Re:‘We’re a Cult’: Inside Bitcoin’s Shameless Hypefest
by mmcnl on Monday April 11, 2022 @12:32PM
(#30991195)
Digital gold is about how far as it gets. I can understand that. But I don't see Matt Damon hyping up gold during the Super Bowl. The price is not based on the assumption that it is digital gold.
Only if you think Gold is also a "cult by design"
> I dont think anyone has ever yet explained how this is meant to function as a currency.
I don't think anyone has ever yet explained to me how a fish can fly :-p. To be more serious, I don't think Bitcoin is a currency. I see it as an equivalent of digital gold - a store of value.
> extremely deflationary assets are terrible currencies.
Agreed. But they are great as a store of value.
> at some point the tail won't be long enough
I don't see it as a pyramid. For someone in Venezuela, Russia or Zimbabwe where currency may go in a free fall, Bitcoin offers a way to both store their savings and to take those savings with them easily as they flee the regimes. See this[1] story about Afghani girls who use bitcoins. That is a real world example.
> It is just a bigger-fool scam, so it won't work
Hacker news is famous for bookmarking and surfacing comments after a decade. Want to bet? Let's just agree on a definition of "won't work". here is what I propose: today, Bitcoin market cap is ~777B USD[2] and per BTC price is ~41K USD. On Apr 11th 2032, per BTC price will be greater than or equal to 41K USD[3].
Are you up for this bet?
[1] https://www.reuters.com/article/crypto-currency-afghanistan/...
[2] https://coinmarketcap.com/
[3] I know that some USD bears will call out decline in value for USD itself, but I still trust the stability of USD as well and I see BTC's use case mainly for despotic regimes without any easy stores of value.