Bitcoin, and really all crypto 'currencies' were never meant to be currencies at all. Maybe a couple naive people who created them originally believed that, but it was never the goal.

They are speculative assets for gambling with. They have been since day 1.

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dragonwriter 2 days ago | parent [-]

> Bitcoin, and really all crypto 'currencies' were never meant to be currencies at all.

To be fair, there is a significant amount of disagreement about what a "currency" is supposed to be, and there is a large subset of people who believe that the desirable traits in a currency are exactly those things that make it function well as a speculative asset (notably, on average over a long time, value with respect to goods is at least flat and preferrably increasing) while simultaneously not thinking the things that another large group of people sees as desirable for a currency (e.g., lack of extreme short-term volatility) are important.

I can't speak to the original designer of Bitcoin, but I wouldn't be surprised if it and most cryptocurrencies were designed to be currencies, just by people who have a very specific (and, IMV, wrong) idea of what a currency ought to be.

	▲	Night_Thastus 2 days ago \| parent [-]
		A currency is fungible, easily accessible, tradable and convertible with little overhead. And in order to function, above all else a currency must have stability and trust. If people lose faith in a currency's future, then it has no real value. If people believe a currency (or the government/system which supports it) is unstable, then it has no real value. Real world global trade and investment is done on long timetables. You can't develop a product that won't start selling for 6+ years if you can't predict how currency will behave along that 6 years. No one had a 'wrong' idea of what currency should be. They saw an opportunity to scam people out of all their money by convincing them that gambling was an investment and that they were much smarter and more clever, and sticking it against 'the man' or 'the system' when in fact they were just being used. There were only two notable groups in crypto: The scammers and the suckers.