[constantcrying]

Bitcoin hasn't crashed because it is non-functional as a a currency, why would it crash because it's cryptography might break at some point in the future?

>Institutions hold Bitcoin. Institutions are smart.

Come on! Especially financial institutions have a serious track record of ignoring obvious problems, outright fraud and monumental incompetence.

[trallnag]

Why is it non-functional? Over ten years ago I was able to use Bitcoin to buy stuff on one of the Silkroad derivatives. And I assume this is still possible to this day. It's better than nothing.

[constantcrying]

>Why is it non-functional?

The main reason, ironically, is because it can not be regulated. This puts it in direct conflict with every government, who all desire control over their own currency. This guarantees that Bitcoin will only ever be used for things which can only happen outside a regulated banking system. It is also not particularly good at criminal transactions, since it is more transparent than a bank account. Here in Germany crypto is essentially illegal. Of course you can buy it, but transactions require you to deanonymize.

Another reason is of course that it has become an object of intense speculation, which creates high volatility. This drastically decreases it's usefulness as a currency, since holding Bitcoin is a major risk.

[XiphiasX]

How can you not understand. Bitcoin’s main and only FEATURE is the fact than from all assets in this planet, and possibly from all assets jn this Solar System, it CANNOT be cofniscated and censored. That’s the knly reason it has any value at all, to circumvent controls. All other assets like gold, real estate, emeralds, fiat, stocks… CAN be confiscated. Bitcoin’s only unique selling point is circumvention of controls.

[constantcrying]

I do understand all of that. But all of that makes sure that Bitcoin will never function as a currency, as outlined in the reasons above.

[XiphiasX]

Yes, and it doesn’t have to function as currency. We have enough of those already!

[npoc]

That's right - it doesn't really matter if people have to convert their savings from bitcoin to government tokens in order to buy things. Bitcoin is still extremely functional at protecting people from the massive debasement that is occurring every second. In 2020 alone, the US financial system alone stole 2 million life-time's worth of work from the people through legal counterfeiting.

Bitcoin will go up for ever when priced in government tokens, or likely anything else for that matter.