Too volatile
Compared to fiat that only loses value?
Yes. I've never seen US fiat lose 50% of it's value in two months. I've seen Bitcoin do it.
Bitcoin went back up. Fiat never does.
When the volatility is 6 fold in one direction than the other classifying it as general volatility isn't quite accurate.
This is not one direction (files.catbox.moe). There are 729 times that bitcoin has lost 1% or more of its value in a single day since 2014. There are 180 times that bitcoin has lost 5% or more of its value in a single day. There are 37 days where it lost more than 10% of its value in a single day. Since 2014 there have been 46 weeks that bitcoin ended the week down 10% or more than the prior week's close, and 138 weeks that it closed down 1% over the following week.
Fiat currency doesn't do that. It's just a long, slow descent.
(post is archived)