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> But bitcoin collapses not just every 30-100 years, it collapses every 0.5-5 years. When someone says that a fiat currency collapsed, it means the value went
by jkhdigital 5y ago
> But bitcoin collapses not just every 30-100 years, it collapses every 0.5-5 years.
When someone says that a fiat currency collapsed, it means the value went to zero forever. Bitcoin hit a new all-time high price in USD just recently. Not the same usage of the word collapse.
- malermeister 5y agoThis paper by the European Central Bank has a very in-depth discussion of the definition of currency collapse in section three [1], including three proposed definitions, two of which are given as mathematical formulae. It specifically does not require permanence for any of the definitions, there's even an entire subsection on the varying degrees of persistence of various currency collapses. Interestingly, from a first glance, it would also appear that most of the bitcoin collapses linked above fit the definitions in the paper, or iow, are just that, collapses. [1] https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1226.pdf https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1226.pdf
- jkhdigital 5y agoThanks for the arcane technical note, I’m sure the OP who referred to currency collapse was using that term in the precise technical sense that the ECB uses it /s
- malermeister 5y agoYou tried to derail my argument by casting doubt on my use of the term, I demonstrated at great length my use was in fact correct, you responded with snark. Sometimes it's okay to admit when you're wrong.