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Comment by thkim | Hacker News Reader

any country that allows crypto as an asset will risk an enormous bubble in their economy. it will eventually suck up all capital from other asset class, because crypto can never lose value unless people stop believing in it. the only reason why people believe in crypto as an asset is because the price keeps rising, and it's because there is limited supply. it is exactly same as how art market works. if anyone fully understands what this means then they will know cryptos are extremely dangerous.

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So bitcoin is like art-as-store-of-value, that makes sense, it could lose 100% of its value unlike national currencies which can only suffer 91% loss in case of a bank run and only 99.9% loss in case of hyperinflation.

Does your portfolio account for nuclear war?

the reason why crypto is dangerous is because it's very, very easy to get a piece of it. it is open to anyone and you can buy for just a dollar. this drives up price unlike anything out there. yes anything can be a store of value with enough people believing in it. bitcoin succeeded in generating large enough followers to drive up its price like crazy. if it continues, it will suck up capital from all other asset classes - which in turn create a huge global inflation. losing value is one problem and the global inflation crypto will bring, if left unregulated, is another problem.

I'm sorry, but the statement "crypto is dangerous [...] because it's very, very easy to get a piece of it" is just batshit. I can very, very easily get many, many things, and most of those things aren't really dangerous. There is no correlation between how easy a thing is to get and how dangerous it is.

You're being tolerated because most of the people here seem very nice and they allow that sort of thing, but I felt spouting insanity like you do over and over, well, that sort of thing should be called out. Apologies to the offended.

Bitcoin has many problems. That it's somehow bad because "you can buy for just a dollar" is not even close.

The argument could be made to say that statement isn't even realistic. Why would someone pay $1 for Bitcoin and then $10-20 in transaction fees? Pragmatically, this would be an immediate, minimum 80% loss of value. One would think that to be enough of a disincentive to "buy for just a dollar", no?

You make me glad the 2nd amendment exists! Did you study economics as your undergrad? I hope your prediction comes true and you refuse to put 10% of your money into btc until regret drives you to personally lead the revolution to seize the wealth from those dirty scheming bitcoiners

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