Quote from: justusranvier on August 12, 2015, 05:31:08 PM

Quote from: brg444 on August 12, 2015, 05:13:54 PM

This is a fundamental disagreement on the value of Bitcoin then which IMO is first SOV then payment network.

There is no such thing as a store of value.

You've described the religious approach to understanding money.

I'd say the term "store of value" has meaning in the context our current world of fiat money, where you need a hedge against inflation. In the case of Bitcoin while it is still not yet mainstream I think a special definition is useful: an asset that retains or grows its purchasing power over the years (particularly in contrast with fiat money), with growth of course being considered even better as a store of value than simply staying level. Also the difficulty in confiscating it should be part of its store-of-value merits.

In world where we were already using gold universally, for example, the concept of "store of value" would probably be unnecessary.

However, reading between the lines, I assume your larger point here is that these "store of value" properties rely on Bitcoin being a payment network, too, so there is no clean line where we can say, "For now Bitcoin is only an SoV, so the number of transactions people could use it for doesn't matter." Since the SoV (especially the growth aspect) in the present day owes largely to the investment premise that Bitcoin *will become* a major payment network for the world in the future, the transaction capacity going forward is a key determiner of current price upside and therefore a pivotal element of its SoV properties.