Hacker Newsnew | past | comments | ask | show | jobs | submitlogin

> But that’s not it use anymore. Yes it was called a Peer to Peer cash system but it failed at that. Somewhere around 2013 the narrative shifted to it being a store of value. And that has stuck.

Yep, a "store of value" created out of thin air, just like tulip petals! I don't expect it to last myself.



And why not?

What backs gold? It is more durable than tulip petals

The more people buy Bitcoin as reserves the more it IS reserves. It is a network effect, man.

That’s how languages and cultures work too.


Bitcoin is barely two decades old, whereas gold has been used for centuries as a way to means of storing wealth. Gold was literally used as currency for much of that time, and today the price of gold is far more stable than Bitcoin.

None of that means Bitcoin couldn't be the next gold, I just think the odds are overwhelmingly stacked against it.




Guidelines | FAQ | Lists | API | Security | Legal | Apply to YC | Contact

Search: