Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
do we really want Bitcoin to compete with Visa or is there another, possibly more valuable, use case for Bitcoin? What about digital gold? That sounds like an area where Bitcoin could thoroughly outcompete other players in its current state, with little to no change necessary. Why are we targeting to replace payment processors when we could somehow attract the incomparable value that resides in precious metal markets, offshore saving accounts and general safe havens? That sounds like a much more interesting moonshot if you ask me.
Gold has utility value. Even so, it has become a financial backwater. A "barbarous relic". At least gold can be used for jewelry, dental fillings, electrical connections, etc. It's been a poor store of value this century.
Bitcoin doesn't even have those advantages. Without the blockchain, Bitcoin is just another crypto and those are in infinite supply. How can a cryptographic token be a store of value without any utility value? No micropayments? No remittances? no irreversable consumer payments?
The thing about Swiss bank accounts was that they were bank accounts, only secret. There are several cryptocoins that are better at anonymity: Monero, Dash, etc.
The thing about gold is that it is not in alpha or beta, but has a five thousand year history. After Gox, Silk Road and all the other thefts and scams, you really think Bitcoin can be seen as a safe haven? With no utility value?? Are you fucking insane?
Still don't get it do you.
Discussing gold's "utility" value is absolutely a non-starter. Such a thing was scarcely considered in its history of human adoption as a store-of-wealth.
How can you pretend Bitcoin has no utility value? Censorship resistant deflationary store of wealth is not good enough for you?
You sound like a troll bringing up Gox & Silk Road against Bitcoin. Whatever happened to the people who lost any Bitcoin from these event is entirely up to them. It was their responsibility to properly secure their wealth and by all accounts, against all principles of Bitcoin, they didn't. Too bad for them but fortunately some people are smarter.
At the risk of repeating myself, "a cryptographic token" gains value by attracting trust in its sound economic nature as digital gold. Why is it this trust can not be replicated in just any other altcoins you ask? Because: "Trust is a very organic process which takes an enormous amount of time". Bitcoin has 5 years of history for that trust to build on.
In other words:
The value of Bitcoin is its utility,
The utility of Bitcoin is its ability to store wealth.
Any alarm bells ringing?
Circular argument, anyone?