> 1. It's a practical way to store value without the government destroying it by monetary emission.
> 2. People are free to speculate.
So it's a store of value that's destroyable by speculation. That's, if anything, worse than the US Dollar.
> 2. People are free to speculate.
So it's a store of value that's destroyable by speculation. That's, if anything, worse than the US Dollar.
You can based the entire world monetary economy on a single point of failure like this.
But the core point bb88 was making is that it can serve at most one of those two goals: “store of value” and “good for speculation” are mutually exclusive. Something can be neither, nothing can be both.