4 ms·
Obviously, it's a great store of value if you bought bitcoin in 2017 or earlier! Tbh, the entire "store of value" story never quite felt right, the original wh
by tscs37 9y ago
Obviously, it's a great store of value if you bought bitcoin in 2017 or earlier!
Tbh, the entire "store of value" story never quite felt right, the original whitepaper was advertising it as currency, yet, it seems unusable for any kind of financial transaction at the moment. Even short term is a risk, the fees are just as high as the volatility and a bank transfer has simply become cheaper.
- paulmd 9y agoFees have actually come back to earth over the last month (although if there is a panic and people start competing for block space, you can expect them to quickly jump back up). Volatility is one thing, at this point you almost expect a daily 10-20% swing in either direction. The bigger problem has been a relentless downward trend over the past month.
- lucozade 9y ago> Fees have actually come back to earth over the last month Well yes, but who would to want to use Bitcoin as a medium of exchange now? The period of fee inflation will surely have killed that off for all but trivial uses. Similar rationale with Bitcoin as a store of value. A 7% 30 day vol vs USD is, well, chunky. As a vehicle for speculation and short term vol trading it's clearly still a thing but that's not quite what it was intended for.
- sincerely 9y ago>Well yes, but who would to want to use Bitcoin as a medium of exchange now? The same people that have always made up the bulk of actual bitcoin payments - people buying things on the dark web from markets that haven't integrated Monero yet.