As the sibling says, the original value proposition of Bitcoin was that it would supplant Paypal and wire transfers. The store of value narrative was a post hoc rationalization by stakeholders when it became clear that it was technically unsuited to serve Internet-wide throughputs. Not only that. I sat in during the meetings around the time of the segwit transition; I think they were debating making the blocks bigger or something. It was amazing to see first-hand how such a relatively minor and technically necessary change could generate so much friction. That was when I realized Bitcoin was never going to evolve in a useful direction, and sevenish years on I see that I was correct, as the block structure is pretty much the same as the last time I saw it.
I mean the original thing I replied to. The idea that it was a stable or anti-cyclical store of value emerged after it became clear the payments stuff was not working.
Again, the original argument was that it was like gold, and provided a hedge against equities.
As the sibling says, the original value proposition of Bitcoin was that it would supplant Paypal and wire transfers. The store of value narrative was a post hoc rationalization by stakeholders when it became clear that it was technically unsuited to serve Internet-wide throughputs. Not only that. I sat in during the meetings around the time of the segwit transition; I think they were debating making the blocks bigger or something. It was amazing to see first-hand how such a relatively minor and technically necessary change could generate so much friction. That was when I realized Bitcoin was never going to evolve in a useful direction, and sevenish years on I see that I was correct, as the block structure is pretty much the same as the last time I saw it.
Yeah, now both the first and second rationalization have fallen.
Who argued that? In 2008 Bitcoin was proposed as a peer-to-peer digital cash system. The comparison to gold didn't really take off until years later.
I mean the original thing I replied to. The idea that it was a stable or anti-cyclical store of value emerged after it became clear the payments stuff was not working.