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Re:Former US SEC attorney: 'Get out of crypto platforms now' by misnome on Tuesday June 20, 2023 @03:28PM (#36409238)
So, it’s stable as long as you understand it is unstable, and helps people without access to banking but with a stable, constant internet connection and perfect operational security, access none of the benefits of having a bank account.

Oh, and it’s actually neither of those but if you wish _reaaaaly_ hard and ignore all the practical problems, it might be, someday.

Re:Former US SEC attorney: 'Get out of crypto platforms now' by wongarsu on Tuesday June 20, 2023 @03:56PM (#36409616)
In absolute terms it's not stable, in relative terms it can be. If you gave me the choice between storing my money in Bitcoin or Turkish Lira I would choose Bitcoin every time. If I have the option to use USD instead the answer is different.

> helps people without access to banking but with a stable, constant internet connection and perfect operational security

You don't need constant internet connection unless you are mining or want to verify a payment right now. And mobile internet and smartphones are surprisingly prevalent in the third world (and among homeless in the first world).

Re:Former US SEC attorney: 'Get out of crypto platforms now' by Eisenstein on Tuesday June 20, 2023 @05:03PM (#36410575)
So, you need a worker and I offer to day labor for you. At the end of the day, how do I get paid in bitcoin?
Re:Former US SEC attorney: 'Get out of crypto platforms now' by jrm4 on Tuesday June 20, 2023 @04:58PM (#36410469)
You're overdramatizing.

Maybe not a lot, but people literally do use it for this purpose everyday. You can't just wave that away, given that it is working to some extent now.

Re:Former US SEC attorney: 'Get out of crypto platforms now' by yourabstraction on Tuesday June 20, 2023 @05:52PM (#36411204)
But it’s still a store of value. No store of value is perfect, USD will lose value over time to inflation, stock indices are subject to volatility, gold is subject to theft and volatility, other foreign currencies are subject to government corruption and hyper inflation, fine art is subject to fraud and damage, etc.

So as a store of value Bitcoin actually has a good track record and is trending towards lower volatility as adoption grows.

People really need to stop thinking in absolute terms regarding value storage. It’s analogous to energy storage. Batteries leak energy over time, but we don’t sit around yelling about how they are not stores of energy.