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Thanks. But no thanks. Even as a store of value it's crappy because of the public ledger. I would rather have some semblance of privacy in terms of my wealth.

perseusprime11 9y ago
It has become a store of value, and there is nothing wrong to see it as a new asset class because of the attention it has been getting. IMO, bitcoin will rise till it finds an equivalent place like gold. Because of the limit, the value of bitcoin can technically reach anywhere between 400K to a million dollars. If they really wanted to see this as a currency, you would never design this to have an upper bound. You cannot realistically support or even augment the world exonomy with just 21 million bitcoins.
- coderdude 9y ago
  100,000,000 * 21,000,000 If bitcoin became the "world's currency" or whatever, you'd be using it at the satoshi level. Of course, at some point people would need a unit smaller than a satoshi.
- thevardanian 9y ago
  Cool. What I'm saying is that it lacks privacy, and therefore is a poor store of value. As for it being a store of value akin to gold? I don't think so. For various reason, even disregarding the historicity, and the physical nature of gold, the primarily reason I think it won't be comparable to gold will be because of the nature of technology. That being the lack of long term, and I'm talking centuries, hell even a few decades out, type of stability, and I just don't see Bitcoin being stable for such a long period of time. Technologies improve, and fundamentally demand constant change,and so superior competitors will emerge. Hell if anything even a state sanctioned E-Coin system would obliterate Bitcoin. Fundamentally at this point Bitcoin is reliant on the network effect. As of even today the technology behind it is in constant flux, experimentation, and competition, what keeps bitcoin afloat is that it's a first mover, and a lot of people use it. The network effect is really a short term moat for most technologies, including Bitcoin, and as such it will not last long enough to be a Long Term store of value. So any sort of comparable "Long term store" of value in any comparable to gold is out of the question.
  - canoebuilder 9y ago
    a state sanctioned E-Coin system We have these, they're called debit cards, credit cards, paypal, etc. For anything "state-sanctioned," centralized and "trustful" systems are always going to be more efficient, and chosen over less efficient and inferior options. This is why it's hard to see where something like bitcoin would ever find widespread use, it's only good for non-"state-sanctioned" things. If large numbers of people were to start doing non-"state-sanctioned" things, they wouldn't start using bitcoin, they would change the laws of the state.
    - thevardanian 9y ago
      Well yes, but fundamentally it's backed and guaranteed by physical paper bills. So when I say E-Coin I mean a purely digital/mathematical abstraction like Bitcoin, or other Cryptocurrencies.

perseusprime11 9y ago

It has become a store of value, and there is nothing wrong to see it as a new asset class because of the attention it has been getting. IMO, bitcoin will rise till it finds an equivalent place like gold. Because of the limit, the value of bitcoin can technically reach anywhere between 400K to a million dollars. If they really wanted to see this as a currency, you would never design this to have an upper bound. You cannot realistically support or even augment the world exonomy with just 21 million bitcoins.

coderdude 9y ago
100,000,000 * 21,000,000 If bitcoin became the "world's currency" or whatever, you'd be using it at the satoshi level. Of course, at some point people would need a unit smaller than a satoshi.
thevardanian 9y ago
Cool. What I'm saying is that it lacks privacy, and therefore is a poor store of value. As for it being a store of value akin to gold? I don't think so. For various reason, even disregarding the historicity, and the physical nature of gold, the primarily reason I think it won't be comparable to gold will be because of the nature of technology. That being the lack of long term, and I'm talking centuries, hell even a few decades out, type of stability, and I just don't see Bitcoin being stable for such a long period of time. Technologies improve, and fundamentally demand constant change,and so superior competitors will emerge. Hell if anything even a state sanctioned E-Coin system would obliterate Bitcoin. Fundamentally at this point Bitcoin is reliant on the network effect. As of even today the technology behind it is in constant flux, experimentation, and competition, what keeps bitcoin afloat is that it's a first mover, and a lot of people use it. The network effect is really a short term moat for most technologies, including Bitcoin, and as such it will not last long enough to be a Long Term store of value. So any sort of comparable "Long term store" of value in any comparable to gold is out of the question.
- canoebuilder 9y ago
  a state sanctioned E-Coin system We have these, they're called debit cards, credit cards, paypal, etc. For anything "state-sanctioned," centralized and "trustful" systems are always going to be more efficient, and chosen over less efficient and inferior options. This is why it's hard to see where something like bitcoin would ever find widespread use, it's only good for non-"state-sanctioned" things. If large numbers of people were to start doing non-"state-sanctioned" things, they wouldn't start using bitcoin, they would change the laws of the state.
  - thevardanian 9y ago
    Well yes, but fundamentally it's backed and guaranteed by physical paper bills. So when I say E-Coin I mean a purely digital/mathematical abstraction like Bitcoin, or other Cryptocurrencies.