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by GenericsMotors 2898 days ago
> As a counterpoint to your "gains nothing" view, many "average citizens" used bitcoin for transactions in the early days, only to find out that holding some of their currency in bitcoin made them rich, so they did gain something. Even if that is only a small possibility, the possibility is still there.

Confirming that it is preferable to "HODL" than spend this currency...and any gains were at the cost of new bagholders who in turn expected to sell their coins for an even higher price.
1 comments
ericb 2898 days ago
I'm sure that's intended as some sort of damning critique, but that's true of most assets in a portfolio. Real estate, commodities, stocks, currency, options, index funds, precious metals--all held in hopes of selling for a higher price.
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GenericsMotors 2898 days ago
Then don't call it a crypto currency and pretend its going to replace fiat currencies any time soon.

A currency is something people want as means of exchanging goods and services, an investment instrument isn't that.

And crypto has performed terribly as an investment instrument as well...can you imagine the chaos if the stock market swung 5-15% from one week to the next for months on end?

Lastly you're conveniently ignoring that stocks can pay dividends, and don't serve only as a speculative asset... Because publicly traded companies generally produce something useful and of tangible value to society, unlike cryptocurrency projects.

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