5 ms·

If you'd been in Bitcoin over the past 10 years you would have witnessed at least five 85%+ drops and still be up over 300,000%.

the_gastropod 8y ago
Yea! And if you'd invented Facebook 13 years ago, you'd be worth BILLIONS! What's your point? That 85%+ drops in value are a reasonable thing for a currency? That a 300,000% increase over 10 years is a reasonable return? These are two sides of the same coin telling the glaringly obvious tale that: Bitcoin is an absolutely awful store of value.
- not-satoshe 8y ago
  I expect adoption in waves, not linearly.
- not-satoshe 8y ago
  +200% APY is an excellent store of value.
  - the_gastropod 8y ago
    Do you think 200% annual growth is sustainable? Do you think that would make for a useful currency? Why do you think economists consider low (but positive) inflation to be desirable for currencies? Do you think such growth, mixed in with sporadic 85+% drops (aka: high volatility) is a good attribute for a currency?
    - not-satoshe 8y ago
      No, 200% APY in waves is expected as it becomes the reserve currency. Then it grows in value at a rate equal to the growth in productivity, closer to 0%. States think positive inflation is good, because it's a hidden tax that they profit from. I think 0% inflation is better for all participants. Yes, I think growth in waves is a great start for a money. Same thing happened with salt, gold, and other commodity monies.
  - imtringued 8y ago
    That's not how a store of value is supposed to behave. It's supposed to be stable, it shouldn't go up or go down faster than inflation/deflation.
- xiphias2 8y ago
  The point is that you shouldn't invest in an asset without understanding its properties. I help my friends buying Bitcoin and I make sure that I prepare them for the huge risk they are taking.
  - mannykannot 8y ago
    You help them by explaining that it would be a mistake to regard an 80% - 85% decline as brutal?
    - xiphias2 8y ago
      Yes, I myself have been through multiple of those, and it's important for people to expect it. The most brutal things for me were about losisng/forgetting/not writing down correctly passwords, exchanges being gone with part of my money, even though I tried to be very careful. Being 80% down is nothing compares to.these kind of (not as rare as you think) events.

the_gastropod 8y ago

Yea! And if you'd invented Facebook 13 years ago, you'd be worth BILLIONS! What's your point? That 85%+ drops in value are a reasonable thing for a currency? That a 300,000% increase over 10 years is a reasonable return? These are two sides of the same coin telling the glaringly obvious tale that: Bitcoin is an absolutely awful store of value.

not-satoshe 8y ago
I expect adoption in waves, not linearly.
not-satoshe 8y ago
+200% APY is an excellent store of value.
- the_gastropod 8y ago
  Do you think 200% annual growth is sustainable? Do you think that would make for a useful currency? Why do you think economists consider low (but positive) inflation to be desirable for currencies? Do you think such growth, mixed in with sporadic 85+% drops (aka: high volatility) is a good attribute for a currency?
  - not-satoshe 8y ago
    No, 200% APY in waves is expected as it becomes the reserve currency. Then it grows in value at a rate equal to the growth in productivity, closer to 0%. States think positive inflation is good, because it's a hidden tax that they profit from. I think 0% inflation is better for all participants. Yes, I think growth in waves is a great start for a money. Same thing happened with salt, gold, and other commodity monies.
- imtringued 8y ago
  That's not how a store of value is supposed to behave. It's supposed to be stable, it shouldn't go up or go down faster than inflation/deflation.
xiphias2 8y ago
The point is that you shouldn't invest in an asset without understanding its properties. I help my friends buying Bitcoin and I make sure that I prepare them for the huge risk they are taking.
- mannykannot 8y ago
  You help them by explaining that it would be a mistake to regard an 80% - 85% decline as brutal?
  - xiphias2 8y ago
    Yes, I myself have been through multiple of those, and it's important for people to expect it. The most brutal things for me were about losisng/forgetting/not writing down correctly passwords, exchanges being gone with part of my money, even though I tried to be very careful. Being 80% down is nothing compares to.these kind of (not as rare as you think) events.