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Comment by ChomskyNormal4m | Hacker News Reader

> inflation protection and avoiding capital controls are arguably the most impactful innovation since the internet

Inflation protection? Bitcoin lost one third of its value in the past three years. How is that inflation protection? You would have done better to hold most commodities or most currencies in that time period to protect from inflation, other than Bitcoin.

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That's only for the People who bought at the top and sold. For the vast majority of people BTC has outperformed any other investment for majority of trading days.

Picking arbitrary dates is fun and all, but we are bootstrapping a new financial system. Do you see a way to do that without volatility?

I don't blame Bitcoin for being volatile. I just don't see how its volatility is consistent with the claim that it represents an innovation in protection against inflation.

Again, we are bootstrapping a financial system. Volatility is to be expected. Volatility will decrease with time (lindy effect, adoption, etc.) as it has from the beginning. In the asymptotic target state, btc is the only true scarce asset in the world, uncensorable and with instant global transfers.

Respectfully, this seems like less of an argument and more of a slogan. It's hard to see why the Lindy effect, adoption, "only true scarcity", uncensorability, or instant global transfers would imply a large eventual decrease in volatility.

Bitcoin has had a higher value than the current price only 6 weeks in nearly 12 years of existence.

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