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So Bitcoin is a shit currency because it constantly loses 75% of value? I don’t understand Bitcoin proponents. They’re the biggest cheerleaders of the idea tha

So Bitcoin is a shit currency because it constantly loses 75% of value? I don’t understand Bitcoin proponents. They’re the biggest cheerleaders of the idea that Bitcoin is the worst possible Currency one could ever have. Alternatively, if it’s constantly losing 75% of value, it’s also the worst possible store of value it can have. So it’s neither a good digital dollar nor a good digital gold. According to Bitcoin proponents. So what is it actually good for? According to your own defensive statements?

rubatuga 4y ago
I believe that it is good at advancing asic technology? not really sure of much else.
paulpauper 4y ago
Bitcoin is good for immutiabity and irrocovibility. is this worth trillion? likely not but it's something. . this is why scammers like it so much even if it can be traced, because you cannot reverse it or seize it easily (if you don't make mistakes like exposing your seed/key).
HashBasher 4y ago
Given a long enough time horizon, bitcoin is a great store of value. The returns are unbeaten in 5 year, 10 year and 13 year (that's how young bitcoin is) time horizons. As for what it is good for - what else is a permission-less medium of exchange? Regardless of price, the fundamentals of bitcoin stands true.
- throwaway1777 4y ago
  Being young and having no track record does not inspire confidence.
  - kybernetyk 4y ago
    He said on a board that's mostly about young people without track records coming up with new businesses and tech :)
    - throwaway1777 4y ago
      Touché
glerk 4y ago
> So what is it actually good for? Among other useful properties, digital currency allows individuals to move their money across borders without anyone asking them where it came from, where it is going and taking a cut. Seems like a very useful thing to have in today's world, no? Seems like something that will become increasingly useful in the near future regardless of your particular jurisdiction... Is it worth $60k USD or even $20k USD? I don't know. There has been a lot of speculation and hype in this space and with the relatively low liquidity it is not that surprising to see crazy spikes. But there is a fundamental value greater than 0 for Bitcoin, and you cannot dismiss that in good faith.
- rnd0 4y ago
  >Among other useful properties, digital currency allows individuals to move their money across borders without anyone asking them where it came from, where it is going and taking a cut. A.K.A. Money laundering. Got it.
  - glerk 4y ago
    Or sometimes, your government just decides your money doesn't actually belong to you [1]. But sure, we can call it "money laundering", if it makes that boot taste better. [1] https://www.wsj.com/livecoverage/russia-ukraine-latest-news-2022-03-02/card/russia-clamps-down-on-foreigners-moving-money-out-of-country-iBqU5H1QrjPozmSCDaje https://www.wsj.com/livecoverage/russia-ukraine-latest-news-...
    - rnd0 4y ago
      >we can call it "money laundering" Walks like a duck, quacks like a duck...
      - sgt101 4y ago
        With a permanent publicly readable record as well!
      - md2020 4y ago
kybernetyk 4y ago
One could argue that fiat is fluctuating by 75% constantly :)
tibanne 4y ago
I agree, it needs to work as a currency. This is why Bitcoin Cash is the real Bitcoin. BTC was co-opted at the repo level and the block size was stifled. This is how Bitcoin should work: https://www.reddit.com/user/chaintip/ https://www.reddit.com/user/chaintip/
int_19h 4y ago
It's useful to dodge regulations. Whether that's a good thing or a bad thing depends on the regulations and who passes them. Americans and Europeans are likely to have a very different perspective on this from, say, Russians.

rubatuga 4y ago

I believe that it is good at advancing asic technology? not really sure of much else.

paulpauper 4y ago

Bitcoin is good for immutiabity and irrocovibility. is this worth trillion? likely not but it's something. . this is why scammers like it so much even if it can be traced, because you cannot reverse it or seize it easily (if you don't make mistakes like exposing your seed/key).

HashBasher 4y ago

Given a long enough time horizon, bitcoin is a great store of value. The returns are unbeaten in 5 year, 10 year and 13 year (that's how young bitcoin is) time horizons. As for what it is good for - what else is a permission-less medium of exchange? Regardless of price, the fundamentals of bitcoin stands true.

throwaway1777 4y ago
Being young and having no track record does not inspire confidence.
- kybernetyk 4y ago
  He said on a board that's mostly about young people without track records coming up with new businesses and tech :)
  - throwaway1777 4y ago
    Touché

glerk 4y ago

> So what is it actually good for? Among other useful properties, digital currency allows individuals to move their money across borders without anyone asking them where it came from, where it is going and taking a cut. Seems like a very useful thing to have in today's world, no? Seems like something that will become increasingly useful in the near future regardless of your particular jurisdiction... Is it worth $60k USD or even $20k USD? I don't know. There has been a lot of speculation and hype in this space and with the relatively low liquidity it is not that surprising to see crazy spikes. But there is a fundamental value greater than 0 for Bitcoin, and you cannot dismiss that in good faith.

rnd0 4y ago
>Among other useful properties, digital currency allows individuals to move their money across borders without anyone asking them where it came from, where it is going and taking a cut. A.K.A. Money laundering. Got it.
- glerk 4y ago
  Or sometimes, your government just decides your money doesn't actually belong to you [1]. But sure, we can call it "money laundering", if it makes that boot taste better. [1] https://www.wsj.com/livecoverage/russia-ukraine-latest-news-2022-03-02/card/russia-clamps-down-on-foreigners-moving-money-out-of-country-iBqU5H1QrjPozmSCDaje https://www.wsj.com/livecoverage/russia-ukraine-latest-news-...
  - rnd0 4y ago
    >we can call it "money laundering" Walks like a duck, quacks like a duck...
    - sgt101 4y ago
      With a permanent publicly readable record as well!
    - md2020 4y ago

kybernetyk 4y ago

One could argue that fiat is fluctuating by 75% constantly :)

tibanne 4y ago

I agree, it needs to work as a currency. This is why Bitcoin Cash is the real Bitcoin. BTC was co-opted at the repo level and the block size was stifled. This is how Bitcoin should work: https://www.reddit.com/user/chaintip/ https://www.reddit.com/user/chaintip/

int_19h 4y ago

It's useful to dodge regulations. Whether that's a good thing or a bad thing depends on the regulations and who passes them. Americans and Europeans are likely to have a very different perspective on this from, say, Russians.