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> It’s objectively one of the best-performing assets in human history. I feel like this ignores the question "should it be"? What purpose is it filling for so

> It’s objectively one of the best-performing assets in human history. I feel like this ignores the question "should it be"? What purpose is it filling for society in its current state? I find it highly unlikely that 100% of its daily volume ($26b) is treating it as a currency (exchanging it for goods + services). I don't have the statistics but I'd go as far as to wager less than 50% of its volume is using it as a currency/vehicle for currency/vehicle for utility at all. Which goes back to the original question: just because it's one of the best performing assets of all time doesn't mean that it should be if you introduce logic + reason + facts around it, right? Who is using it for what currently and at what scale? Are 99.99% of people using it as a vehicle for speculative investment and nothing else? How many dollars are being pumped into it every day (inflows)? https://www.history.com/news/how-the-beanie-baby-craze-came-to-a-crashing-end https://www.history.com/news/how-the-beanie-baby-craze-came-...

codersfocus 3y ago
> What purpose is it filling for society in its current state? It’s the greatest convenience-security ratio store of value. Precious physical things are not convenient. Fiat currency is not safe. (Don’t bring up consumer use cases. Bitcoin is a store of value, not a currency.)
- MuffinFlavored 3y ago
  > It’s the greatest convenience-security ratio store of value. How? As an average (not doing anonymous things at crypto ATMs around the country, which might have cameras) US customer who wants to use it, you need to give Coinbase (exchange) a ton of banking + social security info, etc. (typical know-your-customer KYC validation flow, I think you even send then your driver's license)? And you are supposed to file whatever you do crypto wise on your taxes
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heroprotagonist 3y ago
> I find it highly unlikely that 100% of its daily volume ($26b) is treating it as a currency (exchanging it for goods + services). What happens if you apply this same criteria to, say, the US dollar? Should US dollars go away?

codersfocus 3y ago

> What purpose is it filling for society in its current state? It’s the greatest convenience-security ratio store of value. Precious physical things are not convenient. Fiat currency is not safe. (Don’t bring up consumer use cases. Bitcoin is a store of value, not a currency.)

MuffinFlavored 3y ago
> It’s the greatest convenience-security ratio store of value. How? As an average (not doing anonymous things at crypto ATMs around the country, which might have cameras) US customer who wants to use it, you need to give Coinbase (exchange) a ton of banking + social security info, etc. (typical know-your-customer KYC validation flow, I think you even send then your driver's license)? And you are supposed to file whatever you do crypto wise on your taxes

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heroprotagonist 3y ago

> I find it highly unlikely that 100% of its daily volume ($26b) is treating it as a currency (exchanging it for goods + services). What happens if you apply this same criteria to, say, the US dollar? Should US dollars go away?