Quote:
Originally Posted by dobbles
I am genuinely trying to remain open on this, so this is not a loaded question:
How are the extremely volatile price changes that all of these cryptocurrencies have experienced in the past few years any different than the bolded above? Sure, I could imagine people in the countries you listed got screwed. How is that any different than them putting their savings in bitcoin 3 months ago only to see the value collapse? What am I missing here?
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Prices will eventually stabilize as more and more people adopt it. Today Bitcoin has the largest market cap of any other crypto by far at $145B. It sounds like a lot but that's nothing for a currency.
Here's a great visualization of it for scale: http://money.visualcapitalist.com/wo...lization-2017/
For people getting screwed by their government today, the great thing is they now have a choice of currency. This was never possible before. If you think the Venezuelan fiat currency is better than crypto then you don't need to use crypto. If you think bitcoin or ethereum is more stable right now, you can put some of your money into them.
You might be willing to roll the dice when you're experiencing hyperinflation like this: https://www.bloomberg.com/news/artic...40-000-percent
Adoption will be faster than a lot of people expect too. Bitcoin was invented 9 years ago, but the big money has only recently entered the market and unlike most new technology the infrastructure for crypto is already built (the internet).