[boc]

Nobody is going to be left in the dust. There's zero chance the global market moves to bitcoin, and there's zero chance that you'll ever live in a country where it's the primary form of currency.

Everyone who thinks that bitcoin is the future needs to really wrap their head around why a $20 bill buys a nice meal instead of buying you whatever a small scrap of cotton paper with fancy ink on it is worth.

[randomopining]

I agree, but it could be good as a deflationary reserve asset, no?

[boc]

It's good until it's not. A successful quantum attack on a bitcoin address would end it permanently - sure we might be "decades" away from that, but we also knew it took years to make a vaccine until Moderna/Pfizer made one in ~2 days.

Right now bitcoin is like a castle with massive walls - everyone knows where the castle is and what's inside, but nobody can get over the walls. It makes sense to feel safe from attack. Quantum computers are the equivalent to the enemy arriving to your castle walls with a helicopter.

[randomopining]

Tbh yeah that makes sense. But only state actors are going to have first control of a quantum computer... Aka one of the US or China. Neither have a ton of incentive to mess up the chain. Plenty of Chinese have btc and plenty of americans have btc. Idk what do you think?

[boc]

I think that's correct, but I think the broader point is that unlike gold or real estate or other long-term stores of value, bitcoin has a few improbable but catastrophic ways to rapidly lose value.

Also don't put it past the CCP to rapidly change their mind on bitcoin if they detect that it facilitates capital flight.

[anddddd1]

I guess you still aren't getting it yet...