Billions in BTC exchange hands every day through dozens of exchanges around the world. That why they call those businesses "exchanges". And when you exchange your dollars or local currency for something that's appreciated on average 160% per year for the last decade, that's a damn good store of value. I'm sorry those two simple concepts are "beyond your logic".
Asset appreciation is nothing more than asset appreciation. Not to be confused with legal tender in any particular (or all) home country(s).
Even not being in position is having skin in the game. I and others will miss out on trillions of future profit. That's a pretty big skin if you ask me..
Fair point, I don't think I claimed or even remotely suggested that it would bring the entire system down. But I think it's one of the multiple issues that are now exposed more and more like peeling an onion that makes even large players double check this value proposition. Else we would not have seen such steep drops across the board of all cryptos. One is the underlying funding network, to which tether currently undoubtedly belongs, then cryptos chance of survival are much more prone to government regulatory risk than claimed. Add to that the fact that most cryptos are backed by nothing other than thin air. I take comfort that the top percenters will never let the fiat monetary system fail for their own protection over hot air any given day. You apparently believe that even with total government bans some cryptos still thrive, a bet on large scale civil disobedience? I am honestly curious what your thoughts are on the end game? How do you think this will play out? Because I think we can all agree that governments will regulate and probably entirely ban those cryptos at some point. So what do you think will happen then? What's the end game? I am honestly curious because I think this is where the true value of conviction must lie.
I think you are playing with words now. You know perfectly well that exchange was meant as in payment for goods, even barter if you want. I was certainly not referring to buying and selling bitcoin between different counterparts. It's like saying that the stock of apple is a means of payment because look, every day billions of notional value are exchanged. The definition of store of value is not related to any appreciation, it is to at the very least preserve the initial investment/deposit as conservatively as possible that is the definition of a good store of value. I bet anyone who bought BTC around 50 or 60k disagrees with you regarding store of value. Don't take it from me, check the definition. What you refer to is an excellent instrument for speculative purposes. With fiat, we have a pretty stellar historic track record. With cryptos, we have hot air, obscure commercial paper, offshore accounts that escape any sort of regulation and oversight, lots of invested people who would by the majority never even pass a 101 course in "anything". I am honestly curious what has you so convicted to invest such a large chunk of your NW? YOu mentioned the collapse of the fiat system. What makes you think it collapses? Definition: "A store of value is the function of an asset that can be saved, retrieved and exchanged at a later time, and be predictably useful when retrieved. More generally, a store of value is anything that retains purchasing power into the future".
The IRS has already ruled on cryptos since 2014, and cryptos are taxed as property. If you own property like real estate or cryptos, and you're taxed on the gain on that property when you transfer or sell it, then that's a positive for the government, not a negative. You will not see the U.S. government put a ban on property ownership. I'd say that BTC has definitely retained its purchasing power over the years, wouldn't you?
Please never post that chart again. I cannot unsee it in my head. Yeah yeah hindsight and all, but holy shit, that is absolutely nuts.
Why is it that most crypto evangelists, or otherwise believers versus plain 'ol speculators, significantly underestimate the powers and abilities of governments?