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Originally Posted by MolsonExport
Bitcoins are accepted almost nowhere, and some cryptocurrencies nowhere at all.
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If you're going to mock someone make sure you read what they said first. I never said that I think Bitcoin should be used as a currency.
"I don't think that Bitcoin itself can be used as a day to day currency for regular transactions, at least not in its current form."
"El Salvador and CAR are doing this as experiments, partially because they've run out of options. Ultimately I don't think they will be successful"
Quote:
Originally Posted by MolsonExport
Extreme price volatility also makes bitcoin undesirable as a store of value. And the storehouses — the cryptocurrency trading exchanges — are far less reliable and trustworthy than ordinary banks and brokers.
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It's an extremely liquid asset with a relatively small market cap, so it's natural for it to be volatile. The market cap is now significantly bigger than ti was and the volatility has dropped dramatically as a result. I agree about the exchanges though, I don't trust them one bit, it's best to store your bitcoin offline. And other cryptos won't last, the only one that matters is bitcoin, for various reasons.
https://seekingalpha.com/article/410...tility-lessons
Quote:
Originally Posted by MolsonExport
A bitcoin has no intrinsic value. It only has value if people think other people will buy it for a higher price — the Greater Fool theory*
Cryptocurrency is best-suited for one use: Criminal activity. Because transactions can be anonymous — law enforcement cannot easily trace who buys and sells — its use is dominated by illegal endeavors.
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Less than 1% of crypto is used for illegal activity. Meanwhile over 30% of cash is used for illegal activity.
Crypto also isn't anonymous, that's a common misunderstanding. Every transaction can be traced to an IP address (and to other bitcoin accounts) and criminals get caught this way all the time.
https://www.reuters.com/markets/us/c...gal%20activity.
https://www.science.org/content/arti...behind-bitcoin
https://www.independent.org/publicat...by%20criminals.
Quote:
Originally Posted by MolsonExport
*In finance, the greater fool theory suggests that one can sometimes make money through the purchase of overvalued assets — items with a purchase price drastically exceeding the intrinsic value — if those assets can later be resold at an even higher price. This only works as long as there are enough new "greater fools" willing to pay higher and higher prices for the asset.
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That's what I thought too until I researched what Bitcoin actually is and how it actually does (short version, it's just a public ledger that can't be manipulated and does so without requiring any central authority to maintain it)
Quote:
Originally Posted by MolsonExport
Lord, save us from these armchair internet 'experts'. Like Whac-a-mole (rather, like flies on shit), they keep coming back to SSP
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I don't know what to say that...