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So, it’s stable as long as you understand it is unstable, and helps people without access to banking but with a stable, constant internet connection and perfect

So, it’s stable as long as you understand it is unstable, and helps people without access to banking but with a stable, constant internet connection and perfect operational security, access none of the benefits of having a bank account. Oh, and it’s actually neither of those but if you wish _reaaaaly_ hard and ignore all the practical problems, it might be, someday.

wongarsu 3y ago
In absolute terms it's not stable, in relative terms it can be. If you gave me the choice between storing my money in Bitcoin or Turkish Lira I would choose Bitcoin every time. If I have the option to use USD instead the answer is different. > helps people without access to banking but with a stable, constant internet connection and perfect operational security You don't need constant internet connection unless you are mining or want to verify a payment right now. And mobile internet and smartphones are surprisingly prevalent in the third world (and among homeless in the first world).
- Eisenstein 3y ago
  So, you need a worker and I offer to day labor for you. At the end of the day, how do I get paid in bitcoin?
jrm4 3y ago
You're overdramatizing. Maybe not a lot, but people literally do use it for this purpose everyday. You can't just wave that away, given that it is working to some extent now.
_9omd 3y ago
But it’s still a store of value. No store of value is perfect, USD will lose value over time to inflation, stock indices are subject to volatility, gold is subject to theft and volatility, other foreign currencies are subject to government corruption and hyper inflation, fine art is subject to fraud and damage, etc. So as a store of value Bitcoin actually has a good track record and is trending towards lower volatility as adoption grows. People really need to stop thinking in absolute terms regarding value storage. It’s analogous to energy storage. Batteries leak energy over time, but we don’t sit around yelling about how they are not stores of energy.

wongarsu 3y ago

In absolute terms it's not stable, in relative terms it can be. If you gave me the choice between storing my money in Bitcoin or Turkish Lira I would choose Bitcoin every time. If I have the option to use USD instead the answer is different. > helps people without access to banking but with a stable, constant internet connection and perfect operational security You don't need constant internet connection unless you are mining or want to verify a payment right now. And mobile internet and smartphones are surprisingly prevalent in the third world (and among homeless in the first world).

Eisenstein 3y ago
So, you need a worker and I offer to day labor for you. At the end of the day, how do I get paid in bitcoin?

jrm4 3y ago

You're overdramatizing. Maybe not a lot, but people literally do use it for this purpose everyday. You can't just wave that away, given that it is working to some extent now.

_9omd 3y ago

But it’s still a store of value. No store of value is perfect, USD will lose value over time to inflation, stock indices are subject to volatility, gold is subject to theft and volatility, other foreign currencies are subject to government corruption and hyper inflation, fine art is subject to fraud and damage, etc. So as a store of value Bitcoin actually has a good track record and is trending towards lower volatility as adoption grows. People really need to stop thinking in absolute terms regarding value storage. It’s analogous to energy storage. Batteries leak energy over time, but we don’t sit around yelling about how they are not stores of energy.