HashBasher

Given your username, one would assume that you know the 3 uses of a money. But you know what they about assume-ing. I use bitcoin on a daily basis for the most important usage of a money - store of value.

Stability is an illusion. Everything is fluctuating in value every day. Some would argue that given bitcoin's fixed supply, it could be an asset against which everything else value can be measured accurately. An economical measuring stick, if you will.

> International accepted

Yes, except China!

> 50% attack

Buddy are you still in 2013?

> Crisis

Yes, there are some accounts of people fleeing the Ukraine war with their savings in a USB stick, Bitcoin sure is great in a time of crisis where criminals would be on the look out for shiny metal!

> start really using bitcoin..

What are you talking about? I'm using Bitcoin right now! I use it every day especially when I am soundly asleep knowing that my Bitcoin is safe and my purchasing power will grow in the long term.

> El Salvador

El Hodlador knows what long term means.

I agree, but you can't mine USD, it's actually printed out of thin air.

You don't need to build wires that spans half your country! Just a big building, some transformers or whatever equipment is used to consume the energy from the stranded producer and a lot of miners, as much as you can power!

It's difficult to buy stocks if you don't even have a bank account. Why wouldn't Bitcoin be a "savings account"? I use it as a savings account, it's really great. I put money that I don't need today there so I can have the same or higher buying power in the long term, regardless of inflation.

The whole globe should be Anti-dollar (and anti-government money from any country)! What gives the US the right to the global reserve currency and the power to export inflation?

Check your financial privilege buddy. You may think that because you get paid in the world reserve currency with low inflation. Others are not as lucky, and this won't always be the case. Heard about de-dolloraziation?

What happens when costs get high? People innovate! When demand for bitcoin increases, more money will be invested in cheaper and more abundant power sources.

Bitcoin makes people's lives better. A lot of people use it as a savings account. That's really great, especially for people living with a hyperinflationary currency.

Bitcoin is very useful.

How is it easier to sell energy? Electricity is not digital, you need to build the wires, figure out the demand and fund the operations of the whole thing.

> No loans, no VCs

I don't think so. There will definitely be companies and startups that yield better returns than bitcoin. Especially when bitcoin stabilizes at a very high value, holders will start speculating.

They have and they deserve it. As bitcoin continues it's journey higher, all bitcoiners will be well rewarded (new or old).

I highly recommend Slide IOS app! I don't know how they're able to block ads.

It can't.

Agreed, self-custodied bitcoin is the best way to mitigate third party risk. If some of these start-ups held a small amount of their reserves in bitcoin, they would not have had to panic to make payroll.

When describing the currency itself, bitcoin is strictly not deflationary as the supply of it is never reduced, it's actually inflationary for the next hundred years or so until the full 21 million is mined. It might create a deflationary economy in that everything gets cheaper over time, priced in bitcoin. What is so wrong with that? Why can't you expect to purchase more goods in the future than today with the same amount of bitcoin?

There never has been a fixed supply world reserve asset, even gold has always been inflationary. I think it will usher in a "Golden" age for humanity where goods and services consistently increase in quality and value, while constantly reducing in cost. I'm very excited to step into the bold orange world.

P.S. I'm a bitcoiner not a cryptocurrency advocate.

Bitcoin is not deflationary. It just has a fixed supply.

People who held bitcoin from early on supported the growth of bitcoin by holding up it's value through the wild gut-wrenching rollercoaster ride that it has gone through. They should be rewarded for the risk they're taking on, having invested significant amount of their net worth in the face of harsh criticism such as yours.

Bitcoin and "crypto" are completely different beasts. Cryptos are unregistered securities masquerading as Bitcoin 2.0.

This problem is well-known amongst bitcoiners.

When the currency is abundant, everything becomes scarce. When the currency is scarce, everything becomes abundant.

Real estate has been monetized because the money is too abundant. The marginal cost of the next dollar is near zero, which is not the case for houses.

The demand that monetized real estate and other scarce assets will find a better home in Bitcoin. At that point, Alice will have no woes about house prices as it will go down to it's utility value. When housing is demonitized, it will once again make sense to rent if you put your downpayment in a hard money.

I love the sting that HN has for bitcoin. Find me one other HN post that has full context. They're all links with the title of the linked source. This is a link aggregator.

Self-custody is simple - just download a wallet app and preserve your seed words. However, it's intimidating and requires a lot of personal responsibility.

Having a savings account is not useful in daily life?

What's the endgame of a savings account? Are folks just going to sit on their money until it eventually collapses?

The acronyms are very twitter friendly.

2013 called, they want their narrative back. ATM machines have cameras and does KYC.

Really? Is corn fungible with oil?

In that case, the fee will keep rising until _some_ miner puts it into a block. Mining is decentralized so empty block attacks won't work unless they all collaborate (good luck with that).

Given a long enough time horizon, bitcoin is a great store of value. The returns are unbeaten in 5 year, 10 year and 13 year (that's how young bitcoin is) time horizons.

As for what it is good for - what else is a permission-less medium of exchange? Regardless of price, the fundamentals of bitcoin stands true.

The title is grossly misleading. Bitcoin had nothing to do with any of this. It should be `Confessions of a Scammer Widow`. Cotton was scamming before bitcoin even existed.

> extremely decentralized network

Can you provide source for this claim? I thought that infura was the dominant infrastructure provider for eth and if it gets taken down, a majority of the apps goes down too.