Bitcoin still makes no sense

Post by chapium » Sun, Dec 06, 2020, 1:47 AM UTC

postingpals wrote: post #28

throw1234651234 wrote: post #10

Earlier quoted context omitted.

"with little positive effects to show for it" It's an efficient store of value. Here is a dilemma - you have 10 million dollars. You need somewhere to park your money. Do you follow the Chinese businessman pattern and buy real estate in Toronto? That seems complicated - picking a property, being subject to the real estate market, etc. Often these houses sit empty, since you are on the topic of wasted resources. Do yo…

I disagree with the 'store of value' argument. I got into a similar argument with someone on here before, and I believe it is an insufficient economic principle to justify a currency. A good currency serves as a medium of exchange or a standard of value. Are people using bitcoin to replace USD in general? No, not really. It's not a very good medium of exchange not because of the illegal stuff but because no one knows…

Post by root_axis » Sun, Dec 06, 2020, 1:48 AM UTC

scoopertrooper wrote: post #16

ridaj wrote: post #3

It makes sense to me about as much as the trade in ancient coins, stamps, and other collectibles. These are reasonable asset classes if you like gambling, with a somewhat fixed supply, not a lot of industrial applications, and wild price fluctuations based entirely on subjective appreciation. Bitcoin is more liquid but otherwise the price dynamic looks about the same...

I guess the key difference is that less startups have bilked investors by peddling fantastical dreams of post-fiat ancient coin based economies.

Post by dmitriid » Sun, Dec 06, 2020, 1:49 AM UTC

leesalminen wrote: post #62

dmitriid wrote: post #23

Earlier quoted context omitted.

> It's an efficient store of value. Here is a dilemma - you have 10 million dollars It's not a dilemma. At all. If you have 10 million dollars just lying around, chances are, uo already know what to do with your money. So your entire premise is based on a combination of assumptions that make it entirely laughable: - that if you have 10 million dollars, you have a problem with storing them - that in order to defend bi…

> Oh, right. Stocks, property, securities, bonds, investments, diversified portfolios. As the parent poster mentioned, the US’ monetary policy is awful and many believe is on the brink of major problems. China’s financial reporting is untrustworthy- you never know what you’re getting investing there. EU is in the middle of brexit, financial crisis in member nations. So, yeah, some new alternative financial instrument…

Post by beaner » Sun, Dec 06, 2020, 1:49 AM UTC

sesuximo wrote: post #36

beaner wrote: post #12

Earlier quoted context omitted.

Money is a self-organizing system of resource management. Bitcoin is better money, because it allows for more pure self-organization, as a result of its money supply being predetermined by hard-coded algorithm, rather than by fiat decree. This single benefit far outweighs the mentioned negatives. It has the potential to completely eliminate the boom/bust cycle, eliminate currency manipulation that facilitates interna…

I don’t think any of these things come close to paying for the energy cost Bitcoin used circa 2018 (I haven’t looked recently — has it decreased?). And that cost would skyrocket if everyone used it day to day

Post by seibelj » Sun, Dec 06, 2020, 1:50 AM UTC

domatic1 wrote: post #32

I'm still surprised that bitcoin is hated here, such a great technology. It's a decentralised currency, and it's working really well. A lot of big institutions are taking it seriously now. Does paper cash printed by government make more sense?