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Bitcoin is a store of value. Nothing more or less. DAOs and NFTs were just distractions trying to ride the wave. The fundamentals remain strong. It really hasn'
by fixprix 2y ago
Bitcoin is a store of value. Nothing more or less. DAOs and NFTs were just distractions trying to ride the wave. The fundamentals remain strong. It really hasn't changed much in 15 years. The Hacker News comments certainly haven't either. Salty as ever.
- XCSme 2y agoHow exactly does BTC store any more value than an NFT?
- jdenning 2y agoSupply & demand?
- echelon 2y agoIt's the "chosen one".
- Mithriil 2y agoEnergy wasted to secure the chain
- Empact 2y agoFungibility is one of the important properties of money. So a non-fungible token has less ability to accrue monetary value. https://en.wikipedia.org/wiki/Money#Properties https://en.wikipedia.org/wiki/Money#Properties
- stouset 2y agoThis is hysterical because four years ago everyone was clamoring on about how the non-fungability of NFTs was the secret sauce to why they’d accrue monetary value.
- dns_snek 2y agoTaking arguments from the most delusional crypto bros at the time and trying to sell them as something that "everyone" was saying about NFTs in general isn't a way to engage in good faith discussion. Some NFTs/art might appreciate in value, but most NFTs/"art" are worthless on the open market.
- testfrequency 2y ago[flagged]
- andreygrehov 2y agoI don’t think “crypto is unregulated” still a thing. Why do you say so?
- kortilla 2y agoNorth Korea makes significant money through crypto because it’s not possible to regulate at the international level. The US gov has put a lot of effort into controlling the exchange to USD, but that doesn’t put the brakes on the ability to pay anyone in the world with BTC regardless of sanctions.
- fixprix 2y agoCase in point, you just replied with the most salty comment ever.
- pixxel 2y agoYour salty comment just helped wArM tHe PlANeT.
- nadermx 2y agoBy definition store of value means "its ability to purchase other assets in the future without rapidly losing its purchasing power" yet bitcoin has in instances halved it's value. So, no not a store of value.
- fixprix 2y agoMeaningless point. All stores of value fluctuate in value relative to each other. Homes and stocks go through periods of doubling and halving in value. Its the entire reason why diversification across asset classes is fundamental to managing your finances.
- mhartl 2y agoIt’s true that, due to its volatility, Bitcoin is currently not a good store of value, at least in the short term. There’s an underlying truth, though, which is that Bitcoin is a potential store of value. In particular, it has all the necessary qualities of a monetary good, among them durability, divisibility, portability, verifiability, and above all scarcity. Buying Bitcoin right now involves speculating that others will also see this potential, which is why it’s accurate to describe it for the moment as a speculative asset. The reason buying Bitcoin is a smart bet is that its monetary properties are so good that it has the potential to store a significant percentage of the world’s savings. Once that happens, its volatility will be much lower, so it will be a good store of value. And of course its purchasing power in current U.S. dollars will be much, much higher, which is why it’s a good idea to buy some now.
- benchmarkist 2y agoBitcoin is actually just a bunch of numbers. Whatever value you think you're storing with it is always denominated in fiat which is very ironic.
- aryan14 2y agoYou could say any currency is just a bunch of numbers, the US dollar isn’t backed by gold anymore and hasn’t been for a long time. The question is more like: Would you let everyone dictate the value of a currency and leave it decentralized? Or would you rather a government controlled centralized currency. It’s preference and opinion at the end of the day
- ConspiracyFact 2y agoThe dollar is backed by the fact that you can pay any debt with it and (if you’re a US citizen) have to pay your taxes with it.
- fixprix 2y agoGreat for the government, terrible for anyone holding dollars. The government continues diluting the dollar to pay its debt.
- dlubarov 2y agoI'm not sure people care much about the debt repayment thing? If I rack up a bill at a bar, I can technically force them to accept a sack of pennies as repayment, but most people use digital payments like credit cards. At that point it doesn't really matter if my bank account holds USD, GBP, BTC or any other liquid asset, as long as the payment infrastructure can handle any necessary conversions.
- benchmarkist 2y agoThere are no assets for digital currencies so the words you're using to describe it are ontologically nonsensical. It's numbers, binary sequences, in databases. The only thing that makes it all work is your belief and faith that the numbers mean something other than the electricity and infrastructure necessary to maintain the databases. The only real assets in the entire scheme are the computers and power plants with the spinning dynamos necessary for maintaining the illusion of "value". This is why the masses are always dazed and confused. Your water and food are full of poisons but the numbers in databases are what get the most airtime. Bitcoin is the purest distillation of fiat currencies because there is no longer any actual physical manifestation of it anywhere other than whatever paper key you keep on you as a reminder that there is a database with some numbers which you and those like you collectively believe to be "valuable".
- ActorNightly 2y agoBitcoin is a speculative asset like a stock.
- dmarcos 2y agoThe SEC doesn't consider BTC a security, so not "like a stock"
- talldayo 2y agoNot all speculative assets are neccesarily securities. Bitcoin's value fluctuates in a way that makes it's store of value absolutely resemble a stock, albeit with fewer legal protections and guarantees.
- dmarcos 2y agoBTC is volatile but one can argue has more guarantees than stocks. There's no counterparty risk. No company that can go bankrupt or entity that can fail. BTC is property.
- throwaway657656 2y agoAnd companies have intrinsic value. They don't just pointlessly consume resources.