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by Aaronstotle 1431 days ago
Bitcoin is not fungible and because of its hard cap does not incentive actual use as a means of exchange.

I'll never understand why BTC Maximalists refuse to acknowledge faults in BTC and see how other currencies can solve them.
1 comments
TrapLord_Rhodo 1431 days ago
> its hard cap does not incentive actual use as a means of exchange.

Why?

Is that because it's has 'Scarcity'? People will pay more for it in the future?

If that case is so soundly put why would you not buy as much btc as possible?

Playing a bit of devils advocate here but wouldn't you say that it's volitility leads to more trading?

Means of exchange need to be further defined in this crazy overfinancialized world we live in. total trading volume of BTC is absolutely insane.

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Aaronstotle 1431 days ago
I'll use my own example, I purchased a month of a VPN service using BTC when it was ~11k, it's about $5 in fiat per month.

If you believe BTC will only go up, I don't see why you would want to spend it if your money will be worth more if you wait.

Regarding Volatility, yes it leads to a lot of trading, I mean means of exchange as purchasing everyday goods. The transaction history of BTC also adds regulatory hurdles.

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cardimart 1431 days ago
So if every grocery was to be priced in BTC, you wouldn't eat? :)

Remember that the US was on the gold standard with a similar inflation profile to Bitcoin and consumers were consuming.

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imtringued 1431 days ago
>So if every grocery was to be priced in BTC, you wouldn't eat? :)

Yes, people didn't eat much during the great depression, they had no money to buy more food even though there was enough to eat for everyone. How hard is it to comprehend that if you are unemployed you can't afford food?

If BTC results in unemployment then a lot of people are going to end up hungry.

>Remember that the US was on the gold standard with a similar inflation profile to Bitcoin and consumers were consuming.

We also had two economic depressions that lead to two world wars.

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giaour 1431 days ago
During the good times, you are correct that few people hoarded money in the hopes of deflation. During bad times, people actually do make this calculation (and so might be hamburger instead of steak). Deflation is believed to have significantly prolonged and worsened the Great Depression, and that experience was one of the motivating factors behind the global abandonment of the gold standard.
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whiskyant 1431 days ago
That’s like saying I don’t see why anyone would spend cash when they could buy index funds instead (if you believe index funds will only go up).
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imtringued 1431 days ago
>Is that because it's has 'Scarcity'? People will pay more for it in the future?

What did they do to deserve that? Watch everyone else create the wealth they take for granted?

>If that case is so soundly put why would you not buy as much btc as possible?

Because most people barely have enough money for their basic needs as they have to pay interest to financial capitalists and ground rent to land owners. They have no surplus to speak of that they could possibly spend on a deflationary currency. They are the losers of this system even though they are the ones who are doing the work.

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