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It has proven neither to be a store of value nor medium of exchange though it is being used extensively for criminal activities.
by kanbankaren 10mo ago
It has proven neither to be a store of value nor medium of exchange though it is being used extensively for criminal activities.
- jobs_throwaway 10mo agoHow has it not been a store of value?
- thefringthing 10mo agoIt's a store of value in the sense that it has a non-zero price at any given moment, but when people say that one of the functions of money is to be a store of value, they mean that its value must be reasonably stable so that its future usefulness is predictable.
- outside1234 10mo agoIt has an extremely volatile profile. You might as well stick your money in the SP 500 and call it is a currency.
- psunavy03 10mo agoExcept the S&P 500 will give you a return. The stock market is not gambling, much as some people want it to be.
- lxgr 10mo agoIt does go down by double-digit percentages from time to time though, which is really inconvenient if you want to, say, buy a house today or tomorrow. There's a reason people still use USD, EUR etc. and not fractional ETFs to pay and get paid.
- psunavy03 10mo agoAnd when it goes down the answer is to buy the dip. If you have funds needed for other things, they should be in lower-risk investments. As people get older, they should be moving large amounts of equities into bonds to lock in their gains. There is a reason people still have things like checking and savings accounts and CDs.
- lxgr 10mo ago> If you have funds needed for other things, they should be in lower-risk investments. That’s exactly my point.
- VHRanger 10mo agoA store of value is an asset with as close to 0% volatility in price as possible. Bitcoin is a speculative asset: it has very high price volatility. It is not a store of value in the proper term.
- tgsovlerkhgsel 10mo agoBy that standard, over the past year, Bitcoin would be a better store of value than gold...
- kanbankaren 10mo agoOver the past year, Bitcoin lost 10.8% Gold gained 60.0%
- tgsovlerkhgsel 10mo agoqed
- listenallyall 10mo ago> A store of value is an asset with as close to 0% volatility in price as possible. You just proved his point. In this example, bitcoin's volatility is closer to zero than gold's. Thus, by the quoted definition of "store of value", then in this particular time frame (it would be very different going back 5, 10, 15 years), bitcoin is the better store of value.
- atomic128 10mo agoMonero is used for criminal activities, not Bitcoin. How do I know? I monitor crime, mostly but not exclusively drug crime, on Tor's hidden services: https://rnsaffn.com/zg4/ https://rnsaffn.com/zg4/ Monero is the cryptocurrency of choice.
- lokar 10mo agoNot all crime is drugs. Most of it is tax and sanctions evasion.
- leftouterjoins 10mo agoThis is the same, nonsensical argument against monero that is used against end-to-end encrypted messaging. "app of choice for criminals" "makes enforcement harder" etc. It completely ignores the benefits of Monero. Crime exists. Its not going anywhere. It is not societies job to make the crime fighter's job a walk in the park. Crimninals use cars to commit crimes, we don't outlaw cars. They use masks, the store sells masks. The benefits of a global, decentralized and truly private and free medium of value exchange would be massive to the average person, but deterimental to those in power so they must use FUD to squash it.
- rjdj377dhabsn 10mo agoWhat is that hidden service scanner showing with regards to monero?
- atomic128 10mo agoThe majority of the criminal activity on the Tor darknet is mediated by hidden services listed by that scanner. You can visit those services (using the .onion URLs) and see that Monero (XMR) is the preferred cryptocurrency. Bitcoin is sometimes used for hosting, etc., but Monero exists to avoid Bitcoin's security weaknesses and the criminals are well aware of this advantage.