Re:Federal Reserve to increase interest rates by 50 basis po...
by rglover on Wednesday December 14, 2022 @06:14PM
(#33992209)
> We only care about the value as measured by other things - that is, the purchasing power.
You just contradicted yourself, then.
> Well, the purchasing power of Bitcoin tanked over the last year.
It didn't. The purchasing power relative to other currencies did. If your goal is to just use Bitcoin as a way to make more dollars, then sure, you lost something. If your goal (like my own) is to store your wealth in a way that can't be manipulated or confiscated, then you didn't lose any purchasing power.
It's an abstract argument and I understand exactly the point you're making, but ultimately, Bitcoin's inherent value is unchanged (1 Bitcoin = 100,000,000 Satoshi).
You just contradicted yourself, then.
> Well, the purchasing power of Bitcoin tanked over the last year.
It didn't. The purchasing power relative to other currencies did. If your goal is to just use Bitcoin as a way to make more dollars, then sure, you lost something. If your goal (like my own) is to store your wealth in a way that can't be manipulated or confiscated, then you didn't lose any purchasing power.
It's an abstract argument and I understand exactly the point you're making, but ultimately, Bitcoin's inherent value is unchanged (1 Bitcoin = 100,000,000 Satoshi).