So hold DOLLARS instead? Bwah-HA-HA-HA-HA!!! There's nothing sleazy about unbacked pieces of paper that are being frantically counterfeited by their issuing authority, is there???
This is so laughably funny. The only difference between bitcoins and dollars is that the quantity of bitcoins is rigid, growing at a very slow rate and guaranteed through increasingly complex mathematical calculations to NEVER grow more rapidly. There is also a mathematical limit to the number of bitcoins that can ever be created.
Unless there is a flaw in the algorithm - and I don't mean to suggest that there is - bitcoins are infinitely better than dollars. If you want an unbacked currency, bitcoins are not a bad choice.
Me, I prefer currencies that have intrinsic value. Too bad there aren't any, but at least there are THINGS with intrinsic value, some of which have many desirable qualities: They don't significantly decay, they're easy to store and hide, they're difficult to destroy, supply is unlikely to greatly increase (which, if it were to occur, would reduce their value), a small amount conveys considerable value, they're widely recognized for what they are, their value is difficult to manipulate, and they have a history of being used as money.
I'm referring to precious metals, of course. I also think arguments for storing value as farmable land and equipment including guns and ammunition. After that, I struggle to come up with smart ways to preserve wealth in a world that is increasingly hostile to the idea that anyone should have any.
Houses, cars, food, medicine, clothes, paintings, wine, collectibles... might all be valuable and COULD appreciate... but that's not the goal of those who want to PRESERVE wealth. All of the above are speculative or even downright lousy long-term investments. And yes, I know. Gold is speculative too. But significantly LESS speculative. In fact, the longer your outlook, the less speculative it becomes *UNTIL* fusion becomes a practical reality.
I'm not going to lose any sleep over fusion. Once we have fusion, energy will be incredibly cheap and everyone should be rich. I don't see it happening soon.
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