Hacker News Reader

> but sometimes it's good to have a digital savings technology that cannot be debase.

I'm sorry, a what? Digital savings technology? Bitcoin? The "asset" famous for having zero backing and incredibly wild price swings? How is this supposed to work?

View on HN

Yes. Bitcoin is a robust, networked, digital savings platform. That is its purpose. And if you think it has zero backing, why is it that can't people simply email it to each other? Because Bitcoin figured out how to automate digital uniqueness and prevent digital copies. I guess you will have to look into how it works.

Bitcoin's original purpose was not to be a savings platform, no.

New assets monetise in stages.

1) Store-of-value (volatile, increasing value)

2) Unit-of-account, and medium-of-exchange once it has absorbed most value and so more stable in value, and people have sold all their lesser money into the market leaving them with only their harder money.

See Gresham's and the Thier's Laws

I looked into Tether and that was all I needed to see.

Reply on news.ycombinator.com