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But that’s not it use anymore. Yes it was called a Peer to Peer cash system but it failed at that. Somewhere around 2013 the narrative shifted to it being a sto
by EGreg 6y ago
But that’s not it use anymore. Yes it was called a Peer to Peer cash system but it failed at that. Somewhere around 2013 the narrative shifted to it being a store of value. And that has stuck.
It is the ultimate store of value.
You think people will let governments destroy their store of value so that the world can use electricity for other uses? Let’s explore that shall we.
One third of the world farmland is desertified, today.
Insects are dwindling and other species are experiencing an extinction on unprecedented scales today.
Fossil fuels are being extracted at rates that are not stopping anytime soon. We never switched to electric cars yet.
We couldn’t even switch to biodegradeable plastic and instead polluted all the bodies of water on earth.
You really think humanity will be able to stop this runaway economic effect designed to get bigger and bigger until it consumes the world’s use of electricity? Why is this any different?
PS: with exponential growth, by the time you note the electric use is one quarter of the world, it’s too late.
- Wowfunhappy 6y ago> But that’s not it use anymore. Yes it was called a Peer to Peer cash system but it failed at that. Somewhere around 2013 the narrative shifted to it being a store of value. And that has stuck. Yep, a "store of value" created out of thin air, just like tulip petals! I don't expect it to last myself.
- EGreg 6y agoAnd why not? What backs gold? It is more durable than tulip petals The more people buy Bitcoin as reserves the more it IS reserves. It is a network effect, man. That’s how languages and cultures work too.
- Wowfunhappy 6y agoBitcoin is barely two decades old, whereas gold has been used for centuries as a way to means of storing wealth. Gold was literally used as currency for much of that time, and today the price of gold is far more stable than Bitcoin. None of that means Bitcoin couldn't be the next gold, I just think the odds are overwhelmingly stacked against it.