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>However, because it is also used so heavily for speculation, it is very volatile and therefore not an optimal store of value / means of exchange. It's better than gold in every way, including energy use.
The price of gold doesn't drop 30% in a day...
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Not everyone in the world lives in an economy that has 4% YoY inflation. And not everyone has access to financial services or a developed banking sector
sure, but let's say that you're in Turkey, and very worried about your currency devaluating 17% every year. Does putting your money in something that can devaluate 30% in a day sound like a better solution?
If asset A reliably loses 4% of its value per year, in a totally-predictable straight-line, and asset B has wild up- and down-swings, but over years reliably delivers 25% appreciation per year - asset B is better, unless you'll be forced to urgently sell at unpredictable times. (And if you can find a basket of uncorrelated B-like assets, all the better!)
The value of cryptocurrencies is currently comprised of just a 3 components: 1) Speculation 2) Electricity 3) Compute There's going to be volatility.
other than trying to get the money of suckers, I've never understood the point of bitcoin. no currency, digital or not, can be removed from the world's activities. why would you ever want something that could plunge 30% in a day? even if it went up 5 billion percent, then what? everyone sells and it goes down? what's the point? it's like the most zero-sum activity imaginable. edit: I'm sincerely wondering what the va…
I would argue it’s actually a sub-zero-sum game because the “game master” (bitcoin miners) withdraw 12.5 coins from the pool every 10th minute.
But I do believe in a digital de-centralized currency. Not smart contracts, not DEFI, not all the latest buzzwords: just a fully decentralized medium of exchange that actually works as a currency that no sovereign nation can control. That's why I have invested in a project that is the most promising in that respect (not going to say it here, as I don't want to shill). For that project to be truly successful, the world needs to move beyond Bitcoin, its clones/equivalents and PoW in general.
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It's a cool technology/concept, but at the cost of all the energy it's wasting to be a "speculative asset" at best... yeah, it's frustrating.
You'll listen to Bitcoin FUD all day but you don't seem to care about the hydro carbons purged in the process of strip mining the earth for shiny rocks though. https://www.nasdaq.com/articles/why-bitcoin-may-actually-spe...
other than trying to get the money of suckers, I've never understood the point of bitcoin. no currency, digital or not, can be removed from the world's activities. why would you ever want something that could plunge 30% in a day? even if it went up 5 billion percent, then what? everyone sells and it goes down? what's the point? it's like the most zero-sum activity imaginable. edit: I'm sincerely wondering what the va…
The point of Bitcoin is that the world's governments have weaponized money. If all you pay attention to is the ups and downs of the exchange rate, then it all probably seems pretty pointless. But if you look at it against the backdrop of sanctions, civil asset forfeiture, erosion of civil liberties, and monetary debasement, things look different.
People forget about this. Bitcoin came up in the context of crypto-anarchism, and was meant to serve the needs of that community.
Meanwhile, Elon Musk is trying to extinguish the fire. https://twitter.com/elonmusk/status/1395027147161489412
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Your comment appears to be the only one in Hacker News history that says, "bitcoin crashes to 30k". Maybe the phrasing was different? It's not good when an asset class drops by 30% in 24 hours.
Don’t take it too literally, the point is YTD is still positive and 1YR charts are ridiculously in the green, beyond any bull’s dream not too long ago