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> the core functionality of “let me put $X in an account so I can use $X in the future” > Note that this is exactly the core functionality that Bitcoin provide
by rgbrgb 3y ago
> the core functionality of “let me put $X in an account so I can use $X in the future”
> Note that this is exactly the core functionality that Bitcoin provides.
People who bought BTC 1 year ago would love to use that functionality today, but that's not actually on offer. The actual offering is a lot more like buying an equity... you might be able to get $X out in the future, or a lot more, or a lot less. Maybe there's a reliable stablecoin that could provide that though (and maybe that's what you're eluding to).
- nostrademons 3y agoYou get X BTC out, you don't get $X. If prices were stably denominated in BTC it'd be worth the same amount of goods. But then, prices aren't exactly stably denominated in $USD these days, as a lot of savers have found out to their chagrin. "Price stability" is one of those value-adds to a currency that's pretty important, and it's also one that's been bolted on repeatedly (stablecoins) to cryptocurrency. IMHO a more interesting property would be algorithmically pegging a cryptocurrency to a basket of goods rather than to the USD, though, because the USD has had a pretty shitty peg to that basket of goods over time. There are actually cryptocurrencies that do this, but they rely on centralized oracles that have the same problem as the Fed and the CPI - it'd be interesting if a cryptocurrency could embed price stability into the protocol itself.