Quote from: kingama on February 09, 2015, 08:27:00 AM

OP is 100% correct. Bitcoin works as a payment network, sure, but it's really not the best payment network from a practical point of view. What Bitcoin is best at is being a kind of vault for the storage-of-value that has never been seen before. You can keep your millions in your fucking head!

Bitcoins are secured by math and yet so many of you want to use it like a glorified Visa/MasterCard/Amex.

I used to look at a metric called Cost per transaction which is the daily mining revenue over the number of transactions that day. When the Cyprus bubble hit this metric went way up which only proved to me that the value in Bitcoin isn't in payments. You would expect with further use that that number will go down so it can "compete" with Visa, etc. Instead that movement showed that this beautiful thing is a store-of-value first, and a payment network second.

Hold.

I tend to believe more this kind of thinking. Btc's greatest value is as a vault for storage of money away from the dirty hands and eyes of government. Whatever currency people use for transactions, you can buy it with btc and then spend. And you can do that anywhere in the world.

HODL