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Any benefit that a "buyer of last resort" entails can easily be provided by either government or derivatives markets. Bitcoin takes away resources (energy and

by willeh 5y ago

Any benefit that a "buyer of last resort" entails can easily be provided by either government or derivatives markets. Bitcoin takes away resources (energy and semiconductor manufacturing) from socially good things. It is much better when people admit that they are greedy than when they try to paint their greed as some great effort towards saving the planet. This goes for both traditional money managers and HODLers. I'm hoping for a correction soon, as much as we might all end up unemployed, it would be a great pleasure to see these SV thought leaders cut down to size.

wyager 5y ago
> Bitcoin takes away resources (energy and semiconductor manufacturing) from socially good things The provision of high-quality money/savings/etc is a social good.
- AlexandrB 5y ago
  It is. But what does that have to do with bitcoin? Bitcoin is both volatile and has increasingly expensive transaction costs making it a bad vehicle for steady savings as well as a poor currency.
  - wyager 5y ago
    Obviously millions of people disagree. Volatility is to be expected during the monetization process. Bitcoin transaction fees are lower than CC fees (2.5-3%) on any sizable transaction and lightning brings the fees close to zero.