No, it doesn't. It works only because less than 7 transactions per second worth of people want to use it. It works well because it’s collapsed. We saw how it reacted when people did want to use it. inb4 lightning, to open and close a single channel for everyone in the world will take 68 years.
(2) The price is going up! Then...
(3) Stop focusing on the price!
Yes, everyone's got it wrong because in the same breath you tell us the price is going up then not to look at the price. Not to mention all the basic problems with it: the rampant manipulation you can't stamp out by design, the actively user-hostile nature, the massive deflation because everyone keeps losing their keys and all the features people want like chargebacks being stripped out of it. Nobody wants to be their own bank, it’s so hard. Then there’s the economics of it, my lord, ECON 101 level stuff.
Inflation isn’t bad because you’re not supposed to hold cash. You’re supposed to use it to purchase productive assets, like stocks, bonds or real estate which track and exceed inflation. It’s even good for borrowers because debts become cheaper over time. It’s a regular haircut for unproductive capital, the mechanism by which capitalism allocates capital efficiently. Money isn’t supposed to become more valuable by virtue of you just having it. Under your bird bath, of course because it’s not safe anywhere else.
Even the hardcore coiners on reddit have started admitting it’s sole value is hiding your wealth offshore out of reach of the long arm of the tax man. Or for the narcos!
Yes, it's going swimmingly.