Topic: Can we agree BTC is not a store of value? - page 2. (Read 788 times)

Can we just support the bitcoin? Can we just believe on it?

Some people here are very negative towards the bitcoin's future even if the only thing that they consider are its volatility and fluctuation in the market. It is really hard to predict the bitcoins price but if you truly believe on the ability of bitcoin, you will invest to it and treat it as a good store of value. If you want to secure your future, bitcoin can be your way to success on your future errands. If bitcoin reached almost $20k in 2017, imagine if it spike again sooner or later. Don't lose the opportunity for you to make bitcoin as your asset.

Most of us are risking our money just to secure our future with this cryptocurrency that is full of potential to increase its price over time. We have different preferences on what are we going to use as a store of value, and we chose to deal with the risks because we believe that bitcoin can give us huge profit as we continue to hold it.

If you are not a fan and you are not comfortable on making bitcoin as a store of value, then it is your choice.

Bitcoin's volatility is not new and as we are treating it as a store of value for a long time run, we still make transaction in a short-term when its price fluctuates. Proper manipulation and control is what we need and then we will benefit the value of this cryptocurrency in the market.

Absolutely not, because bitcoin has value and users appreciate its utility, all the remainder is speculation.

If Bitcoin ceases to be useful it will not have any value. Store of value in and by itself does not exist, a good needs underlying utility and it stores value well because predictably, it will hold its utility far into the future: I.e. Gold.

Bitcoin will not cease to be a store of value just because it changed its audience. You could argue that as a settlement layer, Bitcoin will cater to less users but higher paying ones.

In the end, this is just a question of philosophical roadmap.

Myself I support BCH because it goes in line with the revolution of the commons I envisioned. Taking back sovereignty. But I do not expect Bitcoin Core to not be able to fulfill its use as store of value, much like gold, under their present roadmap. And if all my fears come to pass, it will actually be worth a lot for the actors I envision entering the scene. That's why my Bitcoins will stay on the main chain, in a non SegWit address and with no Lightning Channels.

But that is a very narrow vision for Bitcoin and a testament to our collective sheepness and feeble minds... we could indeed have had it all. It isn't however, an economic disaster, it could very well make all the holders very happy moneywise. It will essentially be a bribe.

Given the present roadmap, it could at least bring some transparency to the current financial system (half full glass). My main concern is now that they set everything up, they are actually working on anonymity (total empty glass)... this just sounds too fucked up to be true, how we had so little foresight to fight this collectively.

I agree that Bitcoin is not a store of value, maybe Gold is more suitable to be a store of value with a relatively stable price.
But I do not care that Bitcoin is not a store of value, the most important thing for me Bitcoin is still profitable if stored for
a long time. So I will continue to collect Bitcoin, even though the price will continue to fall. Because I'm sure Bitcoin will
definitely reach an all time high price one day, and when that happens I already have a lot of Bitcoin.

Yes, Bitcoin is not usually a stable currency so its rise and fall will continue We can make more profit if the price goes up because the price is lower or higher I think bitcoin saves value but it has to be left for long. It is very difficult to say when the price will go up That's why you shouldn't just rely on Bitcoin You can trade Bitcoin in the short term for long term investments as it will save you money and earn you money But Bitcoin will hold for a long time.

I just don’t understand some people. It’s not a store of value, that’s for you, and not for others. You have clearly said what you want, you just want the price to increase so that you will make huge profit, but you have been disappointed.

This is the same with people that were buying cryptocurrency (bitcoin) at the peak price and pretending they were buying it as a safe haven, while their main motive was to make quick money, because they thought the price will keep going up, but they were all disappointed. If you want to invest in bitcoin as store of value, then do it with plans to hold for a long time, because if you’re planning short time, then it’s probably a waste of time.

