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Comment by sudden_dystopia | Hacker News Reader

You didn’t call a bubble…we are in a recession. If you want to continue living with a continually debased fiat currency, that’s your choice. But don’t shit on people that are trying to circumvent the authoritarian control on the monetary system. Yes, I understand that most crypto is a scam. I do think BTC can possibly be different.

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Imagine if the U.S. dollar lost 3/4 of its value in a single year, and regularly doubled (and halved) in value. That's the reality of Bitcoin -- anything else is a fantasy, or, at best, a naive hope.

>regularly doubled and halved

This is why it's not even close to dead and will continue to get flows of liquidity during boom cycles, because many others also see this regularity you've identified.

check out the charts of SNAP (just this morning), AMZN, NFLX, TSLA, FB, GOOG,

do you have the same criticisms for the biggest equities in the US stock market?

Apples and oranges. Stocks serve a radically different role than currency. But you are very right about one thing: cryptocurrency behaves a lot like a tech stock.

Those are equity, not currency. There is a reason why employees of those companies get paid in local currency, and not company stock.

Their employees get both local currency and company stock.

Majority being currency, unless the stock goes up a crazy crazy amount.

When's the last time a major index lost 50% of its value? - 2008 crash due to deregulation

Does it happen every two years? - obviously not

Are stocks intended to be currency? - no

Stocks also are attached to real property - ownership in a revenue / profit generating company and their assets. Crypto is only a vehicle for speculation.

A currency should not experience regular crashes or explosions of value. Assets are generally more volatile by their very nature.

Bitcoin isn't going to replace the USD anytime soon. USD stability is legendary.

But imagine living in Argentina and working and saving your whole life just to see your life savings wiped out in a two week timeframe.

Or you get on some government shitlist and they freeze all your assets.

This happens over and over, and crypto can solve those problems.

If you bet on Bitcoin because of a "debased fiat currency", you have likely lost a grievous amount of value in whatever denomination anyone other than you actually cares about.

Meanwhile, you still can't use it to buy a sandwich and promises to the contrary are over five years old with no progress to speak of. It remains merely environmentally disastrous not-money. Gold buggery is eternal, though; I wonder if the elderly watching right-wing news channels are the next to be targeted with buy-it-now ads.

> If you bet on Bitcoin because of a "debased fiat currency", you have likely lost a grievous amount of value in whatever denomination anyone other than you actually cares about.

My Venezuelan friends feel differently.

> you still can't use it to buy a sandwich

https://www.investing.com/news/cryptocurrency-news/walmart-m...

>It remains merely environmentally disastrous

https://www.coindesk.com/business/2021/03/05/the-frustrating...

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