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204 sats \ 6 replies \ @Undisciplined 13 Aug \ on: What does "bitcoin failed" mean? bitcoin AskSN

A few ways I can think of:

  1. No longer functions as a store of value, whether through depreciating purchasing power or security
  2. No longer functions as a medium of exchange, whether through prohibitively high fees or failed transactions
  3. No longer censorship resistant
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33 sats \ 3 replies \ @tomlaies 13 Aug
No longer functions as a store of value, whether through depreciating purchasing power

There isn't even a measurement for this. Nobody makes an index of BTC to goods and services.

You could take the BTC-fiat exachange rate and the CPI inflation to approximate it. But BTC-goods&services directly isn't a metric anyone measures.

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11 sats \ 2 replies \ @Undisciplined 13 Aug

Not in a systematic way. Considering that there’s no large isolated bitcoin economy, it shouldn’t matter very much.

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23 sats \ 1 reply \ @tomlaies 13 Aug

I think we need to add point 4. to your list. About the amount of goods and sevice that one can actually buy

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38 sats \ 0 replies \ @Undisciplined 13 Aug

I’ll allow it

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23 sats \ 1 reply \ @wackster OP 13 Aug
  1. bitcoin does have these price crashes...I think most people would say an 60-80% drawdown counts as failing to function as a store of value
  2. while you can spend bitcoin in a number of places (especially thanks to square), it's not really easy to use it as a medium of exchange. it's barely across the failure state on this count.
  3. on this one, i think it still is pretty strong.
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11 sats \ 0 replies \ @Undisciplined 13 Aug
  1. Still fits with the upward trend when adjusting for “seasonality”
  2. Can be used pretty easily with those who want to use it. Agreed that the existence of such people is also important.
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