Why so pessimistic about the outlook of bitcoins? Now in July BTC is still above 9,000 USD. I haven't sold any of my coins in a while and not going to do so. Bitcoin is a currency like many others, you can use it as a diversification in your portfolio. And historically speaking it has been a good store of value. Storing your value would mean it rises slighty with inflation and doesn't jump around to $20k. I believe bitcoins will become more and more stable in the future, making it a good instrument to save money. For gambling and high risk investing I would recommend altcoins.

It depends on how you would define a good store of value. If it must be stable, Bitcoin isn't the store of value. But despite its high volatility, Bitcoin is deflationary, so it can be a reliable long-term store of value.

Think of this: one day, the scientists found a little meteor that contains a lot of gold, more than the mass of gold on Earth combined. Not only do they know exactly how to harvest it but they also invent a method that allows people all around the world to participate in harvesting the meteor. Now everyone has a lot of gold, gold becomes something usual, its price drops, every grams of gold ever been stored become nothing. It stops being a store of value.
With the example above, we can agree that gold is not permanently valuable. The same logic applies for Bitcoin, its price goes up and down. Maybe someday in the future, everyone gets tired of it and stop using it, would it be a perfect store of value anymore?

Bitcoin can't be a store of value because it is volatile . It is just good as investment. Now that there is a pandemic ,i think nothing could be possible as store of value because everything is going down drastically cause by covid pandemic.

as op said - it really fell to the $3k mark in the march, however now its again on the level of february
so it has all chances to keep in this $8-$10k gap

Exactly, only an asset that is being used all over the world as a currency and is a way of transferring value to each other like in trades and such by a vast majority of people can be considered as something that you can count on it to at least sustain its base value because the demand for it always going to be high, as many others already mentioned even gold had it's downtrends and bear markets so you can only expect real currencies that we all use on daily basis to be a store of value and you can not expect from valuable metals or digital assets to be like that for now.

So the author analyzed the price from end of 2017?

Price of bitcoin keep increasing since 2009 and also there are bearish trend as well from time to time,so we can't really say the current peak is lesser than its previous one.

What is a store of value?

You have just described an investment, not a store of value.

I would disagree with that assertion, because there are always stores of value--whether they're ideal or not can be debated, but they always exist (as far as I know).  Probably the best way to measure it is by looking at the volatility of any given asset and whether it appreciates in value at a rate that equals or outpaces inflation.

But bitcoin?  Nah, I don't think we're ever going to agree on this one.  True, if you buy it or any other cryptocurrency you're buying something that has value, but we've all seen how crazy the markets can be and how easily that value can be lost.  I tend to think bitcoin is indeed a store of value but not a good one.  If you're looking to protect your wealth as opposed to growing it rapidly, bitcoin is the wrong thing to buy.  

Heh heh, I agree.  But I think the coronavirus outbreak kind of trumped all of that hype.  Things might have turned out differently had we not had the epidemic.

So much for the halving.  Hasn't made the slightest difference.

I believe there are only two form of which bitcoin can be clearly seen, that is currency and investment. Currency would work if people tries to use it as a means of payment for a service or goods that has been done or taken from the other end. Investment on the other hand includes the trading and holding of each and every one that contributes to the price and volatility a lot. We can blame an individual if what of these two is he/she whom think works better with bitcoin, as currency or investment coz it will just only store value either way as bitcoin is an asset.

Everyone refers to bitcoin differently. One part of people believes that bitcoin can reach a price of 100,000, so they will be using it for the rest of their lives. Traders also treat BTC as a tool for earning dollars, and some of them withdraw this money to Fiat, while others also hold it.

Gold went down as well, not like gold was standing still, looking at the gold chart right now we can see that the price of gold was around 1704 at around 6th of march and it dropped to 1493 and that was the bottom, now peaked again and its around 1653, it could very well move beyond 1704 once again soon but that doesn't change the fact that gold prices went down A LOT during this period and gold has been a store of value of THOUSANDS of years.

To expect bitcoin, something that has been around for just a decade to not drop while gold drops is unreasonable. Of course bitcoin dropped a lot harsher but it also recovered very well too. Right now year to date price of bitcoin is in profits, and that shows how well of a store of value it is.