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Originally Posted by jammies
No, it isn't. To make but one example, did the development of smart phones create a smart phone bubble? Were people hoarding iPhones and trading them on the markets hoping that one day they could convert them into villas and Porsches? Were dozens of smartphone startups sucking in investor cash and then spectacularly failing?
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Go back and look at stock prices for phone manufacturers and related industries during that time. There most certainly were people pouring money investing in companies developing new tech in hopes of getting rich.
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Originally Posted by jammies
Further, 9 years into development can be "new" if you're working on fighter jets or medical pharmaceuticals, but nothing in infotech 9 years after first release can be characterized as new. New is not the same as unproven and useless for its avowed purpose.
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Let's ignore that big industry money has only recently come into the market. How many years did it take the internet to go from command-line text emails that took a week to send, to a grandma being able to send one instantly with one touch on her iPad?
If you're argument is that 9 years should be enough to completely change the way people use and think about money/value then I suggest you look at how long it took people to go from gold/silver coins to paper bills. Or paper bills to plastic credit/debit cards.
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Originally Posted by jammies
As far as the instability of fiat currencies is concerned, crypto "solves" this problem with a deflationary model that is worse than the inflationary model it replaces. With a fixed supply of coins, any increase in economic activity stretches those coins, making each more valuable, and forcing prices, wages, and everything that is measured in coins to be devalued. With inflationary and elastic fiat currency, you can create debt to finance today what you'll pay for tomorrow, but this fundamental capitalist activity is simply impossible in the crypto model because there is no future money to borrow from - all the money that will ever be will already exist.
And that's just one of the many, many problems with deflation. How you deal with your paycheck declining year over year? Real estate prices continually falling? Hoarders who take money out of the economy to grow their wealth, thereby forcing further deflation and making hoarding even more attractive?
It's a high-tech version of taking the world back to using gold and silver as currency, except even more economically primitive, because at least you could dig up more gold and silver, so it was only partly inelastic in supply. Or you could debase the coinage. Or - so that modern economies based on freely moving capital become possible - move to currency which isn't supply limited. The kind we already have.
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I don’t really know what you’re trying to say but I think it’s deflationary currency = bad.
Guess what? There are literally hundreds of cryptos that adopt an inflationary model. The great thing is that the rate of inflation is controlled by algorithms and not based on whatever some dictator or central government feels like doing to fix whatever problems they are having during their term.