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I will play the devils advocate here. What if it’s value is more like a store of value (gold) rather than a currency. We can’t pay all of our bills in gold, b
by mathattack 4y ago
I will play the devils advocate here. What if it’s value is more like a store of value (gold) rather than a currency. We can’t pay all of our bills in gold, but it’s a store of value you can buy in and out of.
I don’t have a horse in the race, just trying to understand.
- anbende 4y agoRight, except that gold has inherent value. Historically we thought it was pretty and made jewelry out of it. It’s important for a variety of technology products. It’s a value store because it is consistently valuable first. Bitcoin skips that step.
- koonsolo 4y agoGold has pretty big downsides as a store of value. It's heavy, hard to transport, ... . The key to a cryptocurrency store can be memorized in your head. That means I can have 2mil in my head, with no other way to access it. I take it wherever I go, and can access it when there is internet. I can also send it to whoever I want, no limit. This is literally a 1st. How high people value that, is not up to me alone. But you cannot deny that it has some value. And as long as it has some value, the above works. It basically bootstrapped itself. Claiming it has a value of 0 is very short sighted.
- aaaaaaaaata 4y agoGold is nearly worthless as an investment vehicle for a generation or two that will never own a single property.
- mattwilsonn888 4y agoGold pays for that step. No one sensible would prefer the gold UX compared to Bitcoin. It beats it in every way other than 'shiny!'
- LtWorf 4y agoGold works when the internet is down :)
- aaaaaaaaata 4y agoSo does handing over a physical wallet. Also, nobody quits MasterCard et al because it relies on the internet...the transactions are cached, and the few problems when things come back online are dealt with as a standard "doing business" item — everywhere from insurance agencies to corner stores.
- LtWorf 4y agoI do carry cash for when mastercard is down. Because I tend to get in a bad mood if I can't eat due to internet issues (or any other issue).
- mattwilsonn888 4y agoSo does elliptic curve signing, radio, digital storage. Confirming a transaction in this state would probably be competitive with making change for, verifying, securely exchanging, securely transporting and securely storing gold.
- eropple 4y agoGold's shiny and has industrial applications. What's Bitcoin's inherent value floor?
- mattwilsonn888 4y agoDoing everything the majority of the economy of gold does (industrial uses can be ignored) better, except being shiny. If 'shiny' is your real argument then reconcile Pokemon Cards without ruining your argument.
- eropple 4y ago"The economy of gold" doesn't do much of anything except extract wealth from a particularly extremist subset of "economic freethinkers" and my generation's parents when they watch too much Fox News, so I'm glad we're in agreement.
- kreetx 4y agoYou can cheaply create more Pokemon cards while you actually need to mine the gold, no-one can't debase it at will.