the implementation that ultimately changes the world. I think people forget that when they buy Bitcoin, they’re not betting on the usefulness of blockchains, they’re betting on this specific implementation of one. It’s a little like buying a bunch of dot-com IPOs in 1998 because you’ve figured out that the Web is the future. Your vision is right, but you’re still going to lose all that money.

matt4077 9y ago

> Is it concept of "money" has been upgraded? That sentence alone nicely illustrates why people loath bitcoin enthusiasts. > people don't like the costs and regulations associated with fiat currencies I have a savings account. It doesn't cost anything. The only regulation that matters to me is that it is insured against loss and theft. > trying to ban alcohol or drugs - people still like them, so you can never ban them Illegal drugs are banned. Hence illegal. > no matter what the government wants. Governments don't "want" things. People do–and elect governments to do it. The overwhelming majority is against legalising heroin. If you believe you can run a mainstream currency with the power requirements of a small country without and not be subject to government regulation, you are delusional. Look: Nobody is currently using Bitcoin as a "store of value". Nobody but drug dealers is currently using Bitcoin as a transactional currency. The only reason anybody is buying bitcoin is speculation, or, if you will, FOMO. With transaction costs in the double digits, and a security story worse than leaving a bag of money on a public bus, Bitcoin has zero underlying value as anything but the air in a bubble.

seibelj 9y ago
Illegal drugs are banned, but anyone who wants them can still get them. The point is, what the government wants and what society wants don't need to be synced. Your argument has been said when Bitcoin was $1, $10, $100, $100, $10,000. You will keep saying it at $100,000. And no one cares - the only way you can be proven right is if / when BTC goes to $0. And if it never does, you can keep saying the same old arguments, waiting patiently forever until it happens.

bryananderson 9y ago

But the costs associated with Bitcoin transactions are massive compared to credit cards, and as far as regulations, Bitcoin’s policy-making is quite centralized within a few groups (big mining pool operators, mega-exchanges, Core developers). On top of that, the throughput is orders of magnitude less than the credit card networks. And it’s not all that anonymous, either. The blockchain is a revolutionary technology, and I think one way or another it’ll change the world. But Bitcoin? I’m just not seeing it. The first implementation of a revolutionary technology does not often look like the implementation that ultimately changes the world. I think people forget that when they buy Bitcoin, they’re not betting on the usefulness of blockchains, they’re betting on this specific implementation of one. It’s a little like buying a bunch of dot-com IPOs in 1998 because you’ve figured out that the Web is the future. Your vision is right, but you’re still going to lose all that money.