> To date, crypto has proven to be a uniquely awful store of wealth.
This is a striking claim about the asset class that has gone up in value more than any other in the years since its creation.
Tomorrow, it could be 50% less valuable than it is today.
It's a highly speculative investment at best, and a pyramid scheme at worst.
Re:In Defense of Bitcoin Maximalism
by aaaaaaaaata on Saturday April 02, 2022 @09:07AM
(#30887955)
How many days in the last 5 years has Bitcoin done a 50% change in a 24hr period?
On how many of those occasions was there no opportunity, within say 3-12 months, to sell for higher afterward?
and if you don't have the answer to this...
Re:In Defense of Bitcoin Maximalism
by johnsonlambo on Thursday April 07, 2022 @01:35AM
(#30940950)
That does not matter. If you bought at the peak in 2017 you would have had to wait 3 years later to come to equal and you would have been down 75% at the low in 2020. I would not consider this a store of value whatsoever. You are literally speaking to the volatility of btc by referencing the massive changes in value over short periods of time. Lets be honest, the majority of btc investors buy because they hope/believe more people will follow after them in a chase for massive gains. Not because the see intrinsic value in the product.
Arguments about sovereignty and control are all ultimately specious, as they depend on a global infrastructure paid for by “fiat” dollars to exist. Your “sovereignty” over a random number is meaningless without the network that facilitates its transfer.
To date, crypto has proven to be a uniquely awful store of wealth. It was initially a magical way to transfer value cheaply, but the growth of it got rid of the “cheap” part.