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Exactly. Nobody before 2009 would have described a highly volatile unbacked synthetic commodity as a "store of value". That's just what Bitcoin partisans shifte
by wpietri 5y ago
Exactly. Nobody before 2009 would have described a highly volatile unbacked synthetic commodity as a "store of value". That's just what Bitcoin partisans shifted to when they realized it was unworkable for its stated purpose as a payment system. E.g.: https://avc.com/2017/08/store-of-value-vs-payment-system/ https://avc.com/2017/08/store-of-value-vs-payment-system/
- mattnewton 5y agoWhy not? There have been much stranger stores of value in the past https://en.m.wikipedia.org/wiki/Rai_stones https://en.m.wikipedia.org/wiki/Rai_stones
- wpietri 5y agoBitcoin is much more volatile than modern stores of value.
- robner 5y agoBefore the car was invented it wasn't considered a form of transport either.