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skilesare comments on Bitcoin value and small probability / high impact arguments - Less Wrong Discussion

4 Post author: vbuterin 31 March 2015 04:48PM

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Comment author: skilesare 07 April 2015 05:20:02PM 0 points [-]

Have you considered that one of your base assumptions that you can 'store value' is false?

All value us future value. You can't store it. You can make a bet on a piece of capital. Gold has been a decent bet, but far from stable. Bitcoin is just another bet.

Also, btc has a significant long term risk as well. The system is terrible for an interstellar economy. You can't have a blockchain when you have to wait light years for payment confirmations. Maybe this isn't a big deal in the short run, but if you're looking really long term, it is an issue.

A couple of other things to consider in your favor, bitcoin is going to have significant uses in the short term that don't involve holding it. It is a transfer medium and a protocol. Having a stake in the protocol will be very valuable.