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> Crypto can provide them with precisely that. The volatility of crypto is immaterial, what matters is that it's still around. The resilience of Bitcoin means t

> Crypto can provide them with precisely that. The volatility of crypto is immaterial, what matters is that it's still around. The resilience of Bitcoin means that rich people can park wealth there. They can trust the protocol more than they can trust their nation's banks, their political institutions, and their social order. What? Nobody sane is putting their long-term savings in crypto. The resilience of bitcoin has absolutely not been proven. For long term assets, you want your money in some stable, solid, not volatile, and preferably backed by a global superpower, hence US Government bonds and Euro bonds are pretty much the safest assets you can buy. They won't go up much in value, but they won't go down much either.

vinceguidry 9y ago
Government bonds are limited in quantity, the government can't sell enough of them to meet demand. Not even the US government has that much appetite for spending. And if you think about it, governments could never be that sink. Security will forever be a scarce asset.
ThomPete 9y ago
Long term it's exactly what you should do unless you truly believe that the USD is going to be as valuable as a security as it is right now in the long run (it's not). One thing that many people forget is that most bitcoin is owned by very few people who go in very very early. They will not need to sell even if it was cut on half from now and they do not have to worry about inflation. If you can do that in the long run bitcoin will gain trust and thus be less volatile or even live with the volatility (as we used to do with normal fiat currencies)
- reverend_gonzo 9y ago
  If, as you say, the majority of bitcoin is owned by very few people, that market is cornered and you shouldn't touch it with a ten foot pole.
  - ThomPete 9y ago
    That's like saying that because the top 5% own most of the world's wealth you should stay away. Can't you see how wrong that claim is?

vinceguidry 9y ago

Government bonds are limited in quantity, the government can't sell enough of them to meet demand. Not even the US government has that much appetite for spending. And if you think about it, governments could never be that sink. Security will forever be a scarce asset.

ThomPete 9y ago

Long term it's exactly what you should do unless you truly believe that the USD is going to be as valuable as a security as it is right now in the long run (it's not). One thing that many people forget is that most bitcoin is owned by very few people who go in very very early. They will not need to sell even if it was cut on half from now and they do not have to worry about inflation. If you can do that in the long run bitcoin will gain trust and thus be less volatile or even live with the volatility (as we used to do with normal fiat currencies)

reverend_gonzo 9y ago
If, as you say, the majority of bitcoin is owned by very few people, that market is cornered and you shouldn't touch it with a ten foot pole.
- ThomPete 9y ago
  That's like saying that because the top 5% own most of the world's wealth you should stay away. Can't you see how wrong that claim is?