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Bitcoin is a poor store of value too. It requires a lot of power simply to maintain it. It's a dissipative structure. Gold on the other hand can be buried in th
by api 9y ago
Bitcoin is a poor store of value too. It requires a lot of power simply to maintain it. It's a dissipative structure. Gold on the other hand can be buried in the ground and can just sit there for free. There are costs associated with moving and guarding or hiding it, but they're less than the cost of maintaining a vast network infrastructure and lot of energy-consuming hash computers.
To me the whole "store of value" thing is goal post moving. It was originally intended to be a currency but it's not very good for that, so people have decided to punt on that goal and redefine its objectives.
I also forgot to add that Bitcoin in its current incarnation is not quantum hard and will die when practical QC arrives. It could be rev'd to support post-quantum crypto, but the way it's dealt with scaling issues so far does not inspire confidence that it will get ahead of the curve.
- dmichulke 9y ago> To me the whole "store of value" thing is goal post moving. I agree and the bet is currently on LN to get that currency aspect back. But it troubles me and many others. On the mitigating side, many people think that it it's not a currency, even with low transaction fees, because it's so volatile. Therefore, those people have never bought it in the first place and cannot exert downward price pressure right now either.