411–420 of 530 posts
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> converting btc to fiat to pay your visa card bill at the end of the month would be one transaction per month. Given BTC volatility paying monthly could add a bunch of risk (or benefit) to purchases. I imagine most people would want something more stable for their purchasing.
Also you are liable for capital gains tax when realised.
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I'm not here to defend Bitcoin nor respond to critiques. Just not what I'm in to. Full disclosure, I have a financial stake in Bitcoin. My observation on all of this is that the most common themes to bear Bitcoin - can all be fixed! People are quite happy to look at the current landscape and proclaim immediate and indefinite failure. Detractors allow no room for growth. Volatility - you could argue that Bitcoin is st…
> My observation on all of this is that the most common themes to bear Bitcoin - can all be fixed! People are quite happy to look at the current landscape and proclaim immediate and indefinite failure. Detractors allow no room for growth. On the contrary, I've been watching bitcoin for what, ten years now, and if anything the practical usability has gone backwards. Sellers who trumpeted that they were accepting bitco…
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> converting btc to fiat to pay your visa card bill at the end of the month would be one transaction per month. Given BTC volatility paying monthly could add a bunch of risk (or benefit) to purchases. I imagine most people would want something more stable for their purchasing.
Also you are liable for capital gains tax when realised.
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I agree that Bitcoin is never going to be used for payments again. But I still don't know about value store. Its hard to convert back to fiat (without paying taxes) unless you're going completely P2P with cash, which likely isn't feasible for large scale transactions. Is bitcoin's value negatively affected by difficulty cashing out, or am I overthinking it?
Overthinking imo. Compared to a bar of gold, it’s a breeze. Convertibility to fiat is kind of a low priority for a store of value. Auditability, barriers to rehypothication, and ability to self custody are probably much more important for a store of value.
So being a better store of value than gold isn't hard.
The number of people commenting who completely misunderstand Bitcoin and crypto is astounding. Bitcoin will never be used directly for payments, it's a value store. Immutable deflationary digital gold. I wrote it off for years too because it was too slow and the fees were too expensive. That was the dream they had, but they couldn't realize it at the base layer. I was still walking around last year believing that's t…
If you actually wanted to store value you would buy gold. You can't store value in Bitcoin because it has no inherent value. It's a distributed ledger on the internet. If I hoard 100% of the world's gold bullion, there's a good chance that people would want to buy it from me at a price similar to today's spot. If I hoard 100% of bitcoins, it loses all of its value. Moreover, if hyperinflation does occur, there's a go…
Who actually buys gold to store value?
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The core issue I've seen that goes unanswered is what problem does BTC solve? The answers I've seen so far are: 1. Avoiding Venezuelan hyper-inflation - it is a use-case, but doesn't really apply to the United States for example. 2. Store of value - volatility is way too high and there are much better alternatives (Treasury bonds) 3. Evading capital controls - it is a use-case, but not really applicable to most citiz…
I use it as a store of value. Because I expect that it will continue to significantly appreciate (it has gone up 10X or more in the last year!), I couldn't care less about its volatility. I expect that as its exponential rise slows down (like all exponential growth, it must come to an end, perhaps after a few more halving cycles), the volatility will decrease accordingly. You're right that there are other systems to…
Then you don't use it as a store of value; you use it as a speculative investment.
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> My observation on all of this is that the most common themes to bear Bitcoin - can all be fixed! People are quite happy to look at the current landscape and proclaim immediate and indefinite failure. Detractors allow no room for growth. On the contrary, I've been watching bitcoin for what, ten years now, and if anything the practical usability has gone backwards. Sellers who trumpeted that they were accepting bitco…
Do you see gold as a defacto scam?
One of the reasons I'm bullish on Bitcoin over the next decade is precisely because of the anti-BTC sentiment on this board.
HN isn’t wrong about everything. It was extremely bearing on Groupon in 2011. It was another thing where true believers would say that skeptics “just don’t get it”, but the HN critics had extremely cogent critiques that went without response. Google “Groupon Stock”, HN was very correct. VERY different from the anti-Dropbox sentiment of the famous Dropbox comment. You also have Bill Gates, Warren Buffett, Charlie Mung…
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It's such an anti-pattern for the world to adopt this approach. Sadly most people don't care nor should have to but the decentralization is effectively moot when payment processors like Visa get involved. Sadly, I'm less and less hopeful that crypto will be what the movement conveyed over last 10 years.
It's impossible with current bitcoin transaction fees. Monero has a better chance at seeing real usage as currency.