Comment by teekert
17 days ago
Someone invents something that is digital, but can't be copied. Quite brilliant as it is the first digital asset that can store value without centralization and trust, based on market demand.
Someone on HN: "BTC is valueable solely through the power of memes".
Bitcoin doesn't "store value", it has the value that society assigns it, which is what the parent means when s/he says "BTC is valuable solely through the power of memes". It's not a fiat currency, nor does it have any intrinsic utilitarian value.
Age old argument: money also has no intrinsic utilitarian value.
And yes, btc does store value, it is doing that for me now. I stored some of my value in it and it has held better value than fiat.
> Age old argument: money also has no intrinsic utilitarian value.
I didn't claim money had intrinsic value, I claimed that money is fiat currency--it's backed by a lot of people with a lot of guns. BTC is not.
> And yes, btc does store value, it is doing that for me now. I stored some of my value in it and it has held better value than fiat.
Currencies (BTC included) don't "store value", they are assigned value by society esp via markets. Sometimes society decides one currency is more valuable than another, or that its change in value differs from that of another, but neither currency stores value.
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