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Author Topic: Can a coin that is primarily a store-of-value succeed?  (Read 2107 times)
redsn0w
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April 14, 2015, 02:08:12 PM
 #21

For the question of bitcoin banks, I think it will never exist a bitcoin bank.... because bitcoin was created also for 'go away' from those banks. Why someone should keep his bitcoin on a hypothetical 'bank'? We own ours wallet/client to keep and store bitcoins and (in my honest opinion) we don't need bitcoin banks.

Why? because within the system, you can save on transaction fees. They might also offer some sort of a bonus, or claim they can store your keys with more safety than you can.

Because (again) I want to move real bitcoin on the blockchain and not off chain. For the question about the private keys, no one more than me can store and protect my private keys. Why should I trust another person to save my funds if I can save it/them myself?



May sound outrageous to some of the extreme techies here, or those who cannot trust anyone. But I'm sure for a fair number of people, this would be totally true.

 Grin It is normal, a lot of person here hate the banks and it is not necessary a bitcoin bank (look at the exchange system).


Also, I'm not looking for a store of value. I'm wondering how bitcoin will survive in various scenarios, and how the altscene will develop in the future.

I think bitcoin will survive until a few person will support it, but I think one day will 'born' a new concept better than Bitcoin itself.
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AtheistAKASaneBrain
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April 14, 2015, 02:28:04 PM
 #22

Yes it can. DMD Diamond s primairly store of value and it s going to be big. Yes, I have invested in it and yes you can consider this as a promotion. However, if I think it s smart to invest my own money in it, I see no reason why I would not recommend it to other people.

I don't see a point for a coin to have any value over Bitcoin, unless it does something that Bitcoin can't do. I do not think DMD is the case.
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April 14, 2015, 08:28:50 PM
 #23

Yes it can. DMD Diamond s primairly store of value and it s going to be big. Yes, I have invested in it and yes you can consider this as a promotion. However, if I think it s smart to invest my own money in it, I see no reason why I would not recommend it to other people.

I don't see a point for a coin to have any value over Bitcoin, unless it does something that Bitcoin can't do. I do not think DMD is the case.

Its the same as saying it pointless to have Pepso, Fanta and Sprite since we have Coke. Well, I like my choices. I m sure other 2 million supporters of other alts also like their choices. Can BTC stake?

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April 14, 2015, 08:41:47 PM
 #24

It's difficult to tell if a coin like this could succeed. Many store of value coins have been made in the past and they always failed, maybe in the future a sidechain an be built with a store of value.

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April 14, 2015, 09:02:38 PM
 #25

yes, look at the gold coin been going strong for thousands of years

Get used to it.
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April 14, 2015, 09:03:21 PM
 #26

@Snail: what's the intrinsic value of gold? And yet it keeps keeping up with inflation.

Gold have little intrinsic value indeed. It's is just psychology, social consensus and most importantly tradition. Gold have been currency for nearly three thousand years so ppl traditionally think it has a great value on it's own (rarity, looks nice, etc). BTC have no such tradition, the social consensus isn't widespread enough yet, and because of volatility and the lot's of scams psychology even working against it.
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April 14, 2015, 11:57:02 PM
 #27

Can a coin that is primarily a store-of-value succeed?

In short, no. Something that has no utility ultimately has no value, and something with no value cannot be a "store of value".

Bitcoin's utility as a medium of exchange gives it value, so it can be a "store of value".

Gold has some utility as a component of jewelry and some industrial uses. In the past, it had utility as a medium of exchange, but not as much now. Its utility is what gives it its value and the ability to be a "store of value". In my opinion, its current value is overblown because its utility as a medium of exchange is so much less now. Without that utility, its current value cannot be supported in the long run.

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April 15, 2015, 08:40:21 PM
 #28

@Snail: what's the intrinsic value of gold? And yet it keeps keeping up with inflation.

