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Earlier quoted context omitted.
I don't own any Bitcoin nor have I ever but why would being a burger with it stop you being sceptical? I mean you cannot (at least to my knowledge) buy burgers with gold/ETFs/Stocks, doesn't the same apply to Bitcoin?
You used to be able to buy burgers with gold.
Earlier quoted context omitted.
Is currency not a store of value?
Not in the same way that gold is. Currencies can experience hyperinflation from increased supply (printing money), but until someone finds the philosopher's stone, gold has relatively stable supply (and subsequently - price).
Gold has a relatively stable supply now but back in history we've experienced several gold rushes that I imagine made prices turbulent. From my limited understanding of Bitcoin the supply is also going to be limited and the mining of coins will become harder and harder.
Seems to fit more along the line of gold than a currency.
Earlier quoted context omitted.
Not in the same way that gold is. Currencies can experience hyperinflation from increased supply (printing money), but until someone finds the philosopher's stone, gold has relatively stable supply (and subsequently - price).
Interesting discussion :) Gold has a relatively stable supply now but back in history we've experienced several gold rushes that I imagine made prices turbulent. From my limited understanding of Bitcoin the supply is also going to be limited and the mining of coins will become harder and harder. Seems to fit more along the line of gold than a currency.
I'll stop beeing sceptical when this feels like money and not like high risk gambling.
My own scepticism is fuelled by the fact if cryptocurrencies would disappear we'd lose nothing of value.
I'll stop beeing sceptical when this feels like money and not like high risk gambling.
My own scepticism is fuelled by the fact if cryptocurrencies would disappear we'd lose nothing of value.
The internet started as one of those movements, and these words seem to echo that of the skeptics then.
It's not just about the value of Bitcoin going #tothemoon
Cryptocurrencies and blockchains now give us the opportunity*, infrastructure, and incentive/reward mechanisms to build the future platforms that will not discriminate, or manipulate us, but instead empower and elevate .
I think such a movement, network, and infrastructure is something very valuable that we would lose if they disappear.
Bitcoin as a means of achieving it's original goal (i.e. a world currency) I'm still highly skeptical of. Why would I want to spend Bitcoin when I could be the next guy who spent BTC0.0001 on a pizza when it becomes worth $100k / coin? The fact that I have to entertain that idea means psychologically I won't treat this as currency. I treat USD and EUR as currency because I don't worry about day-to-day (or even really decade-to-decade) volatility of the currency. BTC has volatility by the _week_. Whether this giant experiment succeeds or not, I have a hard time believing it works as a currency specifically.
To me its just another way wealthy people increase their wealth and avoid paying taxes. No different then a bunch of hedge fund bros talking about using offshore accounts and fake charities to avoid paying taxes.