Replying to Avatar Ben Ewing

Exactly. It had some value as peer to peer cash while the fees stayed low (and before other crypto did it better, eg bitcoin cash). But after that, well people didn’t want to say, well we have all this hash power supporting an inferior exchange of value, so maybe we can sell it as a store of value. But a store of what value? Its only value was as an exchange, so if you remove that, it has none. Or rather it has the value people have been convinced to believe it has. And clearly humans are pretty susceptible to extraordinary claims without any actual evidence. So the narrative works for ages. But not forever.
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moonsettler 4mo ago

i think #bitcoin would still be fine with the speculation / shared hallucination about it's value. if it could hang on to it's supply cap.

it would protect your purchasing power against real inflation, and it would provide an opt-out from the consequences of fiscal and monetary policy.

but bitcoin in a high -trust environment (white markets) loses all of it's cherished properties. including the scarcity! bitcoin only makes sense as a low-trust (supra-legal) system.

in the absence of large, liquid, established gray or black markets and circular economies that insist on final settlement on-chain and provide independent price discovery, at bifurcation the massive power advantage goes to the regulators and their enforcers, the financial institutions.

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