3 ms·
> Bitcoin is a poor currency and a crazy investment Bitcoin has long moved away from being a currency and is now more of a value store like gold. Yes, Bitcoin
by hw 9y ago
> Bitcoin is a poor currency and a crazy investment
Bitcoin has long moved away from being a currency and is now more of a value store like gold. Yes, Bitcoin is horrible as a currency, and that has been the fact for a long time now. This just shows how little Wall Street understands Bitcoin and crypto in general, and is struggling to find their footing.
It's also not a crazy investment. It is about as crazy an investment as gold is. This current 'bubble' is akin to the gold rush days, but look where gold is now, and the purpose it served since.
Crypto currencies are still in its infancy, and I have used them to make purchases and it has been a smooth experience. The fact that I can make purchases from other countries without paying cross border transaction fees and currency conversion fees... let's just leave it at that.
- bdod6 9y agoGold has centuries of historical data as a sensible value store. The 'gold rush' didn't RAISE the value gold; gold rushes happened because the value of gold was already high. If anything, gold rushes devalued gold because of the increase in supply. That's very different from what's happening with crypto, in which the run-ups now are happening from speculation. And speculation run-ups ALWAYS burst at some point. While Bitcoin might have some floor as an investment at this point, it's nowhere near as stable as gold. Equating the two makes very little sense. It would more accurate to compare this to the Tulip bubble than to the gold rush days.