Quote from: fenican on May 09, 2016, 11:12:39 PM

So what is BTC good for? It's a good alternative to gold and silver for capital preservation. For micro transactions, just convert a bit each month to fiat and use the rich existing network of micro transaction systems all of which are way superior to the current BTC implementation for that purpose.

The only problem with Bitcoin being a gold substitute is ...wait, did I say only? I meant I'll start a list:
1. Gold has a history of being used as a store of value. Longer than the recorded history of mankind. Bitcoin ain't got that.
2. We already got gold. Value ain't created as easily as new "stores of value." For Bitcoin to acquire value, something gots to *lose* value.
3. Gold has a nice quality: It stays fresh. you put it somwhere, and in a thousand years, it's as good as it ever was -- low maintenance; easy to store.
   Bitcoin network burns a trainload of coal a minute to secure Bitcoin, regardless of whether you transact on it or not.
   So roughly like trying to use Ice cream as a store of value -- your fridge stops running, your wealth is gone.
   Would you use ice cream to store your wealth?