Quote from: NotLambchop on December 20, 2014, 04:31:41 PM

Quote from: Melbustus on December 20, 2014, 04:05:28 PM

Quote from: NotLambchop on December 20, 2014, 12:31:33 PM

Quote from: Melbustus on December 20, 2014, 07:47:39 AM

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Bitcoin is also useful to me as a way to store value with no counterparty risk. I keep bitcoin stored in ways that will always be accessible only to me and those with whom I share it. I can access funds when I need to, and never have to worry about banking issues or capital controls...

Let's not gloss over the fact that your store of value has lost more than half of its value over the past year. Such store. Much value. Wow.

I expect extreme volatility, and since first jumping into bitcoin in 2011, I said I'd give it *at least* ten years to develop before getting too demanding. So far fundamental development of the ecosystem (and price) have gone considerably better and faster than I expected. 3 years ago it was almost inconceivable that we'd have the current level of success by the end of 2014.

To your point about not glossing over returns, I find my current returns of ~2500% to be satisfactory. That said, I think it's foolish to look at any of this on timescales less than 10yrs or so. This is a long-term experiment.

My point is relatively straightforward: Bitcoin is an interesting gamble (which, like you, I have taken & enjoyed in the past), but a "store of value"? Would you call a craps game "a great store of value"? No, not even if the dice aren't loaded.
A good store of value does not appreciate tenfold one year and depreciate threefold the next.
Making your claim that you need to worry less about Bitcoin than you do about banks sound a bit disingenuous.

Bitcoin is a gamble today, as it's fate is far from certain. However "tomorrow" (once it's fate has been established if it will be successful) then it will likely be a good store of value as it's price will have stabilized