Quote from: r0ach on March 02, 2017, 12:15:11 AM

You didn't refute anything I said and just posted the equivalent of a bitcoin bumper sticker. Bitcoin does not function as a store of value. In the long run I believe this will be a rather large problem since being a store of value is critical to a settlement network. In the short term the price can pump and dump to any kind of number imaginable. The market can be irrational longer than you can remain solvent, as the saying goes.

As for a real world example, let's say you worked your entire life, 40-50 years or whatever, and you're sitting on a pile of money and are forced at gunpoint to convert every cent of it into either gold and silver or bitcoin. In that theoretical example, who is actually going to choose bitcoin? Pretty much nobody. It's not because bitcoin is an "immature" technology or whatever. This is the way it will always be. Bitcoin cannot defeat the noble metals as the base of Exter's pyramid. It's completely impossible.

Gold is a representation of truth in the physical realm. It can't be altered. Anyone can verify it with simple tools. Et cetera.

Bitcoin is a representation of truth in the realm of information. It can't be altered. Anyone can verify it with simple tools. Et cetera.

They share many similar properties, and both have certain, yet different, limitations. One is valuable because humans are closely tied to the physical world. Still, the world is evolving. We live in the Information Age. Bitcoin provides truth without an oracle. Just like gold, it can transfer that truth over time, yet it is far superior at transferring that truth through space.

Truth is extremely valuable.