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0 pointsNicoJuicy4y ago0 comments

> Bitcoin and the Nakamoto Consensus is a breakthrough that provides a secure, global, uncensorable, decentralized store of value.

Most people don't seem to realize that a store of value is stable.

Today ( just as in 2017 till the pandemic) has proven that BTC/crypto is not stable.

It has more similarities with a MLM scheme ( not really backed by anything ( eg. Stable coins - tether), unregulated, limited withdrawals of your money on the exchange).

I don't believe anyone actually thinks BTC is safer while it's influenced by memes instead of actual market conditions. Well, except if the reason is greed and personal liability ofc.

Ps. The only reason to have some crypto coins is for diversifying your portfolio. If you consider the risks carefully, as with everything else.

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throwkeep4y ago

It's a new technology. Volatility is to be expected. Zooming out, any purchase of Bitcoin prior to a few months ago is still in the green. Even if you bought the peak in 2017.

If you zoom out on USD, it's not exactly stable either. It has greatly decreased in value due to inflation over the years. Or worse, if you zoom out on bolivars and other currencies. Anyone in country with hyperinflation, or at risk of it, very much appreciates a permissionless global store of value.

NicoJuicyOP4y ago

Inflation is a technique created for stable countries with stable markets. Fiat is based on market conditions, not on hypes and memes like BTC. BTC isn't really a hedge against inflation either, since the lack of underlying value.

Hyperinflation means that that market is in trouble, you can already hedge with USD/gold in most cases, which is actually backed by something. Losing a couple of % over years is a tested strategy and a requirement for healthy economies. Most people that talk about BTC and hyperinflation don't understand basic economy and are just looking for an excuse for BTC to rise because of... Greed.

Additionally, BTC was new in 2009 and I cashed out 2017 and never looked back. It's not new anymore and hasn't been for a long time, a lot of accountants even got courses about the blockchain in Belgium 5 years ago.

Everything of 2016-2017 repeats. Then it was adopted by steam, woocommerce, square, Amazon, ... and they all removed it again or never finalized the integration, because of not enough usage. That's 5 years ago and everyone was talking about it and it was in every possible media in every country. That is: Newspaper, tv, going out, Reddit, here, ads, ... I even had a site with some popular articles on it ( how to recover your bitcoin password was by far the most popular one fyi)

Today it's just Tesla and they also removed payment.

Ps. Countries going to do digital currencies are not going to base it on a existing one. So that's unrelated to the topic of currently tradeable crypto.

Ps2. A bit of regret not thinking about it in March last year. But that's just the greed talking.

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