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>> Because bitcoin is measurable scarcity one can provable show it’s a good store of wealth One can't, provably, do anything of the sort. You don't understand

>> Because bitcoin is measurable scarcity one can provable show it’s a good store of wealth One can't, provably, do anything of the sort. You don't understand how Bitcoin and Proof of Work works. The block hash in the following block is a measure of how scarce or rare it was to produce the bitcoins that were minted in this block: https://insight.bitpay.com/block/0000000000000000002c8fe4629066d934fd2143140d09535f5ec04e221ff55a https://insight.bitpay.com/block/0000000000000000002c8fe4629... If you don't understand how scarcity works in a blockchain, the rest of your points are pretty suspect. >Your example currencies all tanked against USD. BTC is appreciating, heavily, against USD. Yes currencies have tanked against each all throughout history, whichever is the weakest tanks the first. Quantitative easing and other forms of inflation executed by the Federal Reserve. >are you suggesting that there's currently a run on USD? Because I'm pretty sure there isn't. Yes literally this is what the BTCUSD price plot is showing you. Wake up. the ZWDUSD looks the same. People dump bad money. They are dumping USD for something that doesn't inflate away their value.

lucozade 9y ago
If you think that scarcity is sufficient to prove that something is a good store of wealth, I have some paintings, that my children did, that I'm happy to sell you. Hint, you probably don't want them. > Yes literally this is what the BTCUSD price plot is showing you. the ZWDUSD looks the same. So you're equating the current performance of USD with ZWD? Wow, ok. I've changed my mind. I'm more than happy to sell you those pictures in exchange for just a few thousand of those worthless US dollars. I find this an incredible shame. Bitcoin is a very interesting experiment and we have learnt a lot. It's by no means perfect but the major limitations are fairly easy to see and, I think, could have been rectified. I have a horrible feeling that the ignorance that seems to have surrounded it will not only kill it but make the whole idea toxic.
- DINKDINK 9y ago
  >If you think that scarcity is sufficient to prove that something is a good store of wealth, I have some paintings, that my children did, that I'm happy to sell you. Scarcity is literally the only thing that makes goods valuable in a capitalist society. This is basic econ 101. Gold is more valuable than air because it is scarce and hard to produce (mining is the only way to generate it). If you think that an entity, that your children can at their will generate in any quantity is scarce, it means you're confusing uniqueness and scarcity. If you're certain that bitcoin is doomed to fail, you certainly should be shorting it or selling calls / buying puts above spot price. Are you? You're a fraudster if you advocate a position for which you have no downside exposure in case you're wrong (Doctors who advocate patients to take drugs they haven't assessed the side effects are morally bankrupt). Feel free to remember this thread in 10 years.

lucozade 9y ago

If you think that scarcity is sufficient to prove that something is a good store of wealth, I have some paintings, that my children did, that I'm happy to sell you. Hint, you probably don't want them. > Yes literally this is what the BTCUSD price plot is showing you. the ZWDUSD looks the same. So you're equating the current performance of USD with ZWD? Wow, ok. I've changed my mind. I'm more than happy to sell you those pictures in exchange for just a few thousand of those worthless US dollars. I find this an incredible shame. Bitcoin is a very interesting experiment and we have learnt a lot. It's by no means perfect but the major limitations are fairly easy to see and, I think, could have been rectified. I have a horrible feeling that the ignorance that seems to have surrounded it will not only kill it but make the whole idea toxic.

DINKDINK 9y ago
>If you think that scarcity is sufficient to prove that something is a good store of wealth, I have some paintings, that my children did, that I'm happy to sell you. Scarcity is literally the only thing that makes goods valuable in a capitalist society. This is basic econ 101. Gold is more valuable than air because it is scarce and hard to produce (mining is the only way to generate it). If you think that an entity, that your children can at their will generate in any quantity is scarce, it means you're confusing uniqueness and scarcity. If you're certain that bitcoin is doomed to fail, you certainly should be shorting it or selling calls / buying puts above spot price. Are you? You're a fraudster if you advocate a position for which you have no downside exposure in case you're wrong (Doctors who advocate patients to take drugs they haven't assessed the side effects are morally bankrupt). Feel free to remember this thread in 10 years.