Of course not, but that's the fallacy they like to use to convince people that deflation is a bad thing. It's only a problem for those in debt.
They want to inflate away those debts and this goes contrary to that. There's a reason why a Coke no longer costs a nickel and these guys will tell you it's a good thing when it costs a $1000. Never mind that you will essentially be earning the same wages when that comes about. You saw that just a few years ago in CA when oil was close to $150 and people were quitting their jobs because of the cost of the commute.
Bloomberg, like the Economist and FT represent the status quo. They print whatever propaganda they're instructed to by the state. When you hear about the CIA and MI6 having agents working for news organziation, these guys are at the top of the list. Ooooooh 'conspiracy'... that has been documented a thousand times over many decades.
This game has been played out many times before over the past century and then some. It's a tiresome old debate.
"2014 was meant to be the year of bitcoin and it flopped as far as the general public was concerned."
"as far as the general public was concerned" :) Yeah, they were too busy watching the big bottom Kim and losing their home.
"(Overstock the poster child which at one point was claiming serious expectations of $15-20m in bitcoin sales ended up with a 5th of the lower end of their claim)."
Did you see how poorly Amazon did? They're a much larger and better store. No coins on Amazon.
"Mining companies are closing left, right, and centre, and bitcoin exchanges are shutting down for more profitable ventures."
As are oil companies. So goes the world. Isn't linear let alone vertical. Two steps forward...
What would those, 'more profitable ventures' be? You of course don't say because those miners aren't good for anything else.
"I don't think Bitcoin is dead or even close to dead but I'm pretty sure we've seen its peak."
If you're pretty sure, you would say why, but you don't. Apparently cirucular logic is big on the HH. That and or Tourette's.
"There are no grounds to say that BTC should be a superior store of value."
No grounds... what hole did you emerge from? How about! The over 1800 currencies that have completely disappeared over the past several hundred years? hahahah. Or like, MATH.
"it also has no central bank tending its value"
Oh sweet Jesus... are you running fever? I don't think a central bank does what you think it does xD. and you probably work for one.
"which is what gives fiat currencies value in forex markets."
.... Just WOW.
"It sucks at commerce and it sucks at investment."
Instant, no fees, yep it sucks, you're right... Who said anything about investment? Oh you did, so should be look at the S&P500 today? History of the USD?
So if a guy bought at $10, his investment is just terrible huh? No, you're thinking of the ones you buy at $1000 right? Sure, you can cherry pick like that. Got Enron stock then? Or tens of thousands of others?
"I've yet to see a compelling case for BTC"
I wouldn't wager any sort of coin, psychical or virtual that you've looked very hard. But that's ok because you can experience the joys of hyperinflation in the coming years.
"The predictable monetary supply of Bitcoin is precisely why it is doomed to fail"
Sorry but you're backwards there chief.
"Specifically, Bitcoin's deflationary nature."
Of course you don't elaborate. That's ok because another guy will say inflationary then another guy will point out how all fiat is always in a state of either or.
"In the best case scenario, Bitcoin will continue to experience unstable boom-bust cycles "
No, that's the US dollar. As it's economy experiences a crash every six years on average. Little overdue at the moment.
"prices will rise when people start hoarding their coins"
That's always been what's going on.
"then crash again when people dump their Bitcoin en masse once prices hit a high enough peak."
Oh so there's a collective price point where everyone sells is there? That would be a first for any object in the history of the world. You realize that right?
"This is great for speculators, terrible for everyone else."
Yes that is what we saw in 2014 with the introduction of futures markets and are continuing to see. Watch the Chinese exchange. All gamblers with it at the moment making money on the downside.
"In the worst case scenario, Bitcoin prices drop to $0" yes captain obvious, that would be, but people won't give up using it because of it's utility.
"Bitcoin never really solved the chicken-and-egg problem. Not enough merchants accept Bitcoin for customers to bother with yet another currency, and not enough customers use bitcoins for merchants to deal with yet another currency."
Brawker, Purse etc for those that don't. But THOUSANDS now do. Newegg, tigerdirect, anything you need or want can now be had with btc. Bitpay makes it super easy for stores to accept coins.
Lots of talking out your butt. You have no data on how many people use it and for a merchant to accept it, like say Paypal, it's nothing but a good thing because of almost nonexistent transactions costs and elimination of chargebacks.
I don't think you see many things. Like just how widely Bitcoin has already become. Just yesterday I read about 10,000 Spanish atms being converted to bitcoin.
"No interest rate"
Why would there be? There's no risk. There isn't a government of Bitcoinlandia with a debt and deficit(s) it needs to finance.
Whatever currency you're holding now isn't paying you a real rate of interest. Your stupidity is clearly of the American variety so those US dollars you buy your gmo foodstuffs with has lost 96-98% of it's value the past 41/42 years. Why do you think a Coke no longer cost nickel?
When you deposit money in a bank, you're loaning them your money. It's no longer yours and when they run into trouble with their trillions in deriatives, guess whose on the hook for it? Why you, unsecured creditor. http://www.economicpolicyjournal.com/2014/11/warning-bank-de...
"and you have to secure it yourself?"
Yeah and that ass you were born with, eventually you'll have to wipe it yourself because mom won't be around forever.
Clearly it isn't for you.
"Bitcoin is the electronic version of "let's buy a lot of gold and stash it somewhere"."
Do you have any idea how well one would have done the past decade had they 'stashed' some gold?
It's hard to believe people like you actually exist. I'm looking for some sarcasm but all am seeing is a statist shill.
Your taking some sort of perverse thrill in other people losing money speaks to your low character.
They want to inflate away those debts and this goes contrary to that. There's a reason why a Coke no longer costs a nickel and these guys will tell you it's a good thing when it costs a $1000. Never mind that you will essentially be earning the same wages when that comes about. You saw that just a few years ago in CA when oil was close to $150 and people were quitting their jobs because of the cost of the commute.
Bloomberg, like the Economist and FT represent the status quo. They print whatever propaganda they're instructed to by the state. When you hear about the CIA and MI6 having agents working for news organziation, these guys are at the top of the list. Ooooooh 'conspiracy'... that has been documented a thousand times over many decades.
This game has been played out many times before over the past century and then some. It's a tiresome old debate.