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Store of Value
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A gold bug understands that gold is money precisely because it is a store of value. Gold coins minted in Lydia (1200–546 BC) still have value today. Gold preserves value through the passage of centuries and political epochs. Empires rise and fall. That is a store of value.

Tokens traded on a proof of work (POW) blockchain are not stores of value. POW blockchains are continuous consumers of electric power and human time to maintain. They consume value, they do not preserve it.

Take it back to first principles. The store of value argument for holding digital currencies is not a good argument. If you want a store of value, buy gold. If you want to speculate, buy cryptos. There is nothing wrong with speculation. However, it is a folly to speculate when you believe you are acting as an investor.

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6 years ago