Re:Bitcoin Breaks $17,000
by mcv on Friday November 20, 2020 @05:45AM
(#25159178)
> Bitcoin seems to me uniquely suited to become the next store of value elected by the most.
I strongly doubt that. It's too impractical. Literally the only thing that gives it value is the trust of people, and that's a fickle thing.
It might have gotten big as an online payment system if it could scale sufficiently for that, but it turns out it can't; payments are too slow and expensive. With that gone, blind trust in a system that has proven to be very volatile and has had a lot of events where a lot of people lost access to their bitcoins, does not seem very likely.
I strongly doubt that. It's too impractical. Literally the only thing that gives it value is the trust of people, and that's a fickle thing.
It might have gotten big as an online payment system if it could scale sufficiently for that, but it turns out it can't; payments are too slow and expensive. With that gone, blind trust in a system that has proven to be very volatile and has had a lot of events where a lot of people lost access to their bitcoins, does not seem very likely.