News for hackers. Stuff that matters.
Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by oraphalous on Monday February 15, 2021 @10:33PM (#26150610)
Having a reliable store of value - is itself extremely valuable. At least to me... and to quite a few others apparently, with more and more by the day.
Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by Stevvo on Tuesday February 16, 2021 @02:50AM (#26151819)
Bitcoin is about as "reliable" as a store of value as a casino chip placed on black on the blackjack table.

Bitcoin has many virtues, but a "store or value" is demonstrably not one of them. Why do you, and many others, feel that it is in spite of its volatility?

Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by shawnz on Tuesday February 16, 2021 @03:11AM (#26151908)
There are a few counterarguments to this.

> about as "reliable" as a store of value as a casino chip

Casino analogies are misleading because the problem with the casino is that the expected outcome is negative. The problem with the casino isn't the volatility.

There are plenty of stores of value which have extreme volatility but are still prized by investors, like real estate or artwork.

> demonstrably not one of them

We are talking about an asset class that has existed for about 1 decade. Nobody is really sure what it will be able to achieve, but its ability to act as a store of value seems promising. As more people form their opinion about this and other matters related to cryptocurrencies, we should expect the volatility to decrease. So the volatility at the current moment is not really a good indicator for the long-term volatility.

Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by whateveracct on Monday February 15, 2021 @10:51PM (#26150717)
i can't believe this "store of value" hype pivot that BTC pulled actually worked
Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by shawnz on Tuesday February 16, 2021 @02:05AM (#26151623)
Alternatively, there was no "hype pivot" and that's simply what the market decided they valued most about Bitcoin (for now).