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Yes and now we have more efficient and real stores of value like owning parts of companies, houses, land.
What company do you know that has held value for as long as gold has? Companies come and go. The value of houses and land are also more speculative than gold.
Gold has proven itself to be a reliable store of wealth and hedge against inflation throughout the ages - since antiquity.
You can purchase goods/services directly with bitcoin.
You can buy gold with bitcoin. That is to say, I don't have to cash out to buy gold, somebody will actually accept my imaginary digital money that some nerd made up in exchange for tangible gold bullion. That's how REAL bitcoin is.
What's more, I can book with expedia.com, buy a car, finance a house, pay my tab at the bar, tip strippers...with bitcoin.
Get with the times. A growing number of businesses accept bitcoin. It's the future.
Every time you exchange Bitcoin you are realizing gains or losses and are subject to capital gains tax. The IRS treats Bitcoin as property and if you aren't paying taxes now it's because you are evading them.
Moreover why would you ever spend Bitcoin? The longer you save it the more it's worth, because of a fixed supply. Functional currencies have to be slightly inflationary. Bitcoin is deflationary and so will never be widely used as a currency, even if vendors accept it.
At this point Bitcoin is just a speculative bubble, which fits your recommendation to "get with the times" (ride the wave, chase momentum, etc.)
The fundamentals of currency require slight inflation, and Bitcoin does not do that.
That leaves it as just a store of value, an asset. As an asset it's pretty weak, useful only for anonymity. It fails at being a currency, and it fails at being an asset, because people try to treat it as both.
Every time you exchange Bitcoin you are realizing gains or losses and are subject to capital gains tax. The IRS treats Bitcoin as property and if you aren't paying taxes now it's because you are evading them.
Moreover why would you ever spend Bitcoin? The longer you save it the more it's worth, because of a fixed supply. Functional currencies have to be slightly inflationary. Bitcoin is deflationary and so will never be widely used as a currency, even if vendors accept it.
At this point Bitcoin is just a speculative bubble, which fits your recommendation to "get with the times" (ride the wave, chase momentum, etc.)
The fundamentals of currency require slight inflation, and Bitcoin does not do that.
That leaves it as just a store of value, an asset. As an asset it's pretty weak, useful only for anonymity. It fails at being a currency, and it fails at being an asset, because people try to treat it as both.
This pretty much sums up my sentiment.
It's a half-measure.
When the government passed legislation regulating it in a sense it condoned it. That's not "backing it" of course...but condoning via law means it is subject to the government's whims.
It's the best thing you can do outside of eliminating the government...which means in the end it isn't a solution.
Here is the headline of your link from Nov 11th Bitcoin dropped below $7,000 on Friday to trade more than $1,000 down from an all-time high hit on Wednesday, as some traders dumped it for a clone called Bitcoin Cash
ten days late here is the price It currently stands at 8330.
You're not very good at this.
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