I replied:
@realr0ach replied:
@dyask replied:
@realr0ach replied:
@HairyMaclairy wrote:
Bitcoin is a store of value.
Wrong for the 4000th time. Nothing is a store of value unless it's a non-perishable commodity. Bitcoin is neither non-perishable or a commodity. Claiming Bitcoin is a store of value is no different than claiming Dogecoin, Factcom, or NXT is a store of value. Everyone knows that statement is completely false, you just pretend you can pass off your lie for bitcoin in an attempt at personal gain.
In case whoever is reading this is stupid and can't figure it out, things like Bitcoin require external inputs to exist at all. It's extremely perishable and can disappear at any second. A real non-perishable commodity like silver or gold simply sits there rejecting any advance of entropy (as far as any human civilization time span is concerned) and doesn't simply vanish without a black hole hitting the planet.
Total nonsense. A store of value can be anything that a society chooses. Many non-metal things have been used in the past, such as salt and even stones carved into wheels. Today, art, coins, stamps, baseball cards and even dolls are often used as stores of values. As far a commodities go, they are mostly traded in forms of derivatives and actually probably less real than crypto-currency. Most stores of value in this age are nothing more than numbers in accounts. We are so far from using gold or silver as a currency that hording them provides no security. Gold does have a long history of being a useful store of value, but we are at the end of that period. Maybe you can be buried in a gold coffin, you won't be any better off than someone buried at sea. In the future maybe your coffin will be found and people will wonder how profoundly stupid it was to horde so much almost as such a common resource as gold.
The purpose of money is to transfer value from the present to the future. Time span is 'relative' to the 3rd party observers in this equation, but yes, table salt is an actual commodity that can reliably be used as a store of value for....five years. If another commodity - let's say gold or silver - can reliably be used as a store of value for a consecutive millions or even billions of years, is it not a much superior store of value? Of course it is.
What is the reliable time span bitcoin can be used as a store of value? The answer is ZERO, because it is not non-perishable, has no time span at all of reliable usage such as five years for salt, and can disappear at any second because it requires external inputs to exist at all. Bitcoin is not money. It is not a commodity. It is not a store of value. The only thing it can be classified as is a currency. It even has currency in the name "cryptocurrency" just in case you're too stupid to figure it out. Currencies are never stores of value and virtually any currency that's ever existed is generally a scam that always starts at a value of zero and returns there on a long enough timeline.
Gold requires an ongoing input of energy so as to maintain the informational state (and public CONFIDENCE) of its value and the willingness of others to accept it:
I explained to you that the valuation of all above ground stocks, is set by the opportunity cost of the marginal miner, because one has a choice whether to mine it or buy it.
Without ongoing transactions in gold, there’s no evidence that it’s still widely accepted. With gold these transaction fees (sometimes hidden in the spread) are paid to the moneychangers (who btw Jesus threw out of the temple). With Bitcoin these transaction fees are paid directly to the miners as a combination of protocol-dictated debasement and free market fees.
Gold and Bitcoin are analogous, with the major distinction being that the heavy mass of Bitcoin does not need to move physical locations when BTC is transferred. Read my blog Secrets of Bitcoin’s Dystopian Valuation Model and all comments below it (including my reactions to Roy Sebag’s recent ZH article), for more details.
Btw, linked below is an elaboration on why I am so confident the SegWit donations will be taken by the miners when the altcoin Bitco[
i]n Core is forced to fork-off (actually fuck off):https://steemit.com/bitcoin/@anonymint/ps965c
That above linked post (and the entire blog) should also explain why I am nearly certain Bitcoin was created by a think tank of the global elite banksters and their plan for bringing about a world government. See also the following Medium post:
https://medium.com/@hamoun.gh/i-finally-had-a-chance-to-carefully-read-your-article-f0b3dfc38060
RE: Secrets of Bitcoin’s Dystopian Valuation Model