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Many who were even pro-bitcoin like Peter Thiel gave up on the idea that it is a good platform for transactions, and instead argue that it is like "digital gold
by nwah1 6y ago
Many who were even pro-bitcoin like Peter Thiel gave up on the idea that it is a good platform for transactions, and instead argue that it is like "digital gold." A wildly volatile digital gold, of course, given that it has no other uses beyond speculation.
But you are correct. It is bad at transactions but not incapable of them. Just as it is bad at storing value. As for being a unit of account that seems more theoretical, but in theory anything could be a unit of account.
- goldcd 6y agoAlthough to be fair, gold is quite volatile. Over last 9 years - Gone from $1800 an Oz, to $1000, to over $2000 Not something I invest in, but (for example) I'd no idea it was now worth more than platinum and has been for a very long time. Nor platinum seems to be on a slide currently, as gold spikes. Aside from you explaining novel industrial uses, it appears speculative.
- drchopchop 6y agoIf we knew in advance that the price of BTC would gradually decline from $16K to $100 over the next 5 years, nobody would ever talk about it again. It's an obfuscated Ponzi scheme wrapped in a clever (but extremely wasteful) proof of work algorithm.