Agreed. My expectation was for that price accumulation to play out over the course of years.
I understand where you're going with this. However, you have to appreciate the nature of this specific thread. i.e. it starts out from the get go as a comparison with gold - in fulfilling that same store of value use case...and that no less within the context of an 'alternative investments' sub-forum.
Firstly, I have been living in the developing world over the course of the past 3 years where the vast majority of people live on minimum wage (€210/month). As you've identified, there are many different facets to this. I think this is a separate discussion entirely worthy of its own thread.
In any event, people in the developing world need that store of value more than you or I. There's been much discussion about usd/euro - but when we get into these countries, then that's when you see people being robbed blind by their own governments/government institutions/etc. The guy earning $5.50 a month may not need a store of value so much - but move up from that just a little and people of modest means still have their savings. So if they have their savings in a currency that debases itself within months by 10-15% (it can be much more but i'm using an example from right here), you think that they still dont need a better store of value?
That said, the guy earning $5.50 may well be depending on a sibling/family member abroad to send money home - and he's getting half of what he should because remittance services are robbing people blind. That's moving away from the store of value use case but its relevant to that group of people. Where I'm living, the most popular remittance service takes 10% - and that's just for transfers in the same currency - within the country!
I know of a buddy who's ex girlfriend keeps some savings in his US bank account - because it's illegal to hold USD within the local banking system. She would be on €210/month - and clearly she's doing that because she believes that the government are going to destroy her meagre savings.
Have a look at post #524 and see how far ordinary people will go to try and maintain the little bit of wealth they have. I'm assuming the Indian in question was a migrant trying to get his savings back from Dubai without having the government take 18% of it away. Wealthy people usually don't have to resort to inserting a store of value up their rectums.
I think its a different conversation albeit a worthy one in its own right. I find myself equally conflicted in that I didn't get involved with bitcoin initially as a speculative asset. That was accidental - albeit that I couldn't possibly ignore it. I believe that there can be two aspects to this. Yes, it's an opportunity for wall street types and others to make $$$ - but I still believe that bitcoin (and decentralised currency generally) have the ability to act as a societal good in so many ways.
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In case we have late-comers to this discussion, that should bring them up to speed as to how you're approaching this discussion.