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The fundamental issue with Bitcoin remains the same as it has always been --- stability. It's primarily a speculative instrument, not a currency. The price flu

The fundamental issue with Bitcoin remains the same as it has always been --- stability. It's primarily a speculative instrument, not a currency. The price fluctuations are primarily a reflection of speculative interest and blatant market manipulation. There is no other logical basis to justify the price. A close analog in the stock market is probably GameStop.

tromp 2y ago
> It's primarily a speculative instrument, not a currency. As a result of its capped supply, which incentivizes hoarding. For use as currency, a pure linear supply like 1 coin per second forever is preferable, avoiding wealth concentration as well as the long term problem of chain security depending on fees.
- jqpabc123 2y ago
  Imagine a company with no assets, no product to sell, no service to offer, no dividends or annuities to be paid and no reasonable plan or intent to ever change any of the above. It's only reason for existing is to issue stock. Lots of pretty and unusual stock --- based on nothing but the sheer hope that enough people can be somehow convinced to collect, trade and speculate with it. And by the way, ownership will be creatively maintained on a blockchain. Would you buy in at $65k per share? If so, then bitcoin and DJT stock might be for you. While you're at it, how about a few Bored Ape cartoon bitmaps that can be algorithmically generated in perpetuity?
andirk 2y ago
It's a digital currency owned by nobody/everybody, needs no middleman, finite, no trust, the main crypto that other current value-prop projects trade through. There's a worth to that. Stonks usually have a real value behind them BUT they're often traded at 40x their output. That's also speculation. Not to mention insider trading at the highest levels.
- jqpabc123 2y ago
  There's a worth to that. If only what you say was true. Most people who own it don't use it as currency. They can't really use it as currency without paying a middleman. It may be finite but anyone can create their own. Trading crypto requires complete trust in unregulated exchanges who set and manipulate prices. Even p2p trades are based on prices set by these exchanges. Most exchanges create their own "stable coins". These unaudited and unverified coins can easily be used to manipulate the market. In the real world, this is called "fraud". For an example of the possible results, see TerraUSD which wiped out $42 billion of user funds.

tromp 2y ago

> It's primarily a speculative instrument, not a currency. As a result of its capped supply, which incentivizes hoarding. For use as currency, a pure linear supply like 1 coin per second forever is preferable, avoiding wealth concentration as well as the long term problem of chain security depending on fees.

jqpabc123 2y ago
Imagine a company with no assets, no product to sell, no service to offer, no dividends or annuities to be paid and no reasonable plan or intent to ever change any of the above. It's only reason for existing is to issue stock. Lots of pretty and unusual stock --- based on nothing but the sheer hope that enough people can be somehow convinced to collect, trade and speculate with it. And by the way, ownership will be creatively maintained on a blockchain. Would you buy in at $65k per share? If so, then bitcoin and DJT stock might be for you. While you're at it, how about a few Bored Ape cartoon bitmaps that can be algorithmically generated in perpetuity?

andirk 2y ago

It's a digital currency owned by nobody/everybody, needs no middleman, finite, no trust, the main crypto that other current value-prop projects trade through. There's a worth to that. Stonks usually have a real value behind them BUT they're often traded at 40x their output. That's also speculation. Not to mention insider trading at the highest levels.

jqpabc123 2y ago
There's a worth to that. If only what you say was true. Most people who own it don't use it as currency. They can't really use it as currency without paying a middleman. It may be finite but anyone can create their own. Trading crypto requires complete trust in unregulated exchanges who set and manipulate prices. Even p2p trades are based on prices set by these exchanges. Most exchanges create their own "stable coins". These unaudited and unverified coins can easily be used to manipulate the market. In the real world, this is called "fraud". For an example of the possible results, see TerraUSD which wiped out $42 billion of user funds.