Quote:
Originally Posted by dino7c
You can cash out a bitcoin right now and have over 8k canadian after all fees in your bank account within an hour via e-transfer
Not bad for fake money you can't buy anything with
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Converting bitcoin to Canadian dollars so that you can buy something is acknowledging it is indeed "fake money". The point of real money is that you can directly exchange it for goods and services.
Bitcoin in particular will never be useful currency due to its inherently flawed implementation that makes using it as such wildly inefficient. It works well enough as an analogue to a stock, but stocks give you partial ownership of a company and potential dividends, whereas Bitcoin gives you ownership of... bits. Bits that are ostensibly suitable for a purpose, though that purpose is currently well out of the technology's reach, with a glacial pace of the widespread adoption necessary to enable its usefulness.
If I recall correctly, earlier in this thread I mentioned how the deflationary model of Bitcoin - leaving aside its technical deficiencies - was entirely unsuitable as currency for a modern economy. The response was, again by my recollection, that other blockchain currencies would solve the deflationary problem - except only Bitcoin seems to be merely declining in value rather than precipitously declining. Ok, so much for that then.
No one has addressed the huge crypto thefts which show the suitability of the "anonymous cash" model for... organized crime. The sole argument for crypto seems to be "I've made a lot of money on it, so therefore it must be a good investment". Well, if you bought Bre-X when it was low and sold it high, that made you lots of money, but that never made it a good investment. You were always - just like Bitcoin - buying and selling on a perceived future value that was never going to materialize.