the exact same thing could be said for all fiat currencies, they are backed by nothing. the only difference between crypto and fiat is that fiats rules are made by humans and are completely changable, crypto(depending on the one) are based on mathematics algoriths that fundamentally dont change
If you are interested in bitcoin/crypto read about the tulip frenzy of 1637 in Holland. Bitcoin is unearned money and only has value as long as someone who performs a service for you thinks it will have more value tomorrow. It is an IOU for a tree that could produce apples or be sold for firewoood
(www.history.com)
the exact same thing could be said for all fiat currencies, they are backed by nothing. the only difference between crypto and fiat is that fiats rules are made by humans and are completely changable, crypto(depending on the one) are based on mathematics algoriths that fundamentally dont change
It's reasonable to say that currencies are based on government and the world wide opinion of that country's population/economy.
It's reasonable to say that currencies are based on government and the world wide opinion of that country's population/economy.
No, it's not.
No, it's not.
Yes, it is.
Yes, it is.
Bitcoin specifically? Yes. Bitcoin is extremely overvalued and a massive wealth sink.
Gen 3 and gen 4 coins will be the basis of our economy. They have purpose and clarity and ease of access. They will replace all fiat currency soon.
Bitcoin specifically? Yes. Bitcoin is extremely overvalued and a massive wealth sink.
Gen 3 and gen 4 coins will be the basis of our economy. They have purpose and clarity and ease of access. They will replace all fiat currency soon.
The problem is not much different than "facebook", "reddit", "ebay", etc; it is all about userbase, and trust. Even if some shit coin was vastly superior to BTC you would have to get people to start using the new one.
Personally I don't see this happening unless a fatal flaw is found in bitcoin.
I will also add that decentralization is very important for crypto as well, and many other coins are not fully decentralized.
The problem is not much different than "facebook", "reddit", "ebay", etc; it is all about userbase, and trust. Even if some shit coin was vastly superior to BTC you would have to get people to start using the new one.
Personally I don't see this happening unless a fatal flaw is found in bitcoin.
I will also add that decentralization is very important for crypto as well, and many other coins are not fully decentralized.
World systems all eventually fail
World systems all eventually fail
BitCoin isn't worthless, but it has little value in my opinion. Everyone holding is speculating. It is going to collapse. How soon? No fucking idea. But people are foolish if they jump in now.
BitCoin isn't worthless, but it has little value in my opinion. Everyone holding is speculating. It is going to collapse. How soon? No fucking idea. But people are foolish if they jump in now.
Because the USD is so much better?
Because the USD is so much better?
It is better for the (((rulers)))
It is better for the (((rulers)))
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