Cryptocurrency

[TrailCy]

Also, no bitcoin is not musical chair. It's the complete opposite. The bitcoin in my wallet is mine. I have a guaranteed chair.

Let's say BTC is completly mined. No more is created and you have your BTC in the wallet and follow through with the idea that it is currency.. Because it's a set number of units the price only goes up so you have little incentive to spend it. Saving it will result in a higher and higher value per coin. I don't see how you can have BOTH decentralized "currency" and a store of value. Your previous argument that said "What other currencies can do XYZ" is a false argument because you're listing all the things you like about bitcoin. One could do the same for USD and then ask, "How could BTC ever do all of this!!!"

It's like housing in a good neighborhood. You can't have both affordable housing and a continuous rise in prices. The two are in direct competition with one another.

 

[JustAnotherTimeline]

Let's say BTC is completly mined. No more is created and you have your BTC in the wallet and follow through with the idea that it is currency.. Because it's a set number of units the price only goes up so you have little incentive to spend it. Saving it will result in a higher and higher value per coin. I don't see how you can have BOTH decentralized "currency" and a store of value. Your previous argument that said "What other currencies can do XYZ" is a false argument because you're listing all the things you like about bitcoin. One could do the same for USD and then ask, "How could BTC ever do all of this!!!"

It's like housing in a good neighborhood. You can't have both affordable housing and a continuous rise in prices. The two are in direct competition with one another.

I wasn't trying to make an argument against USD. I simply listed the properties I like about bitcoin. It was a challenge to anyone who thinks bitcoin is not unique. If there is an alternative asset, I am interested. The point is, those features are valuable to me, and some others it appears.

Again, it's just Austrian economics. In that theory, deflation is not the great fear many modern economists think it is. You don't have to agree with it, but there is a minority set of economists that teach this view. In Austrian economics, finite supply is a feature not a limitation. In Austrian economics prices can.....go down.

Bitcoin is a store of value that can be used for instantaneous peer to peer settlement. I don't know what the market will decide it's role is in the future. But it is capable of both. I fail to understand your issue here.

 

[nocsious3]

I wasn't trying to make an argument against USD. I simply listed the properties I like about bitcoin. It was a challenge to anyone who thinks bitcoin is not unique. If there is an alternative asset, I am interested. The point is, those features are valuable to me, and some others it appears.

Again, it's just Austrian economics. In that theory, deflation is not the great fear many modern economists think it is. You don't have to agree with it, but there is a minority set of economists that teach this view. In Austrian economics, finite supply is a feature not a limitation. In Austrian economics prices can.....go down.

Bitcoin is a store of value that can be used for instantaneous peer to peer settlement. I don't know what the market will decide it's role is in the future. But it is capable of both. I fail to understand your issue here.

Sure seems like it. I post about Ethereum and you go on a diatribe about the dollar being a scam.

Friedman said, we'd have private money one day. The problem for Bitcoin, despite all it's qualities, it's still not money.

 

[BCClone]

I wasn't trying to make an argument against USD. I simply listed the properties I like about bitcoin. It was a challenge to anyone who thinks bitcoin is not unique. If there is an alternative asset, I am interested. The point is, those features are valuable to me, and some others it appears.

Again, it's just Austrian economics. In that theory, deflation is not the great fear many modern economists think it is. You don't have to agree with it, but there is a minority set of economists that teach this view. In Austrian economics, finite supply is a feature not a limitation. In Austrian economics prices can.....go down.

Bitcoin is a store of value that can be used for instantaneous peer to peer settlement. I don't know what the market will decide it's role is in the future. But it is capable of both. I fail to understand your issue here.

How much does Bitcoin move in 24 hours. I pulled up Ethereum earlier and it had 10% swings in one day. That is a bad store of value.

 

[JustAnotherTimeline]

How much does Bitcoin move in 24 hours. I pulled up Ethereum earlier and it had 10% swings in one day. That is a bad store of value.

That only depends on your time preference, don't you think? Historically, a the year 3 running ROI has always been above 1.

 

[JustAnotherTimeline]

Sure seems like it. I post about Ethereum and you go on a diatribe about the dollar being a scam.

Friedman said, we'd have private money one day. The problem for Bitcoin, despite all it's qualities, it's still not money.

What criteria does it not meet to be called money?

 

[BCClone]

That only depends on your time preference, don't you think? Historically, a the year 3 running ROI has always been above 1.

Not really. A good store of value should not have wild swings on a daily basis. 10% in a day is not a good store.

 

[Cyrealist]

What criteria does it not meet to be called money?

Right now it's a target of rampant speculation. People buy it expecting a return on investment. While currency trading is a thing, few people buy money and expect a return. The speculation makes it hard to determine value..

 

[Cyrealist]

"Money" doesn't increase 400% in value in a twelve month period.

 

[JustAnotherTimeline]

Not really. A good store of value should not have wild swings on a daily basis. 10% in a day is not a good store.

Gold has had many days with more than 5% volatility. What is your arbitrary cutoff for a good store of value?

 

[JustAnotherTimeline]

"Money" doesn't increase 400% in value in a twelve month period.

The Turkish Lira has an inflation rate of 80% YOY. Does money lose almost all of it's purchasing power in a twelve month period?

 

[JustAnotherTimeline]

Right now it's a target of rampant speculation. People buy it expecting a return on investment. While currency trading is a thing, few people buy money and expect a return. The speculation makes it hard to determine value..

This doesn't dispute the fact that Bitcoin is money. You may think it is a bad form of money because of it's volatility. But it is money nonetheless.

 

[BuschLight]

The Turkish Lira has an inflation rate of 80% YOY. Does money lose almost all of it's purchasing power in a twelve month period?

Well if they put that money in any crypto, that would also be down 20+% YOY and you won't have any purchasing power unless you convert it or they happen to take BTC/ETH. Can't really pay the bills with it.

 

[BCClone]

Gold has had many days with more than 5% volatility. What is your arbitrary cutoff for a good store of value?

Well, first 5% is half of 10% so that is a big difference. Second, 10% was not the big day, it was just another day in its trade for eth, so it has had several larger days in its short history.

Haven’t looked at the gold chart but does it swing 5% a day at least one day a week?

 

[JustAnotherTimeline]

Well if they put that money in any crypto, that would also be down 20+% YOY and you won't have any purchasing power unless you convert it or they happen to take BTC/ETH. Can't really pay the bills with it.

I pay all of my bills except my mortgage with crypto.

 

[BuschLight]

I pay all of my bills except my mortgage with crypto.

How does one pay for their electricity bill using crypto?

 

[Ames]

How does one pay for their electricity bill using crypto?

There are quite a few credit cards that spend / earn rewards in crypto. I have a couple.

Gucci is taking $APE coin now. Apparently, they have been taking several kinds of crypto already.

 

[JustAnotherTimeline]

How does one pay for their electricity bill using crypto?

paypal using by coinbase debit card

 

[BuschLight]

There are quite a few credit cards that spend / earn rewards in crypto. I have a couple.

Gucci is taking $APE coin now. Apparently, they have been taking several kinds of crypto already.

That's pretty smart for those high-end places. People who get rich off cryptos or NFT would want to "flex"

 

[BuschLight]

paypal using by coinbase debit card

Interesting. Side note about coinbase, another shady part of crypto. "Insider trading" has been linked to several employees front running incoming additions to the platform.