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I would still hold some bitcoin. I can't think of a better "escape" asset. I also always wonder what Weimar Germany would have been like if they had a bitcoin option during their hyper inflation.
I also want more places to accept bitcoin as payment. It is faster cheaper and more convenient than fiat. But maybe a bit less safe because there's no recourse if you make a mistake
It is worse as escape money in direct tandem to falling purchasing power. A bitcoin that commands markedly less goods, is a worse asset to escape w basically
But @Scoresby explicitly said, what if Bitcoin had no price volatility? So my point was that Bitcoin has a reason for existing even without any expectation of increasing purchasing power.
I agree, the current volatility makes it less useful as an escape asset, but weren't you the one who posted some quote about how you can't use Bitcoin price patterns under a fiat standard as an appropriate inference to how it might behave under an alternative standard?
Yes.
I mean that would instantly make it a superior money and remove the biggest economist concern.
But yes, price increase is necessary, foundational to realize all the ( empty?) words against debasement and eroded value and yada yada
The whims of the market are inscrutable to me, but I don't think anything has changed about Bitcoin itself. Maybe the gold dump spooked people and now the fire sale is here. Feels like the kind of dump you get before everyone realizes that actually they do want some Bitcoin. Even if it isn't, I'd rather hold sats than dollars.
I'm curious: would you be happy to hold Bitcoin if it had no volatility? Say it traded at $124k for the next hundred years?
Or do you see price increase as a necessary part of bitcoin's value proposition?