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by bluedanieru 4845 days ago
More adoption doesn't necessarily mean that. Of players who hold on to Bitcoin for longer than a few minutes, virtually all of them are speculators. If you accept Bitcoin as payment for services, your biggest technical challenge is converting them back into dollars/euros/whatever as quickly as possible. No one is accepting Bitcoin as payment and then holding on to them in order to buy something else or pay their workers.

As a long term (or medium-term anyway) store of value, Bitcoin is really quite useless for the time being.
1 comments
rishimoko 4845 days ago
> No one is accepting Bitcoin as payment and then holding on to them in order to buy something else or pay their workers.

Brewster Kahle at archive.org gives his employees the option to be paid in bitcoin received by the site.

> As a long term (or medium-term anyway) store of value, Bitcoin is really quite useless for the time being.

That's quite incorrect. Bitcoin has proven to be an excellent tool for buying low, waiting for a price rise, trading some of the bitcoin for gold, selling some of the gold and buying more bitcoin with the proceeds.

It's a great tool if you're willing to learn how to use it.

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bluedanieru 4845 days ago
>Brewster Kahle at archive.org gives his employees the option to be paid in bitcoin received by the site.

That's pretty cool actually, although personally I wouldn't do it. Hope to see more of that.

>Bitcoin has proven to be an excellent tool for buying low, waiting for a price rise, trading some of the bitcoin for gold, selling some of the gold and buying more bitcoin with the proceeds.

This speaks to Bitcoin's utility as an instrument for speculation, not for storing value. If it was a good store of value you would print out your private key and put it in a safety deposit box, confident that whenever you returned to retrieve it, it would represent approximately the same amount of wealth that it did when you left it.

This is most definitely not the case with Bitcoin at all.

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rishimoko 4845 days ago
> If it was a good store of value you would print out your private key and put it in a safety deposit box

I have quite a number of btc stored in cold wallets.

My point is that because of Bitcoin, I actually have fluid wealth to move around and store, be it with metals or cryptocurrency. I didn't have that freedom with US cash, an instrument whose value is rapidly decreasing and has been for a long time.

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