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Most of us Bitcoiners are skeptical of modern monetary policy and want a risk-free store of value for our wealth. Today Bitcoin is very risky, however, we beli

Most of us Bitcoiners are skeptical of modern monetary policy and want a risk-free store of value for our wealth. Today Bitcoin is very risky, however, we believe its fundamental properties will ultimately lead to a stable place to put our savings. Sure, it won't gain interest or dividends but it also won't be subject to inflation or central banker manipulation. The above is purely my opinion and is frequently the subject of disagreement. It is, however, why I got into bitcoin.

mulmen 9y ago
If Bitcoin is not inherently stable why do you think it will become stable in the future? Do you believe it is subject to manipulation by parties other than central bankers? I don't understand this line of thinking but I am not an expert so I am curious to hear your perspective.
- CrystalLangUser 9y ago
  Because of vaporware promises from the developers of BTC. Don't worry, in 18 months^, Lightning Network (TM) will come out and fix everything by adding a second layer to bitcoin, nevermind that the first layer will be ignored ^ Not accounting for perpetual delays as LN as been promised for a long time
randomsearch 9y ago
So why bitcoin rather than another cryptocurrency? If another becomes more popular, everyone shifts to it, and the price crashes, what use was bitcoin as a store of value? The difference with other assets like cash or gold is that they have value that is supported by a clear rationale based on a central bank’s economic policies.
- solean 9y ago
  The value of gold is not rational
- etr-strike 9y ago
  I chose bitcoin because for several reasons: 1. I believe in the technology approach bitcoin is taking over any other coin (I believe functionality like smart contracts should be a side chain to the main bitcoin chain). 2. It has had a firm 21m supply cap since the beginning 3. It is the most decentralized 4. It has the largest userbase -- it's a more widely adopted currency 5. It has the most proof of work behind it (most of the mining power in the world targets the bitcoin blockchain). Proof of work is what keeps the chain secure from malicious actors. 6. The ledger is public Something like gold can't be audited. If I bought gold, I wouldn't want to store that in my house. I'd need to trust a third party to store it for me. Who's auditing that third party? Is my gold only mine on paper? Bitcoin is auditable, gold is not (for the average person). Cash is a depreciating asset -- at best, it loses 2% per year (likely much more).

mulmen 9y ago

If Bitcoin is not inherently stable why do you think it will become stable in the future? Do you believe it is subject to manipulation by parties other than central bankers? I don't understand this line of thinking but I am not an expert so I am curious to hear your perspective.

CrystalLangUser 9y ago
Because of vaporware promises from the developers of BTC. Don't worry, in 18 months^, Lightning Network (TM) will come out and fix everything by adding a second layer to bitcoin, nevermind that the first layer will be ignored ^ Not accounting for perpetual delays as LN as been promised for a long time

randomsearch 9y ago

So why bitcoin rather than another cryptocurrency? If another becomes more popular, everyone shifts to it, and the price crashes, what use was bitcoin as a store of value? The difference with other assets like cash or gold is that they have value that is supported by a clear rationale based on a central bank’s economic policies.

solean 9y ago
The value of gold is not rational
etr-strike 9y ago
I chose bitcoin because for several reasons: 1. I believe in the technology approach bitcoin is taking over any other coin (I believe functionality like smart contracts should be a side chain to the main bitcoin chain). 2. It has had a firm 21m supply cap since the beginning 3. It is the most decentralized 4. It has the largest userbase -- it's a more widely adopted currency 5. It has the most proof of work behind it (most of the mining power in the world targets the bitcoin blockchain). Proof of work is what keeps the chain secure from malicious actors. 6. The ledger is public Something like gold can't be audited. If I bought gold, I wouldn't want to store that in my house. I'd need to trust a third party to store it for me. Who's auditing that third party? Is my gold only mine on paper? Bitcoin is auditable, gold is not (for the average person). Cash is a depreciating asset -- at best, it loses 2% per year (likely much more).