[rawtxapp]

Has it?

Bitcoin is bigger than ever before. It's far more valuable, it has far more users, processes hundreds of thousands of transactions moving billions of dollars worth of value every day on-chain alone, has very healthy L2 layer growth (1ml.com), has hundreds of exchanges worldwide, it ticks every 10 minutes and will keep ticking for the foreseeable future. We have a small country that adopted it as a legal tender with more countries coming on the Bitcoin standard potentially this year.

People only see the fiat currencies and forget that we've run on gold standard for thousands of years and fiat currencies are barely 50 years old and riddled with financial crises left and right. Bitcoin is digital gold, strictly better than gold. But anyways, we'll see what happens in the future.

[8note]

Strictly better than gold is not true.

Gold can be traded without leaving an audit trail, and without a per transaction cost.

[mhmmmmmm]

You still have transaction costs in the form of transport costs to get the gold to your personal location.

[BoorishBears]

Does that answer anything I brought up?

You know, the whole "relatively stable store of value paying for productive output rather than speculation and fraud?"

We moved off the gold standard for a reason (and it's not all geopolitics...)

[miracle2k]

Bitcoin's volatility is not because of the fixed supply. If nothing else, new Bitcoins are still being issued. It is of course true that inflation encourages spending etc., but the difference between -2% and 2% does not cause 50% daily price movements.

Bitcoin cannot be stable relative to other currencies as long as 90% of its forex volume is speculation. If there are businesses having long-term obligations and trade denominated in Bitcoin, providing for a large base of regular demand and supply that outweighs the speculation, it will stabilise.

This is obviously really really though to achieve, but it has absolutely nothing to do with the "tech" (which is essentially a spreadsheet). This makes the debate around the volatility and whether its qualifies as a "currency" rather boring. It will happen, or it won't, and we can try to predict the future, but it is not really about Bitcoin at all, just marketplace behavior.