[onyb]

Once you understand Bitcoin, there's no way why you'd go back to the legacy system. It's not Bitcoiners getting freaking rich; it's them adopting a superior store of value that is being selected as the winner in a free market.

Most people are perfectly happy entrusting their (fiat) money with the banks, and asking permission for accessing their funds. Bitcoiners, on the other hand, have tasted the freedom of self-custody and a permissionless payment system.

Whether it has value or not depends on how important it is to have a monetary good that is not issued by a nation state, and cannot be controlled/stopped/inflated/modified.

[542458]

> there's no way why you'd go back to the legacy system

I can think of lots of reasons.

* Deflationary currencies are dangerous. Inflation is a feature, not a bug.

* If I screw up a bank transfer or have my credit card details stolen, I can have those transactions reversed. No such luck with Bitcoin. The idea of losing my life’s savings to a zero day or sophisticated hacker doesn’t sounds great to me.

* I can’t remember the last time my bank got DoSed.

* Bitcoin’s value fluctuates wildly, making it a poor medium of exchange.

* I like that my country can adjust monetary policy in response to world events like pandemics. That’s a feature, not a bug.

[onyb]

Fortunately, no one is forcing anyone to adopt Bitcoin, if the features are undesirable.

> Deflationary currencies are dangerous. Inflation is a feature, not a bug.

You may be right, but we can't stop a community from choosing something deflationary as their preferred currency.

> I can have those transactions reversed. No such luck with Bitcoin

I'd argue this is a feature in Bitcoin for many people.

> I can’t remember the last time my bank got DoSed.

You're fortunate. Last time I went to a bank (right after COVID hit), I was denied cash withdrawals due to liquidity issues. That's what happens when your money is in custody of someone else. Once you look outside first world countries, you'll see the demerits of centralised systems handling critical resources like money.

> Bitcoin’s value fluctuates wildly, making it a poor medium of exchange.

I'll agree with this point. Perhaps it's because of the nature of the market itself. Bitcoin trades globally, 24x7 and 365 days a year, without circuit breakers when there's extreme volatility. It's not appropriate for buying candies from a store, but maybe a good option for a Tesla?

> I like that my country can adjust monetary policy in response to world events like pandemics.

On the contrary, people holding Bitcoin during the pandemic were relatively well off in 2020. The stimulus package had negative impacts too, like asset inflation. But more concretely, Bitcoin is the first true alternative to central banking, and many people are happy to adopt it because it solves important problems for them.

[UncleMeat]

These kinds of posts are so frustrating. "Blub currencies". They insist that everybody skeptical of BTC's utility must simply be ignorant. This is a deeply uncharitable way of discussing almost any topic.

[ggrrhh_ta]

Understanding Bitcoin really can also convince you that it might not be a superior store of value. Think of the consequences of someone breaking SHA256 which, given, at the moment looks absolutely unfeasible, or of some entity or coordinated entities to actually control the main branch, or the cost of energy to mine (and the fees) exceeding the value of bitcoin at a point in time, or more mundane things like loosing the private key of an address.

edit:typos