>and they all seem to hate bitcoin with passion, but I haven't yet understood why
The dollar buys drugs, it buys guns, it buys terrible things. But it also buys bread and pays your rent.
The interface a large portion of us has had with bitcoin is speculation and cybercrime. "Your computer has been encrypted, please insert X bitcoin to continue" is not a great interface for making someone have a good feeling about a product.
>We lack the perspective of our great grandparents, who lived through the great depression, and understand that the dollar has no intrinsic value, either.
You also lack the perspective that if the economy collapses, particularly a large economy like the US economy your "unpinned" bitcoin is going to behave like it is very much pinned to that dollar.
> The dollar buys drugs, it buys guns, it buys terrible things. But it also buys bread and pays your rent.
You can use Bitcoin to pay your phone bill with AT&T and buy electronics on Newegg. Many Americans might use US dollars to do this instead, but why would that impair their view of the Euro?
> The interface a large portion of us has had with bitcoin is speculation and cybercrime. "Your computer has been encrypted, please insert X bitcoin to continue" is not a great interface for making someone have a good feeling about a product.
This seems like putting the blame on the wrong party. If the criminals demand payment in gift cards, do people get mad at companies for offering gift cards?
> You also lack the perspective that if the economy collapses, particularly a large economy like the US economy your "unpinned" bitcoin is going to behave like it is very much pinned to that dollar.
If the world economy collapses, sure. If you're in some country in South America and that country's economy collapses, probably not.
US dollars are unique because -- ironically -- they're not just used as a currency. Enough large institutions and foreign governments hold them (or explicitly dollar-denominated assets like US treasuries) as an investment to significantly affect their value.
You’re right that gold isn’t used as a currency and that it is a speculative asset. But 99%? Hardly. The majority of gold is used for jewelry or in electronics manufacturing.
Around 53% of mined gold is used in jewelry (46%) and technology (6%). 47% is in investment and markets.
But this doesn't really properly break down how much jewelry is purchased as a type of investment hedge in places where markets are not stable. Unfortunately there is no easy way to separate out jewelry purchases for enjoyment/fashion verses alternate wealth holding.
The dollar buys drugs, it buys guns, it buys terrible things. But it also buys bread and pays your rent.
The interface a large portion of us has had with bitcoin is speculation and cybercrime. "Your computer has been encrypted, please insert X bitcoin to continue" is not a great interface for making someone have a good feeling about a product.
>We lack the perspective of our great grandparents, who lived through the great depression, and understand that the dollar has no intrinsic value, either.
You also lack the perspective that if the economy collapses, particularly a large economy like the US economy your "unpinned" bitcoin is going to behave like it is very much pinned to that dollar.