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I'm sure the majority of volume is from speculators. I think Bitcoin really is basically a Digital Gold, with a finite supply and creation rate.

yreg 6y ago
Well, yes, and the same could be asked about gold… >Does anybody actually use gold? And by use I mean transact actual business, and not just speculate.
- Zarath 6y ago
  Does anyone actually use stocks? I mean, it's not like I can show up at AAPL and demand their espresso maker because I own enough shares of their stock. The "partial ownership of the business" is a complete myth. In reality, unless a corporation pays a dividend, or goes bankrupt and is liquidated and shareholders are paid, stocks are just liquid vehicles of speculation.
  - svachalek 6y ago
    Stocks don't purport to be currency though. The question about gold is more fair. There have been times when actual gold coins were used as currency, and until 1971 the dollar was on a gold standard, meaning dollars gained at least some of their credibility from the fact they could be traded for a fixed amount of gold; i.e. paying in dollars was in effect paying in gold. But now, no, gold's status as a "currency" is mostly from tradition. Still, it's relatively easy to use and its value is comparatively stable. And people can't just up and make a new one at any time.
    - artursapek 6y ago
      Over time I think it became clear that Bitcoin was misnamed. If it's like any coin, it's a $1700 1 oz Gold coin - not the nickels and dimes people generally think of. It's a great store of value (if you have a strong stomach to short-term fluctuation) but not great for small transactions.
- chrisco255 6y ago
  I bought gold with Bitcoin the other day, but I find it difficult to do the reverse.
- danans 6y ago
  > Well, yes, and the same could be asked about gold… >Does anybody actually use gold? And by use I mean transact actual business, and not just speculate. Well, in some parts of the world (most notably South Asia, but elsewhere too), gold is used to varying degrees to "transact" marriages, so there's that. I've never seen a wedding ring made of BTC, but that would be an interesting bit of performance art ;)
- economicslol 6y ago
  Well that's the point. The right way to think of bitcoin is a digital version of gold. It's mostly being used for speculation and as a store of value by some.
- colinmhayes 6y ago
  Yes people use gold. It's an incredibly popular material for jewelry.

yreg 6y ago

Well, yes, and the same could be asked about gold… >Does anybody actually use gold? And by use I mean transact actual business, and not just speculate.

Zarath 6y ago
Does anyone actually use stocks? I mean, it's not like I can show up at AAPL and demand their espresso maker because I own enough shares of their stock. The "partial ownership of the business" is a complete myth. In reality, unless a corporation pays a dividend, or goes bankrupt and is liquidated and shareholders are paid, stocks are just liquid vehicles of speculation.
- svachalek 6y ago
  Stocks don't purport to be currency though. The question about gold is more fair. There have been times when actual gold coins were used as currency, and until 1971 the dollar was on a gold standard, meaning dollars gained at least some of their credibility from the fact they could be traded for a fixed amount of gold; i.e. paying in dollars was in effect paying in gold. But now, no, gold's status as a "currency" is mostly from tradition. Still, it's relatively easy to use and its value is comparatively stable. And people can't just up and make a new one at any time.
  - artursapek 6y ago
    Over time I think it became clear that Bitcoin was misnamed. If it's like any coin, it's a $1700 1 oz Gold coin - not the nickels and dimes people generally think of. It's a great store of value (if you have a strong stomach to short-term fluctuation) but not great for small transactions.
chrisco255 6y ago
I bought gold with Bitcoin the other day, but I find it difficult to do the reverse.
danans 6y ago
> Well, yes, and the same could be asked about gold… >Does anybody actually use gold? And by use I mean transact actual business, and not just speculate. Well, in some parts of the world (most notably South Asia, but elsewhere too), gold is used to varying degrees to "transact" marriages, so there's that. I've never seen a wedding ring made of BTC, but that would be an interesting bit of performance art ;)
economicslol 6y ago
Well that's the point. The right way to think of bitcoin is a digital version of gold. It's mostly being used for speculation and as a store of value by some.
colinmhayes 6y ago
Yes people use gold. It's an incredibly popular material for jewelry.