Re:Mt. Gox demise as told by a Bitcoin insider
by tomc1985 on Friday February 05, 2021 @09:17PM
(#26043542)
> Which means easy to store
Sure, if you want to trust an exchange. But try setting up and running Bitcoin Armory and see how 'easy' that is
> exactly because it is a good store of value
I wouldn't consider highly volatile currencies a "good store of value".
> and highly resistant to manipulation and inflation.
Far from it. An exchange goes tits-up and BTC plummets, and then everyone else follows. It's super susceptible to coordinated pump and dump schemes. Holding any crypto can get you red-flagged by the IRS, and if you don't admit to it most legit exchanges will rat you out. (Better for non-Americans, I guess...)
One of my favorite things to do every now and then is pull up CMC and see just how many coins' performance is a fraction of BTC's. Its funny because at BTC's most volatile times nearly the entire chart is red or green.
Sure, if you want to trust an exchange. But try setting up and running Bitcoin Armory and see how 'easy' that is
> exactly because it is a good store of value
I wouldn't consider highly volatile currencies a "good store of value".
> and highly resistant to manipulation and inflation.
Far from it. An exchange goes tits-up and BTC plummets, and then everyone else follows. It's super susceptible to coordinated pump and dump schemes. Holding any crypto can get you red-flagged by the IRS, and if you don't admit to it most legit exchanges will rat you out. (Better for non-Americans, I guess...)
One of my favorite things to do every now and then is pull up CMC and see just how many coins' performance is a fraction of BTC's. Its funny because at BTC's most volatile times nearly the entire chart is red or green.