Gold have little intrinsic value indeed. It's is just psychology, social consensus and most importantly tradition. Gold have been currency for nearly three thousand years so ppl traditionally think it has a great value on it's own (rarity, looks nice, etc). BTC have no such tradition, the social consensus isn't widespread enough yet, and because of volatility and the lot's of scams psychology even working against it.

Yes, scam and ponzies are the biggest enemy of Bitcoin. So many good people have left this industry due to human scum ripping them off.

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redsn0w
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April 15, 2015, 08:50:03 PM
 #29

@Snail: what's the intrinsic value of gold? And yet it keeps keeping up with inflation.

Gold have little intrinsic value indeed. It's is just psychology, social consensus and most importantly tradition. Gold have been currency for nearly three thousand years so ppl traditionally think it has a great value on it's own (rarity, looks nice, etc). BTC have no such tradition, the social consensus isn't widespread enough yet, and because of volatility and the lot's of scams psychology even working against it.

Yes, scam and ponzies are the biggest enemy of Bitcoin. So many good people have left this industry due to human scum ripping them off.

The biggest enemy for bitcoin (as all the other things) is the "ignorance". If you don't know something you will know how to do it so at the end you will fail and not succed to do that thing. The scam and ponzi schemes are only a little part in the bitcoin ecosystem, and it is not that the problem.

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April 15, 2015, 09:06:53 PM
 #30

If bitcoin has mass circulation and price remains stable, bitcoin can fulfill a store-of-value function. The key question is for how long.

Gold is a store-of-value commodity and its price can also fluctuate tremendously too over the years. We cannot discard bitcoin has a store-of-value purely by its volatility. I believe future demand is a crucial factor. No one can be sure about the demand for bitcoin in a few years.




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April 16, 2015, 05:39:28 AM
 #31

DMD Diamond price went up 10% in less then 24 hours and it will continue to rise IMHO.

So this coin s going to be the best example how store of value coin can be successful. True, it takes a very active team behind it to do so as well.

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April 16, 2015, 06:13:31 AM
 #32

Op, so are you worried about that Bitcoin could in the future become deflationary spiral, because we have finite coins plus lost coins means deflationary spiral - some people seem to think that way.
Is that your problem? First and foremost I am not sure what is the deal with lost bitcoins, it is normal, it was happening and it always will. There is no problem with it. Satoshi predicted this and said it is perfectly fine as lost coins only make everyone else's coins worth slightly more...


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April 16, 2015, 06:18:44 AM
 #33

Op, so are you worried about that Bitcoin could in the future become deflationary spiral, because we have finite coins plus lost coins means deflationary spiral - some people seem to think that way.
Is that your problem? First and foremost I am not sure what is the deal with lost bitcoins, it is normal, it was happening and it always will. There is no problem with it. Satoshi predicted this and said it is perfectly fine as lost coins only make everyone else's coins worth slightly more...


So if bitcoin becomes a primarily store-of-value coin, or if an altcoin that pops up in the future decides to make itself primarily for the use of storing value, will the amount of transactions be able to support miners, when the block reward drops off, and only transaction fees are left? If not enough transactions happen, what will happen to the network security? Will the big players spend their own money to secure the network to make sure the value they have in the coin is safe? Or will transaction fees be very high? Or will the network be vulnerable?

I think my questions in the OP were very clear; I don't know why people keep trying to misinterpret it.

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April 16, 2015, 06:40:03 AM
 #34

Store of value is not its only feature, its also global payments without borders. You can buy drink on every airport in the world without need of using money exchanges and paying many fees.

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April 16, 2015, 07:02:12 AM
 #35

Yes it can. DMD Diamond s primairly store of value and it s going to be big. Yes, I have invested in it and yes you can consider this as a promotion. However, if I think it s smart to invest my own money in it, I see no reason why I would not recommend it to other people.

I don't see a point for a coin to have any value over Bitcoin, unless it does something that Bitcoin can't do. I do not think DMD is the case.

