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You can't print gold, and BTC is appreciating much faster than gold (or any commodity or store of value or even other cryptocurrencies). It is not appreciating

You can't print gold, and BTC is appreciating much faster than gold (or any commodity or store of value or even other cryptocurrencies). It is not appreciating because fiat money is being devalued. That can account for -- at max -- 20% of the price increase. It's appreciating because of speculation.

dehrmann 6y ago
People also lose bitcoins, I assume easier than losing physical currency or a bank account.
- Afton 6y ago
  One of the ways I don't feel bad about not making millions in BTC even though I was aware of it long ago is the absolute certainty that I would have simply lost the paper wallet, had a hard-drive failure, etc, etc. There is just no way I would have held onto my keys for the 7 years that I was aware of it. I imagine that the breakage here for early investors is probably pretty high. I never did cash out on my dogecoin...
  - pshc 6y ago
    It’s not impossible to make copies of and secure private keys if you have a plan. (But even if you had bought some and preserved it, would you have had the tenacity/foresight to hold onto the BTC for 7+ years?)
    - Afton 6y ago
      > It’s not impossible to make copies of and secure private keys if you have a plan I was 100% discussing my scenario. I would absolutely not have enacted a careful plan with multiple fall-backs. Which is it's own kind of self-indictment tbh, but one that I am at peace with. :D
      - sebmellen 6y ago
        Also, this holds for 99.99% of the populous. Even hardware wallets aren't a great solution and there you're paying a hundred dollars or so just to get one. Shovels in a gold rush.
centimeter 6y ago
> You can't print gold You can 10x the world gold supply by capturing a single medium-sized metallic asteroid. You also can't send gold over the internet or store it in a private key. Given that Bitcoin is otherwise quite similar, mutatis mutandis, it's not unreasonable to imagine that Bitcoin might displace gold to some degree as a reserve asset.

dehrmann 6y ago

People also lose bitcoins, I assume easier than losing physical currency or a bank account.

Afton 6y ago
One of the ways I don't feel bad about not making millions in BTC even though I was aware of it long ago is the absolute certainty that I would have simply lost the paper wallet, had a hard-drive failure, etc, etc. There is just no way I would have held onto my keys for the 7 years that I was aware of it. I imagine that the breakage here for early investors is probably pretty high. I never did cash out on my dogecoin...
- pshc 6y ago
  It’s not impossible to make copies of and secure private keys if you have a plan. (But even if you had bought some and preserved it, would you have had the tenacity/foresight to hold onto the BTC for 7+ years?)
  - Afton 6y ago
    > It’s not impossible to make copies of and secure private keys if you have a plan I was 100% discussing my scenario. I would absolutely not have enacted a careful plan with multiple fall-backs. Which is it's own kind of self-indictment tbh, but one that I am at peace with. :D
    - sebmellen 6y ago
      Also, this holds for 99.99% of the populous. Even hardware wallets aren't a great solution and there you're paying a hundred dollars or so just to get one. Shovels in a gold rush.

centimeter 6y ago

> You can't print gold You can 10x the world gold supply by capturing a single medium-sized metallic asteroid. You also can't send gold over the internet or store it in a private key. Given that Bitcoin is otherwise quite similar, mutatis mutandis, it's not unreasonable to imagine that Bitcoin might displace gold to some degree as a reserve asset.