> Wall Street got ahold of it and now Bitcoin is primarily acting as a Store of Value for the purpose of speculative investments

Insomuch as beanie babies are a store of value. Speculative assets only have value as long as there are more greater fools to buy in. When you've exhausted the supply of greater fools, there is no more reason to buy the speculative asset because its price won't go up, so it will fall to its intrinsic value, which is the worth of a normal stuffie for a beanie baby (roughly $5) or the worth of a number stored on other people's disks for a Bitcoin (roughly $0), which is the value ultimately stored. Wall Street is only involved in Bitcoin to facilitate trade between fools because we have collectively done a poor job of regulating this madness, allowing so many fools to eventually lose their money to a distributed Ponzi scheme and sanctioned countries.

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3form 3 hours ago | parent | next [-]

Roughly the same argument could be applied to gold, and yet it has been used as a value store for ages.

Can't say I like crypto, but I think better arguments can be made against it.

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grey-area 2 hours ago | parent [-]

Gold has a use value.

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kedihacker an hour ago | parent [-]

90% percent of gold is used in jewelry or bars so use value isn't that much unless price is prohibiting use cases.

	▲	grey-area 42 minutes ago \| parent [-]
		Jewellery is a use for gold, people like it because it is pretty and shiny and easily worked not just because it is rare. The artificial scarcity and lack of actual use of bitcoin really isn’t the same.

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mothballed 3 hours ago | parent | prev | next [-]

1 Trillion of market cap can stay wrong longer than some random loud mouth on the internet can stay right about why everybody else is wrong. There is no 'intrinsic' value to most bits of information written on paper or disks, by some definition.

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Tr3nton 3 hours ago | parent | prev [-]

You can't send a Beanie Baby to someone on the other side of the planet instantly.