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The real use case is self defense against the arbitrary devaluation of fiat currency. As wildly imperfect as crypto is at that task, it's the best we have in a

The real use case is self defense against the arbitrary devaluation of fiat currency. As wildly imperfect as crypto is at that task, it's the best we have in a fungible, digital form. So pessimistic investors flee to it. The worst case for a crypto investor is for the dollar to be restored to a stable store of value. To outcompete crypto, just whip inflation.

mianosm 2y ago
How well do investors understand the underlying network of computers required to maintain the public ledger and the trust and integrity of the digital currency, though? Until nation-states fund and invest in the infrastructure, finding your confidence in cryptocurrency with little to no regulation is a massive risk.
- deleted 2y ago
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- grapesodaaaaa 2y ago
  > Until nation-states fund and invest in the infrastructure, finding your confidence in cryptocurrency with little to no regulation is a massive risk. There are many arguments against bitcoin, but I have a hard time investing in this one. A lot of the people investing in bitcoin are doing so specifically to hedge against nation-states. It is decentralized FOSS based on sound mathematics. If this was really a concern, wouldn't people be skeptical of TLS to access your bank? One of the most popular TLS algorithms was written largely by DJB (not a nation-state).
_kidlike 2y ago
exactly...
andrewfurey2003 2y ago
How likely do you think governments/central banks would keep away from inflating the currency they have complete control over, when its normally in their best interest to print currency?
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meowster 2y ago
If Bitcoin can be traced (which it can), then it isn't fungible.
- igsomething 2y ago
  That is not the definition of fungible. You can put a mark on a USD$100 bill and trace it, but it still has the same value as any other USD$100 bill, or 5 20$ bills, etc.
  - meowster 2y ago
    Then why does Coinbase lock accounts of people to transfer to darknet markets or such? If you had the choice of receiving BTC from a brand new minted batch, or from a darknet market, which would you prefer? If you have a preference, then they do not have the same value. I would value BTC from a darknet market less because of risks associated with spending it. I would value freshly-minted BTC because it doesn't have any question about its providence.

mianosm 2y ago

How well do investors understand the underlying network of computers required to maintain the public ledger and the trust and integrity of the digital currency, though? Until nation-states fund and invest in the infrastructure, finding your confidence in cryptocurrency with little to no regulation is a massive risk.

deleted 2y ago
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grapesodaaaaa 2y ago
> Until nation-states fund and invest in the infrastructure, finding your confidence in cryptocurrency with little to no regulation is a massive risk. There are many arguments against bitcoin, but I have a hard time investing in this one. A lot of the people investing in bitcoin are doing so specifically to hedge against nation-states. It is decentralized FOSS based on sound mathematics. If this was really a concern, wouldn't people be skeptical of TLS to access your bank? One of the most popular TLS algorithms was written largely by DJB (not a nation-state).

_kidlike 2y ago

exactly...

andrewfurey2003 2y ago

How likely do you think governments/central banks would keep away from inflating the currency they have complete control over, when its normally in their best interest to print currency?

deleted 2y ago
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meowster 2y ago

If Bitcoin can be traced (which it can), then it isn't fungible.

igsomething 2y ago
That is not the definition of fungible. You can put a mark on a USD$100 bill and trace it, but it still has the same value as any other USD$100 bill, or 5 20$ bills, etc.
- meowster 2y ago
  Then why does Coinbase lock accounts of people to transfer to darknet markets or such? If you had the choice of receiving BTC from a brand new minted batch, or from a darknet market, which would you prefer? If you have a preference, then they do not have the same value. I would value BTC from a darknet market less because of risks associated with spending it. I would value freshly-minted BTC because it doesn't have any question about its providence.