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Comment by kromokromo | Hacker News Reader

- You can use it as a store of value. - You can make transactions.

If you don’t like it or think it’s too slow doesn’t change these facts.

I agree that it’s not a product though. It is a distributed system that nobody owns.

My point is thdt your aren't really storing value when price is highly volatile, you're gambling. If I put $100 into a store of value, it would continue to be worth $100. If I put $100 in and it may be $30 or $300 later, that isn't value stored.

And yes you can functionally make transactions, but based on current transaction fees it looks like I'd pay $0.22 in fees so I could wait 10-20 minutes for a transaction to likely clear. I'm not doing that at a gas pump, grocery store, etc.

Isn't store of value something that keeps up with inflation? I put 100$ today, which can buy X, in 20 years I can still buy X with that, while 100$ can buy just X/2.

Otherwise I just use the dollar bill as the store of value

If bitcoin tracked inflation, sure I'd count that. Under that definition, and its a reasonable one, government bonds are a good store of value and bitcoin is a terrible one.

It's not a store of value by these metrics. If your primary concern is being able to store assets that cannot be seized or frozen by, say, foreign adversaries, it suddenly becomes much more viable. Occasionally up or down 50% is a lot better than down a guaranteed 100%.

Ironically then foreign adversaries target and hack you via wallet backdoors and such. And because it's such an "unseizable" currency, you don't get it back:)

You're redefining store of value to make it fit. You aren't storing value with bitcoin, you're converting value of fiat into bitcoin at a specific point in time and then later able to pull out some other value of fiat.

Its almost a given that the value you pull out won't be what you put in, likely not close, its either much higher or much lower and that changes frequently over time.

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