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Most of the criticisms in this thread seem to be missing that Bitcoin is only layer 1. Bitcoin isn't Visa or cash - its gold. Rather than shipping gold across t

Most of the criticisms in this thread seem to be missing that Bitcoin is only layer 1. Bitcoin isn't Visa or cash - its gold. Rather than shipping gold across the Atlantic, large institutions will settle in a few minutes in Bitcoin. L2/L3/L4 solutions (built into Apple Pay, etc.) will allow for instant payments for coffee, allow for privacy similar to physical cash, etc. Before this is possible, the price has to stabilize. Just takes time to go from $0.1 to $10M per coin. Once Bitcoin has eaten all the "store of value" value & only appreciates at the rate new wealth is created, L2/L3/L4 solutions will go mainstream.

Kaze404 6y ago
It's been 12 years.
- ZguideZ 6y ago
  12 years is nothing.
- deleted 6y ago
  [deleted]
- bconnorwhite 6y ago
  I can't tell if you're agreeing by saying "its only been 12 years," or if you're disappointed by a 10 million % appreciation in 12 years
NicoJuicy 6y ago
Bitcoin ain't sold. Gold had it's value being tradeable offline.
- bconnorwhite 6y ago
  Price action would seem to agree with your typo
  - NicoJuicy 6y ago
    You could have said that 4 years ago too
toyg 6y ago
Except Bitcoin has no way to “stabilize”. Without central banks’ intervention and governance, even regular currencies would fluctuate like crazy. Unless the bitcoin world can come up with a Federal Reserve / ECB equivalent, it will continue to be a wild ride, which will effectively impede further uses. It will always be a speculation vehicle rather than a store of value.
- bconnorwhite 6y ago
  I think the difference is that currencies fluctuate against each other, whereas if everything is priced in Bitcoin, its whatever you're pairing it against that's fluctuating. Goods (ex: loaf of bread for 200 satoshis for example) would stay stable
  - doingmyting 6y ago
    Currencies fluctuate against demand in the foreign exchange market, not against each other. Governments then step up to stabilize that demand. Bitcoin doesn't have that support so it fluctuates wildly, exactly like it's been doing since it's inception.
  - toyg 6y ago
    When you have a system that can only function if everything and everyone works in the same way at the same time, it will never actually function. The whole world is not going to move to Bitcoin, there will always be competing currencies - hence, there will always be speculation and uncontrollable fluctuations.
  - SnowProblem 6y ago
    Humans are creativity machines. We are always expanding the amount of value there is in the world. The only way to have stable prices is to have a currency that inflates to match the amount of new stuff created. But do we really want stable prices? Today you can buy a device a million times faster than 20 years ago for the same price. Imagine if everything were like that.
    - 6y ago

Kaze404 6y ago

It's been 12 years.

ZguideZ 6y ago
12 years is nothing.
deleted 6y ago
[deleted]
bconnorwhite 6y ago
I can't tell if you're agreeing by saying "its only been 12 years," or if you're disappointed by a 10 million % appreciation in 12 years

NicoJuicy 6y ago

Bitcoin ain't sold. Gold had it's value being tradeable offline.

bconnorwhite 6y ago
Price action would seem to agree with your typo
- NicoJuicy 6y ago
  You could have said that 4 years ago too

toyg 6y ago

Except Bitcoin has no way to “stabilize”. Without central banks’ intervention and governance, even regular currencies would fluctuate like crazy. Unless the bitcoin world can come up with a Federal Reserve / ECB equivalent, it will continue to be a wild ride, which will effectively impede further uses. It will always be a speculation vehicle rather than a store of value.

bconnorwhite 6y ago
I think the difference is that currencies fluctuate against each other, whereas if everything is priced in Bitcoin, its whatever you're pairing it against that's fluctuating. Goods (ex: loaf of bread for 200 satoshis for example) would stay stable
- doingmyting 6y ago
  Currencies fluctuate against demand in the foreign exchange market, not against each other. Governments then step up to stabilize that demand. Bitcoin doesn't have that support so it fluctuates wildly, exactly like it's been doing since it's inception.
- toyg 6y ago
  When you have a system that can only function if everything and everyone works in the same way at the same time, it will never actually function. The whole world is not going to move to Bitcoin, there will always be competing currencies - hence, there will always be speculation and uncontrollable fluctuations.
- SnowProblem 6y ago
  Humans are creativity machines. We are always expanding the amount of value there is in the world. The only way to have stable prices is to have a currency that inflates to match the amount of new stuff created. But do we really want stable prices? Today you can buy a device a million times faster than 20 years ago for the same price. Imagine if everything were like that.
  - 6y ago