That doesn’t mean it will continue to rise in the future. It also isn’t tied to anything outside of these very expensive exchanges. I can’t use bitcoin to buy a candy bar or pay someone to fix my toilet. Nor is there intrinsic worth to it.
Value is subjective, not intrinsic. It is guarenteed to rise like everything else of limited supply; the value of fiat currencies must necessarily decrease over time in their operation, because the base monetary unit can only be issued as credit which must be paid back at interest. Were the value of fiat currencies to increase in any meaningful sense, it will result in widespread defaults in the banking sector.
Lunacoins / Terracoin foretell the fate of all cryptocurrencies. They might have some monetary qualities, but they lack the important bits like hardness.
The problem with vapid statements is that I can just copy/paste your argument and change the words around... demonstrating how its a useless phrase all together.
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"Inflation Hedge" would be a truly useful thing. That's why it sticks, because people desperately want to prove BTC to be useful. Unfortunately, the stats just don't work out, so you see people twisting the meaning of "inflation" and "hedge" in this very thread.
"Hedges" are things that have high amounts of correlation. (Ex: Hedge on gasoline would be buying assets correlated with gasoline. Exxon, or maybe Brent Crude). And the r-value / correlations can be readily demonstrated. Either positive r-value or negative, it doesn't matter. The important bit is that there's a strong correlation (or anti-correlation).
Hardness is literally a monetary quality, its a moneys resistance to inflation. If the Zimbabwean dollar were to gain value it would be immediately printed into oblivion, exploited for all its worth. The same does go for basically every cryptocurrency, bitcoin is the only one whos total supply is fixed, reliably. Your ignorance of these monetary qualities and what role they play does not make it a vapid arguement.
Other cryptos tend to track bitcoin because of increased demand from people who dont understand the qualitative difference between a quality product and scams. Bitcoin holds the majority of market share, and over time basically all of these loose 100% of their value. You should ask yourself what causes bitcoin to have a floor when its had 4 80+% drops in its lifetime.
I find it fascinating just how fixed everyone is on this topic. You are either for it or against it and will die trying to prove the other side wrong. We are just a few steps away from having a Holy War lol.
