https://www.coindesk.com/crypto-is-booming-in-economically-challenged-argentina
Technically *coins are as "fiat" as government currencies, having
nothing backing them. Bitcoin has a defined max # of 21M for
what *that* is worth. Fiat +/- ?
I think our previous discussion (that fizzled?) on "what is
wealth for?" is being addressed here again. I appreciate Glen's
characterization as money being a quantity for stock and flow and
that *value* comes from flow, to the point that excessive hoarding
(stock) is not a good thing.
Wealth (stored value?) is like anything else (including) free Energy... it is *at best* a means to another ends and must be considered in the context of what anyone might value (which varies with context). A healthy food forest and the knowledge/skill to maintain and propogate it might be fundamentally more valuable than a mattress full of krugerands (or kangaroos or maple leafs or trump-busts) in gold, or even cases of .45 ACP ammo or seeds, or cryptokeys loaded with Bitcoin. Oh yeah, and a functioning, healthy community?
" But I'd argue against storing value at all, anywhere "
I assume you mean passive storing value like in fiat or crypto currency or for example art for the purpose of storing value.
I agree with your sentiments, but I would not take it to the extreme. IMHO, to oil the wheels of productivity in society some storing of value in passive form is required. Like Tesla buying Bitcoin to store value. And I believe in personal responsibility, I want to store some of my value in liquid passive assets. I don't have any trust in fiat currency's ability to maintain its value for long periods, because governments all over the world are printing fiat money like there is no tomorrow. Maybe it's good, I don't have a clue, but I certainly don't think that's a good way to preserve the value of the currency for long periods. So, I choose to put a portion of my assets in Bitcoin. If disaster strikes and I need money in the future I don't want to necessarily sell off my stake in productive value storing (like a business, or shares in a company).
On Thu, 15 Apr 2021 at 00:15, ⛧ glen <[hidden email]> wrote:
This isn't what you asked for. But I'd argue against storing value at all, anywhere. That's for 2 reasons: 1) often, not you or anyone here necessarily, what people who think 'storing value' really want is *rent* ... to make money without contributing productively. And 2) hoarding doesn't imply value. Money contributes to the world by it's *movement*, by changing hands. So a savings account or money market can (somewhat passively) help the world more than burying cash in your yard. But *spending* money helps the world in innumerable ways, especially when it's not to buy arbitrary stuff, but to encourage others to do work ... like .... [cough] ... write poetry or brew beer.
On April 14, 2021 2:49:55 PM PDT, Pieter Steenekamp <[hidden email]> wrote:
>I am a strong supporter of Bitcoin. Sure there are negatives, it's not
>all
>just positive. There also are risks, Bitcoin could lose all it's value.
>The
>main reason why I support it is because it's probably one of the best
>ways
>to store value. With all the crazy printing of fiat currencies all
>around
>the world, is there a good argument that any fiat currency will keep
>it's
>value? I'd really like to listen to these arguments with an open mind.
>I'd
>also like to listen to arguments why any other way to store value is
>significantly better than Bitcoin.
>But, I'm not saying it's the only way to store value and I'm definitely
>not
>advocating to store all your value in Bitcoin. A portfolio where some
>portion, dependent on individual circumstances, is stored in Bitcoin is
>in
>my opinion very good.
--
glen ⛧
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