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please explain how inflation over the last 15 years has hurt you? How about the deflation in bitcoin? Have you bought stuff with bitcoin? Bitcoin is essentially
by abakker 4y ago
please explain how inflation over the last 15 years has hurt you? How about the deflation in bitcoin? Have you bought stuff with bitcoin? Bitcoin is essentially useless as a currency because nothing you buy appreciates as much as bitcoin. For the rest of the economy it is much better to a stable currency in exchange terms.
- latchkey 4y agoInflation hurts me every time I go out to dinner and have to pay $100 for a simple meal for two. BTC as an asset can be used as collateral. It doesn't have to be used just for trade. Maintain your LTV and the daily swings in BTC price are less relevant over the long term, while still be an effective store of wealth.
- abakker 4y agoso, you take a loan in...USD to actually transact, and then hold an asset? so, why BTC, which is backed by nothing, when you could do this with a big portfolio of stock? Bitcoin is not really unique if used this way. edit to add: owning bitcoin as a hedge to inflation has not worked. for about a decade of very low inflation, bitcoin was deflating. As soon as inflation started to rise, bitcoin lost 60% of its value. great hedge.
- latchkey 4y agoDo you use credit cards? Isn't that just taking out a loan and paying it back? Can you not fathom doing the same with BTC? How do you use stock as collateral? Can anyone do that without having to ask for permission? The 'btc is backed by nothing' argument is old and weak. We're over 10 years into this and it is still 20,000x more valuable than when it started. Try a new trope.