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I will explain:

  1. Bitcoin's perceived value is directly related to the duration it takes to compute cryptographic math.

  2. Bitcoin is an oil currency as it is an indirect measure of energy required to perform "hard" cryptographic related math on a computer. This math uses electricity. That electricity is generally provided by "fossil fuels." Bitcoin is an oil currency.

  3. The measure of "hard" will always decrease over time as computing power increases. Which means it's "value" can only decline over time in direct relation to the cost of energy and the computing power required to perform "hard" math.

  4. Another word for lowering the cost of "hard" as it relates to all cryptocurrency is "inflation."

The value of all cryptocurrencies can only decline over time in proportion to the cost of energy and the technology advancements. Any significant technology can instantly destroy all perceived value of cryptocurriencies overnight. Quantum computing is one such example. Cheap energy is another. Any energy technology which moves people away from "fossil fuels", to a cheap energy, will instantly destroy the value of cryptocurrencies. Even the admission that oil is a renewable resource would significantly trigger inflation on all cryptocurrencies.

I will explain: 1. Bitcoin's perceived value is directly related to the duration it takes to compute cryptographic math. 2. Bitcoin is an oil currency as it is an indirect measure of energy required to perform "hard" cryptographic related math on a computer. This math uses electricity. That electricity is generally provided by "fossil fuels." Bitcoin is an oil currency. 3. The measure of "hard" will always decrease over time as computing power increases. Which means it's "value" can only decline over time in direct relation to the cost of energy and the computing power required to perform "hard" math. 4. Another word for lowering the cost of "hard" as it relates to all cryptocurrency is "inflation." The value of all cryptocurrencies can only decline over time in proportion to the cost of energy and the technology advancements. Any significant technology can instantly destroy all perceived value of cryptocurriencies overnight. Quantum computing is one such example. Cheap energy is another. Any energy technology which moves people away from "fossil fuels", to a cheap energy, will instantly destroy the value of cryptocurrencies. Even the admission that oil is a renewable resource would significantly trigger inflation on all cryptocurrencies.

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[–] • 0 pt

okay... not sure what your argument was there.

[–] • 0 pt

He said it's a hedge against inflation. I already explained why that's completely not true. You then said I'm not sure of your argument. It was already explained.

[–] • 0 pt

so is gold built on inflation? Seems like an analogous example. Finite resource, that gets harder to find as more is mined.

[–] • 0 pt (edited )

Compare the value of gold versus the USD. You'll find gold would have very closely followed inflation. Which in turn would have helped slow it. Gold has basically maintained its value. The appearance of otherwise is because the USD has not maintained its value at all, which is in itself has driven massive inflation (devalued - so print more - devalued - so print more...).

Fiat-currency by its existence creates inflation. Bitcoin is another judeo-fiat-currency.

Bitcoin is a petro-currency. Just like the USD. Anyone telling you otherwise is a liar.