[simple-thoughts]

> bitcoin possesses far more credible monetary properties than the dollar

Sorry this is complete BS. Inflation makes the dollar more useful for exchange. Not only that, the dollar is great for consumer goods as it is pegged to a basket of them unlike Bitcoin. Then on top of that, the liquidity available for trading and moving USD across markets is at least 2 orders of magnitude greater than BTC.

I sold all my btc a long time ago for better cryptocurrencies, and the price appreciation of those relative to Bitcoin proves the point further.

[SrslyJosh]

Cryptocurrencies are, thus far, utterly useless as currencies. They're accepted by almost no one, slow, more difficult and risky than cash and credit cards, and subject to wild price fluctuations.

They are, however, a nearly perfect vehicle for scams and fraud. =)

[simple-thoughts]

Luxury goods, blockchain games, access to usd for unbanked, international remittances, international contracting, alternative governance, p2p lending, trading micro cap assets, asset self custody, and more are all legal use cases of cryptocurrencies.

[superchroma]

Access to USD for the unbanked extends to illegal use of cryptocurrency. Some of those people are unbanked for a reason.

[smoldesu]

A pittance relative to it's utility for bad actors. I like Bitcoin, and I cheered it on as a pimply-faced nerd who wanted to watch numbers do funny tricks. It's protocol is incompatible with what society deems acceptable though, so something's gotta change before the world goes all-in.

No fiat will ever be perfectly solvent, but that's a poor excuse to argue for the superiority of a currency as fickle as Bitcoin.

[simple-thoughts]

For good or for bad, what “society” wants doesn’t really matter. People onboard through extremely difficult and regulated processes to blockchain applications because their desire for the products is stronger than the blockages. Sure you can minimize that as a pittance but it doesn’t change the reality of desire.

[hyperfuturism]

1. Inflation does not make it more useful for exchange.

You want something that holds 1-to-1 exchange through time for it to be useful for exchange. E.g. stock market appreciate versus goods, and dollar depreciates. You want something that's actually stable.

2. Just because there's more liquidity available, does not the dollar have better monetary properties than Bitcoin. I think the author is talking about monetary in the terms of monetary policy of the dollar versus Bitcoin.

3. I don't see how Bitcoin's appreciation versus other cryptocurrencies prove any point.

[simple-thoughts]

> You want something that holds 1-to-1 exchange through time for it to be useful for exchange.

There’s three issues. First, 1-1 to what? For daily expenses, people want their currency to be stable against consumer goods in a practical way. Second, price inflation doesn’t matter if it’s a small enough that day to day prices don’t change significantly. Third, for a variety of complex macroeconomic factors, the economy runs more efficiently with slight inflation - for instance, it automatically reduces the price of goods that have sticky prices such as wages which reduces unemployment.

> liquidity isn’t an important monetary property

Ok you can define what is “money” however you like, but the fact is that a currency is more useful the easier it is to trade it. The more goods you can buy with it, and the less the market moves when you make a large purchase, the more useful the currency is. In fact this is one of the few areas where Bitcoin has value versus other cryptocurrencies.

> price appreciation doesn’t matter

It proves that the people who said alt coins are scams are silly. Alt coins have value that is increasing faster than Bitcoin. You might disagree with how they generate value or whether they are valuable to you personally, but that doesn’t change the fact that well designed alt coins have outperformed Bitcoin.

[mattwilsonn888]

Please stop conflating price and value. In speculative markets the price of a small cap asset can wildly outperform the price of a larger one and that fact has nothing to do with value - this is proven by the fact that most top 10 altcoins cycle in and out of favor and usually trend towards zero against Bitcoin in the long run.

I am not a "Bitcoin maxi," but your reasoning is flawed - if you believe other layer-1 blockchains have superior value you should have more justification than price to back that up. I'll start:

https://mukdde.substack.com/p/the-economic-solution-to-the-b...