Its the same as saying it pointless to have Pepso, Fanta and Sprite since we have Coke. Well, I like my choices. I m sure other 2 million supporters of other alts also like their choices. Can BTC stake?

still the most succeful is coke, the other are just niche market, the same with alt and bitcoin, bitcoin is the primary and most accepted while alt are just for the minority who got bored to play with bitcoin only

also this isn't exactly a good comparison, because bitcoin has utility, those are only "food" instead
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April 16, 2015, 07:01:44 PM
 #36

Yes it can. DMD Diamond s primairly store of value and it s going to be big. Yes, I have invested in it and yes you can consider this as a promotion. However, if I think it s smart to invest my own money in it, I see no reason why I would not recommend it to other people.

I don't see a point for a coin to have any value over Bitcoin, unless it does something that Bitcoin can't do. I do not think DMD is the case.

Its the same as saying it pointless to have Pepso, Fanta and Sprite since we have Coke. Well, I like my choices. I m sure other 2 million supporters of other alts also like their choices. Can BTC stake?

still the most succeful is coke, the other are just niche market, the same with alt and bitcoin, bitcoin is the primary and most accepted while alt are just for the minority who got bored to play with bitcoin only

also this isn't exactly a good comparison, because bitcoin has utility, those are only "food" instead

People like choice and people want to have choices. The same goes for drinks and crypto.
I personally hold 3 additional cryptocurrencies besides BTC and each of them s got some kind of unique trait which I like. Not to mention the fact it s much easier to make money on alts then on BTC.

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April 16, 2015, 07:45:51 PM
 #37

...
still the most succeful is coke, the other are just niche market, the same with alt and bitcoin, bitcoin is the primary and most accepted while alt are just for the minority who got bored to play with bitcoin only

also this isn't exactly a good comparison, because bitcoin has utility, those are only "food" instead

People like choice and people want to have choices. The same goes for drinks and crypto.
I personally hold 3 additional cryptocurrencies besides BTC and each of them s got some kind of unique trait which I like. Not to mention the fact it s much easier to make money on alts then on BTC.

Yes why not, but you can't say :

Yes it can. DMD Diamond s primairly store of value and it s going to be big. Yes, I have invested in it and yes you can consider this as a promotion. However, if I think it s smart to invest my own money in it, I see no reason why I would not recommend it to other people.

If you want to store value, the best choice at the moment is the gold. If you talk in the cryptocurrency world, there is not exist a coin that can considered primarily store of value". Just my opinion and maye I'm wrong.
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April 16, 2015, 07:56:33 PM
 #38

why don't you use a bitcoin service that locks your bitcoins value? that way you get a store of value with bitcoin
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April 17, 2015, 07:06:38 AM
 #39

...
still the most succeful is coke, the other are just niche market, the same with alt and bitcoin, bitcoin is the primary and most accepted while alt are just for the minority who got bored to play with bitcoin only

also this isn't exactly a good comparison, because bitcoin has utility, those are only "food" instead

People like choice and people want to have choices. The same goes for drinks and crypto.
I personally hold 3 additional cryptocurrencies besides BTC and each of them s got some kind of unique trait which I like. Not to mention the fact it s much easier to make money on alts then on BTC.

Yes why not, but you can't say :

Yes it can. DMD Diamond s primairly store of value and it s going to be big. Yes, I have invested in it and yes you can consider this as a promotion. However, if I think it s smart to invest my own money in it, I see no reason why I would not recommend it to other people.

If you want to store value, the best choice at the moment is the gold. If you talk in the cryptocurrency world, there is not exist a coin that can considered primarily store of value". Just my opinion and maye I'm wrong.

Gold is not something I m interest in cause I have my investments into crypto. If I wanted traditional sources, I would not be here. Besides, a store of value comparison between gold and crypto s probably one of the most common ones. I m simply saying, DMD is, IMHO, the closest thing I currently consider to to store of value coin. If you have any other option which s better, pls do suggest it and explain why.

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April 17, 2015, 07:09:20 AM
 #40

why don't you use a bitcoin service that locks your bitcoins value? that way you get a store of value with bitcoin

i can't recall any service like that, and it could potentially go against the bitcoin decentralization, because a service like that will probably be centralized...
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