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Bitcoin is the scarcest asset in the world, protected by the most powerful supercomputers ever built. Compared to fiat as in USD or INR that have lost nearly a

by lowkey 5y ago

Bitcoin is the scarcest asset in the world, protected by the most powerful supercomputers ever built. Compared to fiat as in USD or INR that have lost nearly all their purchasing power Bitcoin is the greatest store of value ever conceived. In 1932 $20USD bought 1 oz of Gold. Today it takes $2000USD to buy that same oz of Gold. The strongest fiat currency of the century lost 100x its value in less than 100 years. Total failure to retain purchasing power. Indians understand that fiat is a failure, Gold was better, and now Bitcoin will make both obsolete as a store of value. You sir are correct! If they adopt Bitcoin en masse it WILl end well for the Indian people.

SideburnsOfDoom 5y ago
> Bitcoin is the greatest store of value ever conceived > Indians understand that fiat is a failure, Gold was better, and now Bitcoin will make both obsolete as a store of value. This is propagandistic, hyped up drivel. Utterances like this are a big part of why Cryptocurrency is hard to take seriously.
- drumhead 5y ago
  People will believe it because they've seen it go up thousands of percent in a decade, shaking off massive downturns to go even higher. That alone makes it look bullet proof even though its not. Whats going to burst the bubble? Government action to ban or curtail it use. At that point it illiquid nature and lack of intrinsic worth will become apparent.
  - SideburnsOfDoom 5y ago
    > they've seen it go up thousands of percent in a decade True, and the relevant aphorism are: "If something cannot go on forever, it will stop" and "the markets can remain irrational longer than you can remain solvent". A problem seems to be the lack of legitimate investments with decent rates of return at present. So people turn to more speculative assets.
- dekervin 5y ago
  If cryptocurrencies have a staying power, there is probably a market opportunity in providing a societal hedge against the ensuing meltdown.

by lowkey 5y ago

SideburnsOfDoom 5y ago

> Bitcoin is the greatest store of value ever conceived > Indians understand that fiat is a failure, Gold was better, and now Bitcoin will make both obsolete as a store of value. This is propagandistic, hyped up drivel. Utterances like this are a big part of why Cryptocurrency is hard to take seriously.

drumhead 5y ago
People will believe it because they've seen it go up thousands of percent in a decade, shaking off massive downturns to go even higher. That alone makes it look bullet proof even though its not. Whats going to burst the bubble? Government action to ban or curtail it use. At that point it illiquid nature and lack of intrinsic worth will become apparent.
- SideburnsOfDoom 5y ago
  > they've seen it go up thousands of percent in a decade True, and the relevant aphorism are: "If something cannot go on forever, it will stop" and "the markets can remain irrational longer than you can remain solvent". A problem seems to be the lack of legitimate investments with decent rates of return at present. So people turn to more speculative assets.
dekervin 5y ago
If cryptocurrencies have a staying power, there is probably a market opportunity in providing a societal hedge against the ensuing meltdown.