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Bitcoin is Stupid and Does Not Deserve an Emoji (blog post)
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this post was submitted on 04 Aug 2024
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I think, whether it's helpful is an individual decision. E.g. for people in Turkey, it's a lot more stable than their own currency. Same logic for probably dozens of other countries...
Maybe, it's not useful for you, but that's OK. No one is trying to replace your currency with it and force you to use it.
Bitcoin's "value" in USD terms has dropped ~20% in the last few days, so I'm not sure we can call it 'stable'
In 1998 the USD fell like 20% vs the yen, currencies don't always stay the same value vs. other currencies
Bitcoin regularly loses 85% of its "value" vs USD
85%
This has happened multiple times
Turkey's currency dropped 83% in the last 5 years and 94% in 10 years (per USD). And by the way: It dropped and did not rise the same amount ever again...
Why can't we just agree that different people might have different views whether it's useful for them?
Is it more stable compared to USD? No. Is it more stable compared to dozens of other currencies? Yes.
I think, there are very good arguments against BTC, for example the energy consunption... But whether it's too risky for you or not... That's highly subjective IMO. There is no country on this planet with only BTC as official currency. So, no one is forced to hold 100% of their total money in BTC.
So the argument is no longer "Bitcoin provides stability" or whatever, but instead is, "it's no more unstable than the world's most unstable national currency"?
Please tell me where I (or anyone) wrote "Bitcoin provides stability" without comparing it to another currency....
I assume, arguing with you is an endless circle where you argue against fake arguments that no one has brought up. I'll therefore end this here. Why are you like this?
Hey look, I wasn't the one that wrote this:
"E.g. for people in Turkey, it’s a lot more stable than their own currency. Same logic for probably dozens of other countries…"
Is the "dozens of other countries" statement something you no longer stand behind, or are you done being rude?
The swings were bigger when the market cap was smaller, this is usually the case. The market cap of the yen is much bigger still.
Turns out you're right, BTC price only went down 77% from the 2021 peak, my mistake /s