How do you reach that conclusion? Because I've suggested it has other use cases and utility?
How do you reach that conclusion? Because I've suggested it has other use cases and utility?Sounds like you are saying that BTC is not digital gold then.
There is a Chinese proverb for that utterly worthlessIt's also hard to see how you use BTC for digital jewelry and digital industrial uses.
t's also hard to see how you use gold for real time censorship-resistant global payments
So we've both established that they both have other utility. How does that prevent them in the store of value use case?Because BTC has other uses than gold and gold has other uses that BTC.
There's a major flaw in the assumption you are making right there. Are the authorities always right? If you live in a country with a worse performing fiat currency than normal, and the government says we're implementing capital controls, you cannot maintain any other currency in this jurisdiction - dollars, etc. will have to be converted to hyperinflation dollars. Are you down with that? Because I'm not.You seem to be keen on the 'censorship-resistant' aspect of bitcoin. When you say censorship, I assume you are referring to money being seized or blocked by authorities ? If you're not on a sanctions list or holding the proceeds of crime, what censorship exactly are you worried about ?
The flip side of the 'censorship' you are referring to is protection to others.
Yes, from the CCP - the regime that had its foot soldiers out on the streets the other day beating up ordinary joe's who couldn't access their life savings because the banks had frozen their accounts.There is a Chinese proverb for that utterly worthless
It means that BTC is not digital gold which was the proposition.So we've both established that they both have other utility. How does that prevent them in the store of value use case?
I kind of see where you're going with that. If you're saying that Bitcoin has its own unique qualities - then sure - I agree with that. If you're saying on that basis, that the comparison with gold is ill fitting - I think it's helpful at this point for people to understand what its emerging as and to get an idea of what that is relative to something they already understand.It means that BTC is not digital gold which was the proposition.
Well, we can say definitively that Bitcoin has not behaved like gold during the recent stock and bond market drawdowns.And I disagree - we can't say that definitively
Hasn't gold being falling over the past few months? Anyways, everything usually suffers when the crap hits the fan including gold - and then takes off afterwards. To your point, over the shorter run, Bitcoin has not - but how could it if you think about it? We had the likes of the guy that featured in the article that you quoted - participating in a hype cycle. Bitcoin was already way up.Well, we can say definitively that Bitcoin has not behaved like gold during the recent stock and bond market drawdowns.
If you open the timeframe out to the past 13 years rather than the past 6 months, Bitcoin has acted quite well as a store of value.Maybe that will change in the future but the past is the only guide available to us in the absence of a crystal ball.
Do you have any peer reviewed articles in learned journals that support your position that data proves undeniably that BTC has acted as an excellent store of value over the course of 13 years?I blame Duke for this sort of thing. Don't be a smart This post will be deleted if not edited to remove bad language
I said that it has acted as an excellent store of value over the course of 13 years. That's undeniable - the data is there to prove it (and no, cherry picking timeframes doesn't in any way disqualify that). What I've also said is that it remains an immature asset - and it continues in its development. I don't assume anything - and I don't assume that it continues to be a good store of value. Given that gold has been afforded a gazillion years, I think we should wait until the asset matures before passing final judgement.
Pull up a chart of bitcoin over the course of its 13 years and tell me that it didn't at the very least maintain its value against the sovereign currency of your choice. Or better yet, scroll back to post #510 and click on the link to the chart that's posted there - that plots btc against gold - and see which has performed better.Do you have any peer reviewed articles in learned journals that support your position that data proves undeniably that BTC has acted as an excellent store of value over the course of 13 years?
So you're saying that BTC has both proven itself an excellent store of value and needs more time to prove itself a store of value. Got it.
So this will be published in peer reviewed articles presumably? If it's undeniably proven?Pull up a chart of bitcoin over the course of its 13 years and tell me that it didn't at the very least maintain its value against the sovereign currency of your choice. Or better yet, scroll back to post #510 and click on the link to the chart that's posted there - that plots btc against gold - and see which has performed better.
I said that it has acted as an excellent store of value over the course of 13 years. That's undeniable - the data is there to prove it (and no, cherry picking timeframes doesn't in any way disqualify that). What I've also said is that it remains an immature asset - and it continues in its development. I don't assume anything - and I don't assume that it continues to be a good store of value. Given that gold has been afforded a gazillion years, I think we should wait until the asset matures before passing final judgement.
Ah, but these things take time. Bitcon is only doing the rounds for the last 13 years. Any decade now the penny will drop and we'll all be buying stuff with Bitcon.So you're saying that BTC has both proven itself an excellent store of value and needs more time to prove itself a store of value. Got it.
That's the point....it shouldn't perform "better" - it should move, broadly with gold, but it hasn't. It's not behaving like Gold at all (as a store of value in uncertain times). And nobody in any large numbers are using it to buy things (i.e. as a currency) - so what exactly is it being used for?scroll back to post #510 and click on the link to the chart that's posted there - that plots btc against gold - and see which has performed better.
Surely you mean the satoshi will drop?Ah, but these things take time. Bitcon is only doing the rounds for the last 13 years. Any decade now the penny will drop and we'll all be buying stuff with Bitcon.