Re:Founders Fund Makes Bet on Bitcoin
by sillysaurus3 on Tuesday January 02, 2018 @02:43PM
(#16054850)
I don't know why everyone is saying this is a falsehood, but this will be my last comment on the subject.
Read https://bitcoin.org/bitcoin.pdf. Read section 6, incentives. Note transaction fees. Read the conclusion. Note "We have proposed a system for electronic transactions without relying on trust." None of this has anything to do with being a currency, or being low-overhead.
It is named bitcoin. The first line of the paper you cite: "A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution."
I'm not sure how you can say it was only meant to be a store of value with a straight face. I don't know whether to question your sanity, your reading skills, or your integrity.
That's a straight up falsehood right there. Bitcoin was explicitly designed as a currency, or medium of exchange. It became a store of value (ha!) because it was growing in use as a currency so its value was increasing and more and more people started "investing" in it. But it's volatility and rapid rise in value diminished its value as a currency. Its present value is a collective delusion.