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The whole point of his comment is that BTC is better viewed as store of value rather than a medium of exchange

jariel 6y ago
Except that BTC is a terrible store of value, possibly the last option in a long line of better classical options such as real estate (or related funds), stocks, bonds, basket of currencies, commodities. We already have tons of options for 'store of value' why on earth would we invent another, worse one? BTC is not a store of value or a currency - it's a weird social movement.
- swampfrog 6y ago
  ...how embarrassed would you be for being like a decade late to such a massive "social movement" that went from like $1 to more than $ trillion dollars...? Yeah. sorry about your ignorance.
  - jariel 6y ago
    ""social movement" that went from like $1 to more than $ trillion dollars...? " This is pure Ponzi Scheme language, helping to prove my point. There are rooms on Clubhouse you can join where people talk and hype up these kids of schemes, this is not one of them - don't bring this here.
- entropea 6y ago
  Absolutely. There's no storing value in something that regularly swings 20%+ on a given day. The only people who are saying this are holders of Bitcoin. It was originally designed to be a decentralized currency, and now it's not. There are much better & safer value stores, even traditional rare metals.
  - jariel 6y ago
    Worth noting: there is no such thing as a 'perfect store of value'. We are psychologically caught up in the idea that 'gold' or 'property' has some 'intrinsic value'. Like if there were a nuclear war, it would all be cool, our 'Billions' would be protected! But no, we can only hold on to stuff that others might find valuable some day. In other words: currency, even 'stores of value' is a social contract within the system you operate. If the system fails, well, both currency and stores of value are probably going to not be worth a lot. Yes - Gold is nice because it's a default currency you can use anywhere. Property tends to hold value as long as there are people there who want to use it - and the legal system that recognizes ownership exist. But otherwise, there is no way around it: you cannot magically store value in your pocket independent of a bunch of other complex systems being in place. BTC is reminiscent of the 'Drain the Swamp' ideas, that somehow all the politicos and bureaucracy are useless and irrelevant. Well yes, shenanigans abound and does inefficiency, but that doesn't meant it's worse than nothing (!) our systems are made by smart people. The only way forward is 'doing something better' and BTC is probably not that.
- yspeak 6y ago
  Exactly

Except that BTC is a terrible store of value, possibly the last option in a long line of better classical options such as real estate (or related funds), stocks, bonds, basket of currencies, commodities. We already have tons of options for 'store of value' why on earth would we invent another, worse one? BTC is not a store of value or a currency - it's a weird social movement.

swampfrog 6y ago
...how embarrassed would you be for being like a decade late to such a massive "social movement" that went from like $1 to more than $ trillion dollars...? Yeah. sorry about your ignorance.
- jariel 6y ago
  ""social movement" that went from like $1 to more than $ trillion dollars...? " This is pure Ponzi Scheme language, helping to prove my point. There are rooms on Clubhouse you can join where people talk and hype up these kids of schemes, this is not one of them - don't bring this here.
entropea 6y ago
Absolutely. There's no storing value in something that regularly swings 20%+ on a given day. The only people who are saying this are holders of Bitcoin. It was originally designed to be a decentralized currency, and now it's not. There are much better & safer value stores, even traditional rare metals.
- jariel 6y ago
  Worth noting: there is no such thing as a 'perfect store of value'. We are psychologically caught up in the idea that 'gold' or 'property' has some 'intrinsic value'. Like if there were a nuclear war, it would all be cool, our 'Billions' would be protected! But no, we can only hold on to stuff that others might find valuable some day. In other words: currency, even 'stores of value' is a social contract within the system you operate. If the system fails, well, both currency and stores of value are probably going to not be worth a lot. Yes - Gold is nice because it's a default currency you can use anywhere. Property tends to hold value as long as there are people there who want to use it - and the legal system that recognizes ownership exist. But otherwise, there is no way around it: you cannot magically store value in your pocket independent of a bunch of other complex systems being in place. BTC is reminiscent of the 'Drain the Swamp' ideas, that somehow all the politicos and bureaucracy are useless and irrelevant. Well yes, shenanigans abound and does inefficiency, but that doesn't meant it's worse than nothing (!) our systems are made by smart people. The only way forward is 'doing something better' and BTC is probably not that.
yspeak 6y ago
Exactly