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Being taken over by speculators is an unfortunate inevitability of any market. We wouldn't claim houses are useless because the housing market has been taken o

• dreamcompiler 3y ago
  Houses are useless as money because their value keeps changing and they're worth too much indivisibly. But we don't even try to use houses to buy a pizza, so that's okay. Digital money should be small enough to carry on your person, be divisible into small chunks, and its value should not wildly fluctuate from day to day. Bitcoin meets the first two of those criteria, but it violates the third. That makes it impossible to use Bitcoin to buy a pizza. (Although it did work for pizza for a brief time in the early days before its volatility became outrageous.)
  • maxbond 3y ago
    You can buy a pizza with it, you just can't price a pizza in it. You can't build business model and then say, "if I change X BTC for my pizzas, I will be profitable," because a.) You can't anticipate the price and b.) Your obligations are priced in dollars (or whatever currency)
• maxbond 3y ago
  Houses aren't money, and volatility in the housing market doesn't impact it's utility as shelter. And furthermore, the use of houses as a speculative vehicle is a huge problem that makes it very difficult for younger people to buy homes.