321–330 of 343 posts
It has in dollar terms but it still hasn't on an inflation adjusted basis. One bitcoin today has less purchasing power than at its peak in November 2021. The dollar has lost about 12.5% since then so the true all time high would be around $79250.
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no, but I am using my index fund on s&p 500 to buy goods and services
I'm pretty sure you're not. Or at least, my grocery stores and the IRS/tax people take dollars, not SP500 or QQQ. If yours does I'd live to hear how that works (and where you are). If you're referring to investing $1,000, having it be worth $1,500, and then selling off $300 to pay for groceries, which a Coinbase/whatever account would let you do with Bitcoin while it appreciates.
I get something in return for my capital, and the world gets a valuable service.
Bitcoin does not offer that. The only return it offers is the hope that tomorrow some other people will pay me more to take my bitcoin, in the hope that some other people will pay them more the day after to take the bitcoin, with the hope that .... you get it.
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> Price of Bitcoin is mostly that speculation price + instead of material some mathematical properties. Mathematical properties don't provide economic value. The demand for bitcoin is almost all speculation, and a tiny bit is for purposes of making clandestine payments, paying ransoms, and such.
So, access to a permissionless SWIFT-like system from anywhere around the world has no economic value in your opinion? Go and ask people in African countries what it means to them.
Probably incredibly little. I have not in the slightest looked into it, but based on bitcoins properties, I'd guess that it doesn't suit 99.9% of Africa. They use cash and frequently use mobile phones for transferring cash etc.
So I suppose people must use it all the time to buy goods and services. Right?
When buying "gray market" prescription medications from India, Bitcoin is the main way to pay. US credit cards refuse such transactions.
I don't want a tax evasion charge hanging over my head and I can't be bothered declaring crypto transactions on my tax return, particularly when I'm using to buy medication that I may not be legally allowed to buy.
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It's not the parent comment's concern (at all).
It's pretty unclear what that comment was talking about, and your comment doesn't help.
I own bitcoin. If it only ever increases in value, I'd have to be a complete idiot to spend it, when I have depreciating fiat to spend.
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For an asset with no intrinsic value, it is. Just like the nominal price of USD and its value are the same thing.
That's because you express both the price and the value of USD in USD That isn't the same as the price of BTC in USD
Note that it hit a new all-time high last night, but it's been in the ~$70ks since last March. The election results may have pushed it over the top, but it's been way up for a while. The people who predicted it would collapse appear to have been wrong, and the people who predicted it would come back appear to be right. My own position was that it's so volatile that it will always be a roller coaster, which is why I d…
It cannot even get to $100k despite endless predictions over the past 5+ years it would. Each cycle is getting subsequently smaller. If anything, it's reached the final stage in which the supply of new buyers to prop up the price, let alone new highs, is exhausted.
So I suppose people must use it all the time to buy goods and services. Right?
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I'm pretty sure you're not. Or at least, my grocery stores and the IRS/tax people take dollars, not SP500 or QQQ. If yours does I'd live to hear how that works (and where you are). If you're referring to investing $1,000, having it be worth $1,500, and then selling off $300 to pay for groceries, which a Coinbase/whatever account would let you do with Bitcoin while it appreciates.
If there is someone who wants to start a dog walking service, but they don't have the capital to do so, I can lend them the money with a promise from them to pay me a share of any revenue. My money goes to create a service that real people get benefit from (their dogs are walked) and they pay for that service with a medium of exchange that represents their own labour (fiat money). I get something in return for my cap…
In a few decades or even maybe a century, your loan to the dog walker will be denominated in bitcoin.