Sure keep your head in the sand and check back in… how many years before it can be considered SoV for a serious person?
Discussion
I see the point you're making, but nostr:nprofile1qqs0npwnpyvheqz7zuvuwvv9k460c0hyqlturds40hhfn34vufvehwcpz3mhxue69uhhyetvv9ujuerpd46hxtnfduq3xamnwvaz7tmsw4e8qmr9wpskwtn9wvhsz9nhwden5te0wfjkccte9ehx7um5wghxyctwvs2cvucv is right, and he already addresses this when he says we trust it because we believe in the fundamentals.
This is true of anything considered a store of value. In fact, the term "store of value" is domain specific to the field of figuring this stuff out; it is a trait of money coined by people that try to understand money.
The temporal aspect is not open ended. "A serious person" might consider it a store of value after 10,000 years. Some people point to gold and use the argument that it is well proven. But as soon as someone brings a solid gold asteroid into orbit that no is no longer true. So a serious person would point to something and call it a store of value when they understand the fundamentals and those fundamentals are sound. How long something has successfully functioned is just a heuristic by which to judge that, and not the actual criteria that determines that. Lots of people trust heuristics over their fundamental premises, so you can expect most people to say "pfft 15 years? I'm not putting my grandfather's fortune in that!" Gold was just as sound a SoV the first time a nugget was mined as it is today, but good luck taking that first ever nugget to an atlatl maker and trading it for a weapon. Perceived value is social in nature and not based on objective criteria and understanding for all except rebels.
I’m just a simpleton
Bitcoin is good for me to store my wealth (if you can call it that 🤣) ahem my earned value? My money?
To a finance bro sure it’s a non productive speculative asset blah blah blah.
I store my value in it so it’s a store of value
GFY 💋
Love you all just taking the piss
And you're right. You see it. You're a serious person then lol.
By wealth I mean capital, I use them synonymously, when we talk about "money" as what we are worth or what we have we are conflating the value we have accrued, "earned value" as you put it, with the thing we use to measure it and the device we use to store it. That's a psychological trick that gets us to forget that we are being fleeced via the cantillion effect. Money gets debased, wealth does not, wealth gets siphoned via debasement.
> Perceived value is social in nature and not based on objective criteria
simply put 👍
so our "serious people" might opt for gold not only because of the social and temporal factors,
but also because a solid gold asteroid is about as likely as 51% attack on Bitcoin.
or if I may reinterpret what you said,
"serious people" ALSO weigh the fundamentals of an asset when assessing risk (not just the social factors and perceived reliability of the asset)
but although strong fundamentals and increased purchasing power over time may be correlated
and they obviously have been
the "serious person" also weighs externalities that may effect the asset (like social factors, regulatory conditions, track record etc)
but to sum up
"Bitcoin is inevitable" people
are not "serious people" 😂