[arcticbull]

> Bitcoin is not a USD replacement. It's more of a gold replacement: finite supply, great malleability, but with modern benefits regarding storage and transfer.

This is an opinion that Bitcoin advocates throw out every time someone criticizes Bitcoin's ability to be a currency. As soon as someone criticizes its ability to be an asset, someone trots out that its actually been a currency this whole time. It's bad at both.

It's bad at both in no small part because it tries to bring back the asset-backed currency approach, which was dreadful last time around, and that's why it was ended.

[Andrew_nenakhov]

> This is an opinion that Bitcoin advocates throw out every time someone criticizes Bitcoin's ability to be a currency.

This 'opinion' comparing Bitcoin properties to Gold appeared before Bitcoin antagonists appeared. It is part of a design.

[arcticbull]

The white paper is literally titled “A Peer-to-Peer Electronic Cash System” and the first line of the abstract states “ A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”

For this purpose it is abjectly poorly suited.

Neither the word “gold” nor “store of value” nor anything else of the sort appear in the abstract.

[Andrew_nenakhov]

Well, I have read said whitepaper, but thanks for reciting it once again.

I have also read an extremely early mailing lists that appeared long before bitcoin started to get derided by critics like you, and guess what, it was those comparisson I'm referring to. And since you started reciting old texts, i'll go for it too.

Gold and Bitcoin are very similar in all their properties regarding use it as a wealth storage and transfer, with two stark differences: unlike Bitcoin, gold can be used to create physical objects. Like, a ring. Unlike gold, Bitcoin can be near-instantly transferred to another person. Everything else is irrelevant. Gold is valued not because it has some inherent value in it, the price depends only on belief that it has value. Same with bitcoin.

[arcticbull]

Well gold has intrinsic value (industrial processes for one) and Bitcoin doesn’t so there’s one difference :) not that intrinsic value dominates the price of gold of course.

Oh and Bitcoin wastes as much power as the entire country of Chile just sitting there existing and being speculated on at a rate of 7tx/sec, and not solving any real problems. I’d say that’s the only thing that matters.

I suppose time will tell.