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> while day-dreaming about selling it for a huge profit (in FIAT currency) This isn't really true. The dream is that crypto becomes the reserve currency itself

by beaner 6y ago

> while day-dreaming about selling it for a huge profit (in FIAT currency) This isn't really true. The dream is that crypto becomes the reserve currency itself, and spendable after hard work on scaling solutions. There is no hypocrisy. The Morpheus meme is one of the oldest and strongest that Bitcoin has. [0] > Every advocate promotes holding, which is not what a currency is for Holding is just a new meme for an old concept: Save your money. Saving your money is something your parents teach you when you're a kid. It doesn't mean dollars aren't a currency. [0] https://i.redd.it/3525lt9kvir01.jpg https://i.redd.it/3525lt9kvir01.jpg

worik 6y ago
Hypocrisy is being kind to people's intellects "Damn fool delusion" is that any better?
- beaner 6y ago
  I think it's certainly a more fair criticism to say that bitcoin adopters are consistent fools rather than hypocritical smarties. I would say that that isn't the case either, but it more honestly focuses the argument on the merits of crypto rather than mis-portraying its promoters.
artiscode 6y ago
It is very hard to "save" something that is so volatile. Imagine buying 1 BTC for $47,000 today. If history does repeat itself, it goes down in price tomorrow. The buyer ends up with 1 BTC, that is now worth $20,000. Sure, you still have the original amount of BTC, which is a currency and a reserve currency/asset at the same time. However half of the dollar value is liquid and there is a market for it, the other half is imaginary and wishful thinking for the future. Let's imagine you run into financial problems and you have to sell some of your investments for cash. It would be nice if the buyer could pay the hospital bill in BTC's as they still have 1 BTC, but the hospital wants dollars. BTC's extreme volatility may double or half your savings at any given time. It's all good and dandy if you don't have to sell and you can hold on to it, but if you have to sell, you might both win or lose. I don't think that is how money saving works. It's how gambling works for sure.

by beaner 6y ago

worik 6y ago

Hypocrisy is being kind to people's intellects "Damn fool delusion" is that any better?

beaner 6y ago
I think it's certainly a more fair criticism to say that bitcoin adopters are consistent fools rather than hypocritical smarties. I would say that that isn't the case either, but it more honestly focuses the argument on the merits of crypto rather than mis-portraying its promoters.

artiscode 6y ago

It is very hard to "save" something that is so volatile. Imagine buying 1 BTC for $47,000 today. If history does repeat itself, it goes down in price tomorrow. The buyer ends up with 1 BTC, that is now worth $20,000. Sure, you still have the original amount of BTC, which is a currency and a reserve currency/asset at the same time. However half of the dollar value is liquid and there is a market for it, the other half is imaginary and wishful thinking for the future. Let's imagine you run into financial problems and you have to sell some of your investments for cash. It would be nice if the buyer could pay the hospital bill in BTC's as they still have 1 BTC, but the hospital wants dollars. BTC's extreme volatility may double or half your savings at any given time. It's all good and dandy if you don't have to sell and you can hold on to it, but if you have to sell, you might both win or lose. I don't think that is how money saving works. It's how gambling works for sure.