> I don't understand all the Crypto hate on this site. Since when have hackers become the luddites to new ways of finance?
For me, it's because nobody can explain what the value offering of Bitcoin is - mainly the question 'what can I actualy do with a bitcoin?'.
It's a bad currency because it is slow to exchange and costs lots of money to exchange - I can't use it to buy my coffee in the morning.
It's a bad non-speculative asset, because it can't produce anything to deliver returns.
But it's performed well as a highly-speculative asset - i.e. it's good because its value is rising. But other than the fact it's price is going up, what's good about it? Like where are the funamentals? If it's price was stable, why would people want to hold it? Is it's value just that it's value is rising?
And if the answer to the question 'what can i do with a bitcoin?' is 'Wait until it is valuable, and then you can turn it into a currency you can actually spend' then it's not actually fulfilling what it set out to achieve.
For me, it's because nobody can explain what the value offering of Bitcoin is - mainly the question 'what can I actualy do with a bitcoin?'.
It's a bad currency because it is slow to exchange and costs lots of money to exchange - I can't use it to buy my coffee in the morning.
It's a bad non-speculative asset, because it can't produce anything to deliver returns.
But it's performed well as a highly-speculative asset - i.e. it's good because its value is rising. But other than the fact it's price is going up, what's good about it? Like where are the funamentals? If it's price was stable, why would people want to hold it? Is it's value just that it's value is rising?
And if the answer to the question 'what can i do with a bitcoin?' is 'Wait until it is valuable, and then you can turn it into a currency you can actually spend' then it's not actually fulfilling what it set out to achieve.