4 ms·

Bitcoin is useful for illegal things because they are illegal, morality does not enter in to it. If those things became legal, bitcoin wouldn't be needed for th

by shkkmo 6y ago

Bitcoin is useful for illegal things because they are illegal, morality does not enter in to it. If those things became legal, bitcoin wouldn't be needed for them anymore. If the US dollar fails in the near future, your bit coin will be mostly useless because the global system that generates wealth and handles logistics will have broken. People will be starving, bartering and looting. nobody will want to give you anything of value for some stupid worthless ones and zeros. Bitcoin as a hedge against the collapse of the dollar is a ridiculous investment.

doggosphere 6y ago
This is where your lack of knowledge in economics and trade really shows. If the US dollar ends up hyperinflating, assets like gold, bitcoin, stocks, housing, etc. become very, very expensive. They become expensive because everyone seeks to escape USD into safety of assets that are inflation resistant. So you have it backwards: people will give EVERYTHING of value to get those assets, because those are the only things they want to be paid in. They are the only things capable of storing value. Its funny you think nobody will want to trade for "stupid worthless ones and zeroes", because today they trade for "stupid worthless paper with President's faces printed on them", and before that, they traded for "stupid worthless shiny yellow rocks".
- shkkmo 6y ago
  If you have hyper inflation, all the prices are going up. However assets with little to no practical value and no long term proven track record of value will not be where people will go to seek safety. Hard assets with long track records of value will beat bitcoin hands down.
  - doggosphere 6y ago
    Sure, you’re welcome to believe that. You’re just betting against network effects, betting against metcalfe’s law and generally the digitalization of physical things. This being HN, it’s ironic you would so short sighted take that position.

by shkkmo 6y ago

doggosphere 6y ago

This is where your lack of knowledge in economics and trade really shows. If the US dollar ends up hyperinflating, assets like gold, bitcoin, stocks, housing, etc. become very, very expensive. They become expensive because everyone seeks to escape USD into safety of assets that are inflation resistant. So you have it backwards: people will give EVERYTHING of value to get those assets, because those are the only things they want to be paid in. They are the only things capable of storing value. Its funny you think nobody will want to trade for "stupid worthless ones and zeroes", because today they trade for "stupid worthless paper with President's faces printed on them", and before that, they traded for "stupid worthless shiny yellow rocks".

shkkmo 6y ago
If you have hyper inflation, all the prices are going up. However assets with little to no practical value and no long term proven track record of value will not be where people will go to seek safety. Hard assets with long track records of value will beat bitcoin hands down.
- doggosphere 6y ago
  Sure, you’re welcome to believe that. You’re just betting against network effects, betting against metcalfe’s law and generally the digitalization of physical things. This being HN, it’s ironic you would so short sighted take that position.