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"store of value coins" are such a far departure from what cryptocurrency was invented and intended to be: peer to peer decentralized money.
by anonyx69 9y ago
"store of value coins" are such a far departure from what cryptocurrency was invented and intended to be: peer to peer decentralized money.
- hanklazard 9y agoFor sure. But here we are, at least with btc. Current fees, volatility, and confirmation times make it a pretty bad choice as a proper currency.
- 659087 9y agoIt's hard to argue that something that could be worth +/- 10%+ in the time it takes a transaction to process is a good "store of value", too.
- hanklazard 9y agoFair enough, maybe it’s not the best label. My purpose was just to discriminate between the cryptocurrencies that are trying to solve some other problem (create a worldwide supercomputer, decentralized storage, etc) from those that are more straightforward. I certainly don’t think of any of it as a store-of-value ... more like a trip to the casino!
- 659087 9y agoI wasn't really aiming that at you so much as at the constantly changing story about Bitcoin's purpose coming from the Bitcoin community as a whole.
- kindfellow92 9y agoBitcoin is new technology, the fact that its use cases are changing is evidence of that. That should be exciting, not disheartening. It would be a worse sign if it simply accomplished the goal it purportedly was intended for and nothing else. This shows it may have more growth potential. I for one know a few folks who have used bitcoin to transfer large sums of money across borders... pretty crazy times we live in. I expect bitcoin to dominate in this area in the short to medium term.
- drcross 9y agoThat's a bit like complaining that a gold bar is useless because it won't fit through your letterbox.