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SVTPerformance's Chain of Restaurants
Road Side Pub
BITCOIN
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<blockquote data-quote="Klaus" data-source="post: 16624707" data-attributes="member: 190070"><p>I am not stating that crypto is not a potential store of value. I am stating that it is not a currency. There is a difference. </p><p></p><p>In the example above you converted a currency into an asset. The asset appreciated. You then converted it back into currency and used the currency as a medium of exchange. The fact that you converted the currency into an asset speaks to your lack of confidence in the ability of the underlying currency to appreciate. </p><p></p><p>There are very few places that take crypto and those that do are merely a novelty. And with good reason, everyone thinks that bitcoin is going to appreciate. If you think that bitcoin is going to double in a year you are really paying 2x the USD price of a big mac (less inflation). I wonder how many teslas were paid for in bitcoin? I cannot find an account of a single one. </p><p></p><p>I am not bearish on bitcoin BTW. I just think people misunderstand it. Most talk about it as if it is "money" when it is not. The closer comparison is jewelry or art i.e. a means to store significant value in a small package that is outside the financial system.</p></blockquote><p></p>
[QUOTE="Klaus, post: 16624707, member: 190070"] I am not stating that crypto is not a potential store of value. I am stating that it is not a currency. There is a difference. In the example above you converted a currency into an asset. The asset appreciated. You then converted it back into currency and used the currency as a medium of exchange. The fact that you converted the currency into an asset speaks to your lack of confidence in the ability of the underlying currency to appreciate. There are very few places that take crypto and those that do are merely a novelty. And with good reason, everyone thinks that bitcoin is going to appreciate. If you think that bitcoin is going to double in a year you are really paying 2x the USD price of a big mac (less inflation). I wonder how many teslas were paid for in bitcoin? I cannot find an account of a single one. I am not bearish on bitcoin BTW. I just think people misunderstand it. Most talk about it as if it is "money" when it is not. The closer comparison is jewelry or art i.e. a means to store significant value in a small package that is outside the financial system. [/QUOTE]
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