Re: why can't bitcoin be based on something that has value?

Quote from: owlcatz on Today at 12:05:44 AM

Bitcoins sitting in a dormant wallet do not require anything but the blockchain continuing, which at this point, is pretty much never going to stop in our lifetimes, even if we wanted it to fail.

You should have said "Every MINED bitcoin has an ongoing cost to the network" instead I guess, but not really the point:

Gold, sure ... It's gold, from the ground, with not a fixed supply, unlike BTC. It also WEIGHS a LOT, it requires safe storage, is difficult to transfer across borders, and is just a pain in the ass overall - So, I'd rather have all my $ in Bitcoin than in Gold personally.

To each their own, amirite? Roll Eyes

yeah to each their own. i don't disagree gold has its own disadvantages such as storage but that cost is maintained by the person that owns it. it does not impose any costs to anyone else other than its owner. now bitcoin is an entirely different story. it costs its owner to store it in the sense that they have to buy a hardware wallet or have some type of cold storage setup like metal stamping. or safe deposit box at bank. but not only that but all the nodes around the world on the bitcoin network are obliglated to store that bitcoin too in the utxo set. so it takes up disc space on their computers. in realitly i would say that storing bitcoin is just as inconvenient and burdensome as storing gold unless you have a ton of gold we're talking like lots of bars of the stuff. just one big bar is no different than storing your bitcoin paper wallet somewhere.

as far as travelling goes, i wouldn't know but i would assume you have to declare it if it is worth more than certain amount just like you have to do with cash.