Quote:
Originally Posted by Jason14h
It isn’t a catch 22 - because this isn’t the “does Bitcoin meet the definition of a currency “ thread
You are just constantly obsessed with trying to make it that , despite literally the rest of the world moving to accept forms of crypto currency and non traditional banking methods
If you don’t think Bitcoin end up being part of the ecosystem there’s nothing wrong with that - there’s tons of issues with Bitcoin itself . This is very common being first in a new tech - everything that comes after can improve on the issues
It does however also get the advantage of being first from an acceptance and ownership standpoint, which makes it valuable to people, hence the price
The problem is that certain people in this thread (and in most circles , places etc) have so little knowledge of the crypto ecosystem , how it works, and what it is trying to accomplish the argument always seems to come down to “Bitcoin is a scam vs Bitcoin going to a million “
Meanwhile , every bank , payment provider , and even credit cards are getting involved and the way financial ecosystems work will drastically change over the next decade
It may not be Bitcoin - in fact I think Bitcoin sucks for most of where the ecosystem is going - but we’re going in this direction
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you really need to understand the difference between a currency and an investment, an investment in order to work has to be unstable, you hope it is upwardly unstable but you accept the risk it might also be downwardly unstable, right now Crypto, all of it is both massively unstable and an investment, that's its only function.
Currency's on the other hand only work if they are massively stable, if a currency goes up or down more than 2 or 3% a year they cease to be functional as a currency, the effect on an economy of inflation over 10%(that's the term for an unstable currency) is horrendous, the housing market starts to collapse as mortgages become equally expensive, once the currency fluctuates over 20% or so people start looking to barter or turn their money into another denomination that is stable, conversely if a currency gains value over 3 or 4% it is equally damaging, exports drop, people stop making big ticket purchases, no one buys cars or houses (again) because they know they will be cheaper in a few months, it causes unemployment.
Crypto cannot be a currency until it stops being an investment and at that point most will abandon it as it is no longer making them money as an investment therefore there wont be enough people around with it to make it a useful currency, that's the catch 22